The global senior care product market is estimated to be worth US$ 29,600.2 million in 2024. The industry is estimated to surpass a valuation of US$ 56,394.8 million by 2034, exhibiting a CAGR of 6.6% over the forecast period.
The senior care product industry is propelled by an aging global population, with a growing number of seniors seeking solutions to enhance their quality of life. Technological advancements, such as smart home devices and telehealth services, contribute to the rising demand for innovative products that enable seniors to age comfortably at home.
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Increased awareness about the importance of senior well-being and the desire for personalized, non-intrusive care drive the market forward. Governments and healthcare providers are focusing on creating supportive policies and programs, fostering a conducive environment for industry growth.
Despite the industry’s growth, it faces challenges, including the high cost of advanced senior care products and services. Affordability remains a significant restraint, limiting access for a considerable portion of the senior population. Moreover, concerns related to data security and privacy in the implementation of technology-driven solutions need to be addressed.
An array of opportunities exists within the senior care product industry, driven by the rising demand for personalized and integrated care solutions. As the market matures, there is potential for the development of cost-effective products that cater to various income groups. Collaboration between healthcare providers, technology developers, and manufacturers can create holistic, end-to-end solutions.
The industry is witnessing a surge in trends that focus on enhancing the quality of life for seniors. These include the integration of artificial intelligence for predictive health monitoring, wearable devices tailored for seniors, and the adoption of robotics for assistance with daily activities.
Key Takeaways from the Market Study:
- By product, nutritional supplements hold a lucrative share value of 36.4% in 2023, as nutritional supplements are important for cognitive health and bone health, among other benefits, in the senior care product market.
- By type of care, chronic illness care holds the highest segment share in terms of the market share value of 74.4% in 2023. The increasing prevalence of chronic conditions and healthcare cost reduction are some factors causing this segment’s growth.
- By end user, the hospitals hold a lucrative share value of 42.0% in 2023, as the hospitals are very effective in patient care, rehabilitation, clinical use, and effective research and development.
- India’s senior care product industry is projected to rise at a considerable CAGR of 8.3% through 2034.
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“Growing trend of nuclear family structure (DINK) and isolated lifestyles and increasing prevalence of swallowing difficulty among aging adults are lifting the market. Moreover, demand for smart home ecosystems is gaining popularity, providing seniors with increased autonomy and safety. ” – says Sneha Verghese, Senior Consultant for Consumer Goods and Products at Future Market Insights
Market Competition:
Acquisition and agreement among the companies or brands is the key strategy of the leading manufacturers of the market, such as Thermo Fisher Scientific Inc. and Cardinal Health Inc., among others, to enhance their presence in the market and compete with other competitors during the coming years. Following are a few examples of acquisitions made by them to be at the top position:
- Thermo Fisher Scientific acquired PPD, Inc., a renowned clinical research company, on April 15, 2021, to increase the range of services it offers to clients in the pharmaceutical and biotech industries.
- Cardinal Health Inc. and CVS Health extended their distribution agreements on November 8, 2021, so drugs can continue being supplied to retail pharmacies and distribution centers until June 30, 2027.
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Future Market Insights brings a comprehensive research report on forecast revenue growth at global, regional, and country levels and analyzes the latest industry trends in each sub-segments from 2018 to 2034. The global senior care product market is segmented in detail to cover every market aspect and present a complete market intelligence approach to the reader.
The study provides compelling insights into senior care product market segment based on product–contract development (formulation development, pilot studies), contract manufacturing (bulk preparation scale-up, safety testing, filling and packaging (close jars, bottles, tubes, roll-ons others)), by product type (hair products, skin products, lip products, eye products, body hygiene oral hygiene), by form (solid form powder, lotions, creams, and others), across leading regions.
