The worldwide aged screens market is projected to develop from $3.4 billion in 2023 to $5.7 billion by 2028, representing a compound annual progress fee (CAGR) of 11.2%. Key drivers of this progress embrace the rising growing older inhabitants, the fast adoption of digital well being options, and the rising prevalence of power illnesses.
Digital well being options improve real-time monitoring of well being metrics, reminiscent of coronary heart fee, blood strain, and exercise ranges in aged people, enabling well timed interventions and higher administration of power circumstances. McKinsey & Firm estimates that the worldwide digital well being market, valued at roughly $350 billion in 2019, will develop to $515 billion by 2024, highlighting the numerous potential for progress in aged monitoring options. Because the aged inhabitants continues to rise, the demand for these monitoring programs is predicted to extend, driving market growth.
Aged Displays Market Regional Evaluation
In 2023, the North American aged screens market was valued at $1,327.9 million, accounting for 0.004% of the area’s GDP, with per capita consumption at $2.62. Western Europe and Asia Pacific adopted, with different areas trailing behind. Wanting ahead, Asia-Pacific and Africa are anticipated to be the fastest-growing areas, with CAGRs exceeding 13%. The Center East and South America will even see sturdy progress, with CAGRs of over 12% and 11%, respectively.
The Rise of Modern AI-Powered Well being Sensors
A big development within the aged screens market is the adoption of AI-powered well being sensors. These sensors allow impartial residing by offering a security web by way of distant monitoring and well timed alerts.
For instance, in June 2024, Huawei launched an AI-powered well being sensor utilizing superior millimeter-wave radar know-how for at-home aged monitoring. This machine tracks quite a lot of well being metrics, together with fall detection, sleep patterns, and respiratory charges, and might distinguish falls in numerous residence areas like loos and bedrooms. Alerts are despatched by way of telephone calls, SMS, or app notifications to caregivers or members of the family. Moreover, the sensor screens sleep conduct, notifying caregivers if an aged particular person stays in mattress for an prolonged interval or awakens at uncommon occasions. Importantly, the machine prioritizes consumer privateness by avoiding picture or sound seize, making certain a safe residence atmosphere.
The Influence of Excessive Inflation
Excessive inflation has considerably impacted the aged screens market, affecting each customers and producers. Rising residing prices have made customers extra cautious with their spending, doubtlessly decreasing demand for aged screens. Concurrently, producers face elevated manufacturing prices on account of increased costs for uncooked supplies, labor, and transportation, which may lead to elevated product costs. For example, within the USA, the typical value of a high-end aged monitor has risen by 15% up to now yr, from $500 to $575. Nevertheless, entry-level and mid-range screens have seen solely a modest 5% value enhance on account of aggressive market dynamics.
Regardless of these inflationary pressures, the outlook for the aged screens market stays constructive. Producers are adapting by implementing cost-saving measures, reminiscent of automation and streamlined provide chains, to offset rising prices. Moreover, the event of recent applied sciences, reminiscent of voice-activated controls and built-in well being monitoring options, is predicted to drive innovation, entice new customers, and maintain market progress.
The place to Study Extra
For extra info, please see the Aged Displays International Report 2024, which totally examines market dynamics and tendencies throughout totally different areas and main economies, protecting the historic interval of 2018-2023 and projecting future progress as much as 2033.
About The Enterprise Analysis Firm
The Enterprise Analysis Firm is a market intelligence agency that excels in firm, market, and client analysis. Positioned globally, it has specialist consultants in a variety of industries together with manufacturing, healthcare, monetary providers, chemical substances, and know-how. Discover the corporate on LinkedIn, Twitter, Fb, or YouTube for extra.
