The global dementia care products market is likely to be valued at USD 29.1 million in 2023. During the period of assessment, the market is expected to flourish at a CAGR of 6.9% to reach USD 56.7 million by 2033. The dementia care products industry is continuously observing major growth, attributed to the rising awareness about disease management, increased sales prospects, advancement in devices, and, improvement in the existing devices.
Prominent tech giants are working increasingly to develop dementia care solutions and expand their product offerings globally to improve self-care for patients.
| Data points | Key Statistics |
|---|---|
| Global Dementia Care Products Market CAGR (2023 to 2033) | 6.9% |
| Anticipated Market Value (2023) | USD 29.1 million |
| Global Dementia Care Products Market (2033) | USD 56.7 million |
Alzheimer's disease or dementia has disturbing effects on memory as well as the cognitive function of a person and negatively impacts the daily activities of a person. With the progress of the disease, there is also an increase in patient assistance. Dementia care products are aids designed for patients suffering from symptoms of dementia to make their life easier. A range of products is available in the dementia care product category such as memory exercise & activity products, daily reminder products, bathroom safety products, dining aids, communication products, personal safety products, special clothing, etc.
These products benefit the patients in performing routine activities with ease and thus assist their families and carers. There are plenty of pioneering products in the market today which enable dementia patients or other forms of memory loss patients to live safely and independently such as 24 hrs monitoring bands and others. The increasing support from the various government, as well as private organizations, supports the market growth for dementia care products over the forecast period.
The market for dementia care products is growing all the time with better choice and availability offerings, as innovations seek to help manage and ease life with the condition and help care providers offer easier support and assistance in maintaining a good quality of life for the patient. In terms of segmental analysis, the home care settings segment is likely to gain the highest traction, due to the increasing cost of treatments and availability of training programs for the family and caregivers of people suffering from Alzheimer’s disease.
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The rising geriatric population, as well as the number of dementia patient pools, drive the whole market for dementia care products. Along with this, an increasing number of manufacturers and distributors of dementia care products also fuels market growth. Increasing online sales trend also facilitates market growth over the forecast period as this increases product accessibility to different geographies.
The rising number of dementia cases over the globe generates a market opportunity for dementia care products. According to World Alzheimer Report 2015, more than 10 million new cases of dementia occur each year worldwide which implies a huge consumer base worldwide for these dementia care products.
The prevalence pool of patients suffering from dementia is quite high in low or middle-income countries as compared to high-income countries providing a huge market opportunity for companies to expand their product supplies over these regions. Cost-effective and high utility products are highly favorable and generate strong product sales for the company. Adoption trends for healthcare products and services are likely to improve the market for dementia care products too.
Limitations of product accessibility and affordability in various remote areas restrain the market growth for dementia care products. High costs associated with the product range also limit the consumer base growth and however curb the market. The expansion of the dementia therapeutics and diagnostics market is expected to be hampered by the strict requirements for medication development and clinical trials.
| Region | North America |
|---|---|
| Market Share % (2022) | 36.7% |
Geographically, North America is the dominant market for dementia care products because of the large number of product suppliers in the region as well as product affordability in the region. According to the latest forecast report published by Future Market Insights, the region captures more than 36.7% share in the dementia care products market and is projected to maintain its dominating share throughout the forecast period.
According to the Centre for Disease Control and Prevention (CDC) report, in 2020, an estimated 5.8 million Americans aged 65 years or older had Alzheimer’s disease. This number is projected to nearly triple to 14 million people by 2060. Thus, focusing on an increasing count of patients suffering from Dementia in the countries like the United States and Canada, the demand for dementia care products has gradually increased.
Besides, the increasing awareness and growing concerns related to individual productivity, the demand for memory supplements is anticipated to upsurge from consumers. Furthermore, a swelling quantity of students and working individuals have been searching for additional ways to gain a competitive benefit in their respective fields and accomplish high productivity. This setup is expected to favor the growth of the market over the next decade.
| Region | Europe |
|---|---|
| Market Share % (2022) | 31.3% |
Europe is the second-largest region in terms of revenue, capturing more than 31.3% of the dementia care products market. Owing to high disposable income as well as consumption trends for healthcare-associated products, the market is likely to experience robust growth throughout the forecast period.
Europe's population is growing older. In 2020, more than one-fifth of the EU population was aged over 65, an increment of 3% as compared to 2010. As the principal risk factor for dementia is age, the constant increase in life expectancy and population aging also upsurges the likelihood of people developing the condition. In Europe Union, the number of people suffering from dementia is estimated to be 7,853,705, and in European countries represented by AE members, 9,780,678. This, in turn, the rising prevalence of dementia is fueling the demand for dementia care products in the region.
Researchers are making hefty investments to discover more effective treatments and a cure, as well as ways to inhibit Alzheimer’s and improve brain health. The manufacturers of dementia care products are keeping an optimistic approach, backed by the increasing emphasis on the usage of Alzheimer’s care products.
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| Countries | Market Share % (2023 to 2033) |
|---|---|
| China | 9.2% |
| India | 8.8% |
Asia Pacific market is the fastest-growing market globally because of rising incidence rates of dementia patients in the region and growing awareness of these utility products. In 2022, the market for dementia care products accounts for nearly 22% share and is likely to surpass the Western countries in the coming years, states Future Market Insights.
According to the National Library of Medicine, the number of people with dementia is expected to increase from 27 million in 2020 to almost 71 million by 2050 in the Asia Pacific region. That means by 2050 more than half of the people with dementia globally (135 million) are expected to reside in this region. There have been several developments in the region, including country-specific initiatives by governments and Alzheimer’s associations, this, in turn, lead to the upsurged demand for dementia care products in the Asia Pacific region.
Recently, 'The Safe Bracelet Project' was introduced in Wenzhou to cheer the safety of people suffering from AD. Patients were handed GPS-enabled bracelets, which assisted in locating numerous people affected by dementia after they strolled off to distant areas.
Some of the players in the dementia care products market include Parentgiving, Inc., EasierLiving LLC, Find Memory Care, Healthcare products LLC, Best Alzheimer's Products, NRS Healthcare, Buddi Ltd. Etc. There are a few projects in the pipeline for dementia care products. The leading manufacturers of dementia care products are focused to collaborate with the regional and local distributors to expand their market presence and upsurge their revenue from this system.
| Report Attribute | Details |
|---|---|
| Growth Rate | CAGR of 6.9% from 2023 to 2033 |
| Base Year for Estimation | 2022 |
| Market Value in 2023 | USD 29.1 million |
| Market Value in 2033 | USD 56.7 million |
| Forecast Period | 2023 to 2033 |
| Quantitative Units | Revenue in USD million and CAGR from 2023 to 2033 |
| Report Coverage | Revenue Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis |
| Segments Covered | Product Type, End User, Region |
| Regions Covered | North America; Latin America; Europe; Asia Pacific; Middle East and Africa |
| Key Countries Profiled | The United States, Canada, Brazil, Mexico, Germany, The United Kingdom, France, Spain, Italy, China, Japan, South Korea, GCC, South Africa, Israel |
| Key Companies Profiled | Parentgiving, Inc.; EasierLiving, LLC; Find Memory Care; Healthcare Products LLC; Best Alzheimer's Products; NRS Healthcare; Buddi Ltd. |
| Customization | Available Upon Request |
The projected revenue of the market by 2033 is USD 29.1 million.
The market CAGR for 2033 is projected to be 6.9%.
Best Alzheimer's Products, Healthcare Products LLC, and EasierLiving LLC. are the key market players.
The market is estimated to secure a valuation of USD 56.7 million in 2023.
North America is growing fast due to the increasing awareness of dementia.
| Expected Market Value (2023) | USD 35 Million |
|---|---|
| Anticipated Forecast Value (2033) | USD 75.56 Million |
| Projected Growth Rate (2023 to 2033) | 8% CAGR |
| Expected Market Value (2023) | USD 10 Million |
|---|---|
| Anticipated Forecast Value (2033) | USD 17.91 Million |
| Projected CAGR (2023 to 2033) | 6% |
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