Investments and Innovations Drive Expansion of Europe's Elderly Care Medical Devices Market

DUBLIN, Oct. 4, 2023 /PRNewswire/ -- The "Europe Elderly Care Medical Devices Market, By Product, By End User, By Region, Competition Forecast & Opportunities, 2028" report has been added to  ResearchAndMarkets.com's offering.

The Europe elderly care medical devices market is set to experience substantial growth between 2024 and 2028. This anticipated surge is driven by several key factors, including the widespread prevalence of chronic diseases like diabetes, cancer, asthma, and arthritis, coupled with the increasing geriatric population. According to the IDF Diabetes Atlas, as of 2021, Europe is home to approximately 61 million adults (20-79 years) living with diabetes. Notably, Europe boasts the highest number of children and adolescents (0-19 years) with type 1 diabetes, numbering around 295,000.

Elderly care devices play a pivotal role in healthcare management and care coordination for the elderly population. These devices enhance the daily lives of the elderly and address their long-term care needs, thereby improving their overall quality of life. The market's growth is further supported by the rising demand for residential care facilities, increased healthcare expenditure, substantial investments in research and development, heightened awareness concerning geriatric care devices, growing life expectancy, a surge in healthcare providers, elevated spending on health and wellness, a shift towards homecare services, and a rising number of elderly individuals grappling with health conditions.

Rise in Prevalence of Chronic Diseases

The escalating incidence of chronic diseases such as diabetes, cancer, osteoporosis, and others among the population is a driving force behind market growth. In 2019, Europe had an estimated 32 million individuals aged 50 and above, with 25.5 million being females and 6.5 million males. Elderly care devices empower them to maintain their independence, with powered wheelchairs aiding daily living activities. The reduced agility and slow reflexes of elderly individuals make them susceptible to injuries and falls, underscoring the necessity for elderly care devices. Notably, according to the NCD Alliance, over one-third of Europeans aged 15 and above suffer from chronic diseases, with two out of three individuals aged 60 and above experiencing at least two chronic conditions.

Increasing Investments

Significant investments by market players in improving elderly care devices are expected to bolster market growth. These investments are channeled into innovative startups dedicated to enhancing care for the elderly. For instance, in 2021, the UK-based elderly care tech platform Birdie secured a USD 11.5 million Series A funding round led by Index. Birdie's Caretech focuses on delivering personalized and preventative care to enable older citizens to age in the comfort of their homes, leading to happier and healthier lives.

Increasing Aging Population

The growing proportion of individuals aged 60 and above in Europe is a catalyst for market expansion. Elderly populations are more susceptible to various diseases, including neurological, cardiovascular, and orthopedic conditions, resulting in a heightened demand for elderly care devices. Furthermore, aging individuals experience an increased prevalence of health issues, further driving the growth of the Europe Elderly Care Medical Devices market. As per Statista data from 2021, Europe boasts the highest proportion of an aging population at 19%, with Italy having the largest share of elderly individuals, accounting for 23.5% of the total population.

Market Players

Leading companies operating in the Europe Elderly Care Medical Devices market include Sonova Holding AG, William Demant Holding A/S., GN Resound Group, Koninklijke Philips N.V., Medtronic Plc., OttoBock Healthcare GmbH, Investor AB (Permobil AB), Stryker Corporation, Invacare Corporation, Getinge AB (Arjo), Medical Depot, Inc., Prism Medical UK, Etac AB, Handicare Group AB, and Bischoff & Bischoff GmbH.

Report Scope:

In this report, the Europe elderly care medical devices market is segmented into the following categories, along with detailed industry trends:

Elderly Care Medical Devices Market, By Product:

• Mobility Assistance Aids
• Assistive Furniture
• Bathroom Safety & Assistive Products
• Communication Aids

Elderly Care Medical Devices Market, By End User:

• Hospitals
• Elderly Nursing Homes
• Assistive Living Facilities
• Homecare

Europe Elderly Care Medical Devices Market, By Region:

• France
• Germany
• United Kingdom
• Italy
• Spain
• Finland
• Greece
• Portugal
• Bulgaria
• Croatia

For more information about this report visit https://www.researchandmarkets.com/r/msgb3x

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