A Detailed Analysis of the Dementia Care Products Market Based on Is Experiencing Robust Growth Driven by Increasing Awareness, Rising Aging Population, and Advancements in Technology for Improved Patient Care and Safety
Report ID: PMRREP33866
Number of Pages: 220
Format: PPT, PDF, EXCEL
Industry: Healthcare
Published Date: January-2024
The global Dementia Care Products market is forecast to expand at a CAGR of 6.6% and thereby increase from a value of US$0.02 Bn in 2023 to US$0.04 Bn by the end of 2030.
|
Attributes |
Key Insights |
|
Dementia Care Products Market Size (2023E) |
US$0.02 Bn |
|
Projected Market Value (2030F) |
US$0.04 Bn |
|
Global Market Growth Rate (CAGR 2023 to 2030) |
6.6% |
|
Historical Market Growth Rate (CAGR 2018 to 2022) |
5.9% |
|
Revenue Share of Top Four Countries (2022E) |
48% |
Report Sample is Available
In-depth report coverage is now just a few seconds away
Get Report Sample
Dementia is a complex neurological condition marked by a decline in cognitive functions, impacting memory, thinking, behavior, and the ability to carry out daily tasks. Rather than a specific disease, it serves as an overarching term for a cluster of symptoms that significantly hinder an individual's daily life. Various underlying causes contribute to dementia, with Alzheimer's disease standing out as the most prevalent.
The manifestations of dementia can differ based on the particular type and stage of the condition. Common indicators include memory loss, difficulty with language, confusion, disorientation, compromised judgment and decision-making, alterations in mood and personality, and challenges in reasoning and problem-solving. As the disease advances, individuals may face difficulties in self-care, recognizing familiar faces, and engaging in social interactions. Diagnosing dementia proves challenging, as no single test can conclusively confirm its presence. Physicians depend on a thorough evaluation of an individual's medical history, along with physical and neurological examinations, cognitive tests, and occasionally, brain imaging scans.
Make This Report Your Own
Take Advantage of Intelligence Tailored to your Business Objective
Get a Customized VersionIncreasing Prevalence Of Target Diseases And Increased Government Funding And Awareness Programs For Dementia
The market is experiencing robust growth due to several key factors, including the rising incidence of target diseases, the introduction of cutting-edge technologies and pharmaceuticals, and increased government funding alongside heightened awareness programs for dementia. Notably, as of September 2022, the World Health Organization reported approximately 55 million global cases of dementia, with over 60% concentrated in low- and middle-income nations. With the aging population expanding in nearly every country, projections indicate a surge to 78 million cases by 2030 and 139 million by 2050. Consequently, the escalating global prevalence of dementia is anticipated to drive substantial growth in the market
The primary drivers of market growth include augmented government funding and heightened awareness programs. Notably, in a February 2022 update, McGill University's Dementia Education Program was selected as one of the 15 initiatives to receive funding from the Public Health Agency of Canada. This funding aims to support projects focused on raising awareness of dementia and fostering dementia-inclusive communities.
Limitation Of Product Accessibility And Affordability In Remote Areas Restrains Dementia Care Products
The growth of the market is hampered significantly by challenges related to the accessibility and affordability of dementia care products in remote areas. These regions frequently experience underdeveloped distribution channels, resulting in obstacles to product availability. Moreover, economic constraints faced by individuals in these remote areas can pose challenges in affording dementia care products, even if they are accessible. The confluence of limited access and affordability issues acts as a barrier, preventing a substantial portion of the potential market from utilizing essential products, ultimately impeding overall market growth.
Strict Requirements for Medication Development and Clinical Trials Hamper Dementia Therapeutics
A significant obstacle to the growth of the dementia therapeutics and diagnostics market is expected to arise from stringent requirements governing medication development and clinical trials. Addressing dementia necessitates substantial investments in research and development, and the regulatory standards for efficacy introduce an additional layer of complexity. These rigorous processes frequently result in prolonged development periods and escalated costs, impeding the timely introduction of new products into the industry and hindering its overall expansion.
High Prevalence of Dementia in Low or Middle-Income Countries to Propose Great Promise
The dementia care products market is witnessing expansion due to the elevated prevalence of dementia in low or middle-income countries. In these areas, the combination of an aging population and a limited healthcare infrastructure exacerbates the difficulties associated with dementia care. Consequently, there is a substantial demand for products designed to facilitate dementia management at home or within community settings.
Anticipated growth in awareness and improved healthcare accessibility in these regions is expected to drive increased demand for dementia care products. This emerging trend points towards opportunities for growth in developing countries, with the potential for the development of tailored products that cater to specific cultural and economic requirements.
The Dementia Care Products Market is anticipated to undergo substantial expansion and change. Industry experts recommend that participants in the worldwide dementia care products market concentrate on product innovation, forming strategic partnerships, and engaging in mergers and acquisitions to establish a competitive advantage. Moreover, stakeholders should prioritize the creation of affordable and cost-effective dementia care products to meet the requirements of patients in developing nations.
Supply-side Dynamics
Several factors, including the rising awareness about disease management, increased sales prospects, and advancement in devices, all contribute to the dynamic and rapid expansion of the global Dementia Care Products market. Parentgiving, Inc., EasierLiving, LLC, Find Memory Care, Healthcare Products LLC, and Best Alzheimer's Products are market leaders in the manufacturing sector. The countries of Germany, Japan, China, France, and the United States are significant producers of various goods. According to the 2021 National Dementia Strategy, Germany had 1.6 million individuals living with dementia in 2020. The report also indicates that dementia impacts one person in every 25 households, with the projected number expected to rise to approximately 2.8 million people by 2050. Consequently, the growing prevalence of dementia within the German population is anticipated to drive the demand for dementia drugs in the country, thereby fostering market growth.
Several corporations are allocating resources toward expanding their capacity to satisfy the increasing need for active health monitoring systems for automobiles. It is anticipated that these expansions will substantially alter the dynamics of the market, resulting in heightened competition, reduced prices, and an influx of innovative products.
Which Products Are Expected to Benefit the Most from Revenue Generation?
Extensive Sales for Memory Exercise & Activity Products Due to Growing Recognition Of The Positive Impacts Of Cognitive Stimulation
Crucial in dementia care, products focusing on memory exercises and activities aim to decelerate cognitive decline and enhance the quality of life for individuals with dementia. This category encompasses games, puzzles, and software applications designed to stimulate cognitive functions. The growing recognition of the positive impacts of cognitive stimulation in dementia care is propelling the expansion of this segment. As ongoing research underscores the significance of mental engagement for dementia patients, these products are increasingly becoming essential in both institutional and home care settings.
Which End User to Be Focused on the Most Regarding Sales?
Long Term Care Centres to Widen Footprint Due to the Heightened Demand For Specialized Care Facilities
The main recipients of dementia care products are long-term care centers, serving as the primary end-users. These facilities offer thorough care and supervision, making them particularly suitable for patients in advanced stages of dementia. The array of products utilized in these environments is diverse, addressing various facets of patient care and safety. The expansion of this segment is driven by the growing global prevalence of dementia cases and the heightened demand for specialized care facilities.
Why is North America Emerging as a Dominating Region?
Rising Number Of Dementia Patients to Fuel Growth for Easier Market Adoption
North America holds a leading position in the dementia care products market, primarily attributed to the abundance of product suppliers in the region and the affordability of these products. As per the Centre for Disease Control and Prevention (CDC) report, in 2020, approximately 5.8 million Americans aged 65 and above were diagnosed with Alzheimer's disease. This figure is expected to nearly triple, reaching 14 million people by 2060. Consequently, with a rising number of dementia patients, particularly in countries such as the United States and Canada, there has been a gradual increase in the demand for dementia care products.
What Opportunities Lie in Europe for Manufacturers?
Escalating Prevalence Of Neurological Disorders to Advance Growth
The European region is anticipated to maintain a significant market share over the forecast period, driven by factors like the escalating prevalence of neurological disorders in countries such as the United Kingdom and Germany. Additionally, strategic developments undertaken by industry players and growing government initiatives contribute to this market dominance. According to a February 2022 update from the United Kingdom government, the estimated diagnosis rate for dementia and Alzheimer's was 62.4% in the United Kingdom in 2020. This statistic underscores the expanding patient pool in the country, consequently fuelling the demand for dementia drugs in the United Kingdom.
Prominent organizations, including Parentgiving, Inc., EasierLiving, LLC, and Find Memory Care, are at the vanguard of this sector, providing inventive solutions by capitalizing on their technological prowess and vast experience in the Healthcare industry. Organizations operating within this sector prioritize technological advancements, strategic alliances, and user experience improvement. These businesses make substantial investments in R&D for the exploration of new drugs and therapies aimed at alleviating symptoms and impeding disease progression. Industry participants are emphasizing collaborations and partnerships to harness expertise and resources, while also exploring innovative avenues such as digital therapeutics and personalized medicine.
To distinguish themselves in this highly competitive market, these businesses strive to differentiate their products. They achieve this by providing innovative features, enhanced user experiences, and tailored solutions to cater to the specific needs of individuals affected by dementia.
New Product Launch
In June 2020, ArjoHuntleigh introduced its latest product in dementia care, the EarlySense Live Incontinence Solution. This product is specifically crafted to assist caregivers in managing incontinence among individuals with dementia.
Market Impact: The EarlySense Live Incontinence Solution, a new device from ArjoHuntleigh, is expected to revolutionize the dementia care products market by addressing a critical component of dementia care. This novel approach seeks to improve the overall quality of care by helping caretakers manage incontinence properly. Due to this, there will probably be a greater need for this particular product on the market, which will help the dementia care products market expand and become more competitive.
In June 2021, Biogen and Eisai Ltd. announced that the U.S. Food and Drug Administration (FDA) had granted accelerated approval to ADUHELM™ (aducanumab-avwa) as the inaugural and exclusive treatment for Alzheimer's disease. This approval is based on its capacity to address the underlying pathology of the disease by reducing amyloid-beta plaques that form in the brain.
Market Impact: Biogen and Eisai Ltd.'s accelerated FDA approval of ADUHELMTM (aducanumab-avwa) in June 2021 is anticipated to have a major effect on the dementia care products market. This discovery, which addresses the fundamental physiology of Alzheimer's disease by reducing amyloid-beta plaques, is acknowledged as the first and only treatment for the condition. As such, it is anticipated to generate more interest in and demand for dementia care products. The market for dementia care products may see an increase in demand for supplemental goods and support services as awareness and treatment choices increase. This would drive innovation and competition in the industry.
|
Attribute |
Details |
|
Forecast Period |
2023 to 2030 |
|
Historical Data Available for |
2018 to 2022 |
|
Market Analysis |
US$ Million for Value |
|
Key Regions Covered |
|
|
Key Countries Covered |
|
|
Key Market Segments Covered |
|
|
Key Companies Profiled |
|
|
Report Coverage |
|
|
Customization & Pricing |
Available upon request |
By Product:
By End-User:
By Region:
For report customisation and delivery information contact our sales representative.
The market is anticipated to grow at a CAGR of 6.6% during the projected period.
The Dementia Care Products market was valued at USD 28.7 million in 2023.
The U.S. held the largest market share in 2023.
The prominent players in the market are Parentgiving, Inc., EasierLiving, LLC, Find Memory Care, Healthcare Products LLC, and Best Alzheimer's Products, among others.
The memory Exercise & Activity Products segment is expected to grow at the fastest growth during the forecast period.
