February 15, 2016
Wellesley, Mass., February 15, 2016 – The world population of individuals 65 and older is growing at an unprecedented pace, driven by better healthcare, improved nutrition and a dramatic decrease in infectious disease exposure. BCC Research reveals in its new report that the U.S. elder care market will see modest growth as government and industry endeavor to meet healthcare, housing and assistive technology challenges.
Life expectancy at the global level rose from 47 years between 1950 and 1955 to 65 years between 2000 and 2005, and is expected to reach 75 years between 2045 and 2050. Individuals born between 1946 and 1964 (commonly referred to as “baby boomers”) are profoundly affecting the structure of societies as well as the services and products offered by governments and manufacturers. This report, which examines the healthcare, housing and assistive technology segments of the market, mostly focuses on the size of the U.S. market, with comparisons to other markets in developed countries in Europe and Asia.
The U.S. market for individuals over 65 years, which reached $381.6 billion in 2014 and nearly $417 billion in 2015, should total $512.7 billion in 2020, demonstrating a five-year compound annual growth rate (CAGR) of 4.2%. The healthcare products segment should demonstrate a five-year CAGR of4.6%. The housing market, the largest segment of the total market, should reach $310.3 billion by 2020, with a five-year CAGR of 3.9%. The assistive technologies market, the fastest-growing segment with a projected five-year CAGR of 5.1%, should total $8 billion by 2020.
The senior population represents a huge potential market for products and services primarily designed to enhance their lives and prolong their ability to remain independent. Assistive technology products assist people who would otherwise be unable to participate in many activities of daily living (ADLs). The technology encompasses a broad range of devices, from “low-tech” products such as canes and walkers that help with ADLs to more sophisticated devices such as wheelchairs and chair lifts.
“The U.S. market for assistive technologies for people over 65 is projected to grow from nearly $6.2 billion in 2015 to almost $8 billion in 2020, a five-year CAGR of 5.1%,” says BCC Research Peggy Lehr. “As a percentage of the total market, seniors are expected to constitute 36.8% of the total assistive technologies market in 2020.One of the strongest growths is in medical/personal monitoring aids (including home safety products), which follows the trend of retrofitting homes to ensure extended aging-in-place.“
The Elder Care Market: Products and Services (HLC062C) examines the market by healthcare products and services, housing services and needs, and assistive technologies. Analyses of global market drivers and trends, with data from 2014, estimates for 2015, and projections of CAGRs through 2020 are provided.
Editors and reporters who wish to speak with the analyst should contact Steven Cumming at steven.cumming@bccresearch.com.
The Elder Care Market: Products and Services( HLC062C )
Publish Date: Feb 2016
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