The global dementia care products industry is poised for substantial growth, with projections indicating a soaring valuation of US$ 56.7 million by 2033, up from US$ 29.1 million in 2023. This expansion, forecasted at a robust CAGR of 6.9%, underscores an evolution in disease management and an amplified focus on enhancing patient care.
This surge in market value is fueled by multiple factors, including heightened awareness regarding disease management. There’s a growing recognition of the importance of innovative care solutions, resulting in increased sales prospects and a strong demand for advanced devices tailored for dementia care. The market’s ascent is further propelled by continual enhancements in existing products, ensuring superior quality and efficacy in patient care.
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Leading vendors in the market, like Eisai, are focusing on the creation and introduction of next-gen Alzheimer’s drugs like BACE inhibitors. Related advancements are expected to enhance the life of dementia patients and their caretakers.
Due to the surging cases of dementia, demand for specialized care facilities for geriatric patients with memory issues has also escalated over the last few years. Alzheimer’s Association has also reported that more than 50% of people suffering from dementia witness serious symptoms of wandering away from home. Therefore, demand for memory care centers is projected to stretch in the upcoming years.
In September 2022, Masonicare established a new memory care unit focused on treating patients with Alzheimer’s and other forms of dementia. The facility delivers recreation, sensory stimulation, a sunroom, and other focused programs.
Some of the common products present in the dementia care products industry are daily reminder products, personal safety products, memory exercise products, bathroom safety products, dining aids, and others. With the help of these products, a patient can easily perform their daily activities. These products also simplify the work of caretakers of dementia patients, thus boosting their demand.
Manufacturers have introduced an adequate number of innovative products like 24-hour monitoring bands to enable dementia patients to live securely and independently.
FMI has predicted that the Asia Pacific region is expected to expand at a thrilling pace over the next decade. Manufacturers are eyeing India and China due to lucrative opportunities within these markets. The high incidence rate of dementia patients and expanding awareness about the related utility products are fueling regional growth.
Latin America is another region that is expected to exhibit considerable growth over the forecast period, thanks to accelerating healthcare expenses.
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Top Highlights from the FMI’s Analysis of the Dementia care products industry:
- North America’s dementia care products industry gained a notable size of 36.7% in 2022. The market growth can be credited to the surging work pressure and stress, which is contributing toward widespread dementia. Besides, neurological diseases like epilepsy, Parkinson’s disease, and stroke are pushing the market growth.
- Europe’s dementia care products industry acquired a market share of 31.3% in 2022. The surging prevalence of Alzheimer’s disease in the region is fueling market growth. The increasing cases of delirium, depression, thyroid problems, overuse of alcohol, and side effects from certain medications are enhancing regional growth.
- China is expanding at a quick pace of 9.2% CAGR from 2023 to 2033, whereas India is expected to register a CAGR of 8.8% over the same period.
- The United Kingdom’s dementia care products industry is projected to display a CAGR of 7.3% from 2023 to 2033.
- Based on product, the memory exercise and activity products segment attained a market share of 28.7% in 2022.
- Under the category of end user, the long-term care centers segment attained a prominent share of 58.7% in 2022.
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FMI Finds out Latest Innovations that are Revolutionizing the World of Dementia Patients
Else London
Else London’s device intends to assist people with dementia via daily routine tasks by implanting routines into memory. The product is designed to adapt to each user’s needs and environment by using location-based recognition and sensory cues. Alzheimer’s Society aims to support Else London by enabling access to people living with dementia and their caretakers.
Pobroll
Pobroll is an entirely waterproofed, superior-quality bed-bathing wrap made to enhance the user’s and caretaker’s bed bath experience. People with dementia face several issues related to bed baths. Some of these issues are low levels of cleanliness, carer stress, etc. Pobroll aims to take care of these issues by keeping the individual warm, dry, and covered throughout the personal washing experience. Alzheimer’s Society is going to support Pobroll to streamline its production process and establish and launch Pobroll to improve its accessibility.
Key Companies Profiled:
- Parentgiving, Inc.
- EasierLiving, LLC
- Find Memory Care
- Healthcare Products LLC
- Best Alzheimer’s Products
- NRS Healthcare
- Buddi Ltd.
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Key Segments Covered in the Dementia Care Products Industry Survey:
By Product Type:
- Memory Exercise & Activity Products
- Daily Reminder Products
- Bathroom Safety Products
- Dining Aids
- Communication Products
- Personal Safety Products
- Other Product Types
By End User:
- Home Care Settings
- Long-term Care Centers
By Region:
- North America
- Europe
- Asia-Pacific
- Middle East & Africa
- Latin America
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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