The global geriatric monitor market is forecast to expand from $3.4 billion in 2023 to $5.7 billion by 2028, at a compound annual growth rate (CAGR) of 11.2%. The main drivers of this growth include the growing aging population, the rapid adoption of digital health solutions and the increasing prevalence of chronic diseases.
Digital health solutions improve real-time monitoring of health indicators such as heart rate, blood pressure and activity levels of the elderly, enabling timely intervention and better management of chronic diseases. McKinsey & Company estimates that the global digital health market, estimated at approximately $350 billion in 2019, will grow to $515 billion by 2024, highlighting the significant growth potential of monitoring solutions for the elderly. As the elderly population continues to grow, the demand for such monitoring systems is expected to increase, resulting in market expansion.
Regional analysis of Elderly Monitors Market
In 2023, the North American elderly monitor market was valued at $1,327.9 million, accounting for 0.004% of the region’s GDP, and the per capita consumption was $2.62. Western Europe and Asia-Pacific followed, with the other regions lagging behind. Looking ahead, Asia Pacific and Africa are expected to be the fastest growing regions with a CAGR of over 13%. Strong growth is also expected in the Middle East and South America, with CAGRs above 12% and 11%.
The rise of innovative health sensors powered by artificial intelligence
A significant trend in the elderly monitors market is the spread of health sensors operated by artificial intelligence. These sensors enable independent living by providing a safety net through remote monitoring and timely alerts.
For example, in June 2024, Huawei introduced an AI-powered health sensor that uses advanced millimeter-wave radar technology to monitor the elderly at home. This device tracks a number of health metrics, including fall detection, sleep patterns, and respiratory rate, and can distinguish between falls in different areas of the home, such as bathrooms and bedrooms. Alerts are sent to caregivers or family members via phone calls, text messages, or app notifications. In addition, the sensor monitors sleep behavior and notifies caregivers if an elderly person stays in bed for long periods of time or wakes up at unusual times. Importantly, the device prioritizes the protection of user data by avoiding image or audio recording, ensuring a secure home environment.
The effect of high inflation
High inflation has had a significant impact on the market for aged monitors, both for consumers and manufacturers. Rising costs of living have made consumers more cautious about spending, which could reduce demand for older monitors. At the same time, manufacturers face increased production costs due to higher raw material, labor and transportation costs, which may result in higher product prices. For example, in the US, the average price of a high-end older monitor has risen 15% in the past year, from $500 to $575. However, in the case of entry-level and mid-range monitors, due to the dynamics of the competitive market, only a modest price increase of 5% was experienced.
Despite inflationary pressures, the outlook for the elderly monitor market remains positive. Manufacturers are adapting to offset rising costs by introducing cost-saving measures such as automation and streamlined supply chains. Additionally, the development of new technologies such as voice-activated controls and integrated health monitoring features is expected to drive innovation, attract new consumers and sustain market growth.
Where to find out more
For more information, see Elderly Monitors Global Report 2024 which in-depth examines market dynamics and trends in different regions and major economies, covers the historical period 2018-2023, and forecasts future growth till 2033.
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