Gerontechnology Market

The global market value of the gerontechnology market was valued at USD 75.1 billion in 2024 and is projected to grow at a CAGR of 13.1% during the forecast period. The gerontechnology market, also known as age tech, is experiencing significant growth due to a rising global population of older adults and increased demand for technologies that support independent, healthy, and dignified aging. The aging population is the primary driver of this market, with a growing number of individuals over 60. Additionally, the shrinking number of caregivers is increasing the demand for age-tech solutions. 

Gerontology is expected to advance with improvements in AI, robotics, and personalized health solutions. In essence, the gerontechnology market is a dynamic and rapidly evolving field driven by the needs of an aging population and the ability of technology to enhance their lives. The high costs associated with gerontechnology products are anticipated to hinder the growth of the gerontechnology market by limiting accessibility and adoption, particularly among price-sensitive consumers and institutions.

 Advanced devices such as AI-powered health monitors, robotic mobility aids, and smart home systems often involve costly research, development, and manufacturing processes, leading to premium pricing. This financial barrier can deter elderly users, caregivers, and healthcare providers from investing in these technologies.

Growth Drivers

The primary driver is the growing aging population worldwide, particularly in developed countries. This demographic shift is accompanied by an increasing need for solutions that enable older adults to age in place, maintain their independence, and enhance their quality of life. Technological advancements play a crucial role in the growth of the gerontology market. Innovations in medical devices, telemedicine, and health monitoring systems are transforming how care is delivered to older adults. Technologies such as wearable health monitors, smart home systems, and robotic assistance devices enhance the independence and safety of the elderly. Additionally, advancements in pharmaceuticals and biotechnology are leading to the development of more effective treatments for age-related diseases. The rapid growth in the healthcare sector due to the increasing geriatric population worldwide is significantly fueling market growth. 

Increased awareness of health and wellness among older adults leads to greater demand for preventive care, nutrition, and fitness products tailored to this demographic. Advancements in technology, such as wearable health devices, smart home systems, and telemedicine, enhance the ability of seniors to manage their health and stay connected.

The growing focus on retirement planning and financial products tailored to older adults supports market growth in gerontology-related services. Many insurance plans do not adequately cover geriatric care, leading to out-of-pocket expenses that can deter families from seeking necessary services.

Segmentation

Gerontechnology Market by Type

·         Social Gerontology

·         Environmental Gerontology Technological

·         Biogerontology

Gerontechnology Market by Application

·         Fitness and Wellness Services

·         Non-Profit Organizations

·         Business Communities

·         Hospitality

·         Travel

·         Healthcare

Gerontechnology Market by Age

·         65-75 years

·         75-85 years

·         85 and above

Gerontechnology Market by Technology

·         Wearable Devices

·         Smart Home Devices

·         Others

By Regions

·         Asia-Pacific

·         North America

·         Latin America

·         Europe

·         Middle East and Africa

Gerontechnology Market by Application

Based on the application, the Gerentechnology market is segmented into Fitness and Wellness, Services, Non-Profit Organizations, Business Communities, Hospitality, Travel, and Healthcare. The Fitness and Wellness Services segment held the largest share in the gerontechnology market by application in 2023, with 29.7%. This is followed by the Healthcare segment, which is experiencing the fastest growth due to the increasing geriatric population and the demand for medical care, special treatments, and long-term care options. 

The Wearable Devices segment also holds a significant share, particularly due to its effectiveness in health tracking. Government agencies play a pivotal role as a sub-segment as well, focusing on public health policies, funding for research on aging, and the establishment of initiatives that ensure elderly populations receive adequate healthcare and social support services. Finally, caregiving organizations, including home health agencies and assisted living facilities, represent the essential infrastructure of support services catering to elderly individuals requiring daily assistance.

Regional Outlook

We analyze the gerontechnology market based on five regions: Asia-Pacific, North America, Latin America, the Middle East and Africa, and Europe. North America currently leads the market due to its robust healthcare infrastructure and early adoption of technology-based eldercare solutions, while Asia-Pacific is emerging as a rapidly growing region. With a growing emphasis on aging-in-place and proactive eldercare, the gerontechnology market is set for significant expansion in the coming years.

The gerontechnology market in Asia Pacific and Europe is experiencing significant growth due to aging populations and increasing demand for elderly care solutions. Asia Pacific is expected to be one of the fastest-growing markets, while Europe is seeing a shift towards sustainable and efficient technologies. The number of individuals aged 60 and above in the region is expected to double by 2050, significantly boosting the need for innovative healthcare and assistive solutions. China's "Healthy China 2030" initiative and large-scale infrastructure projects for elderly communities are examples of government initiatives supporting market growth. European regulatory policies have set high standards for emissions reduction, driving the demand for efficient and eco-friendly products, including gerontechnology solutions. 

The Middle East and Africa, and Latin America are witnessing moderate growth due to rising healthcare expenditure, and emphasis on healthcare for the geriatric population. Latin America, characterized by a youthful demographic that is quickly aging, shows a growing interest in preventive healthcare and wellness solutions for seniors, propelled by social changes and an increase in disposable incomes. The growing use of AI, IoT, and telemedicine has transformed elderly care, enabling real-time monitoring of health and predictive analysis.

For instance, AI-driven home assistants and fall detectors have enhanced safety for elderly individuals living alone. The other significant opportunity is the growth of age-friendly cities and infrastructure, with governments and private investors putting money into senior-friendly housing, transport, and recreational areas. The international smart home market, encompassing devices specialized for the elderly, is expected to expand strongly through demand for independent living.

Key Players

·         Centre of Ageing Better;

·         Care Centers;

·         Keele Centre for Social Gerontology;

·         HelpAge India;

·         Administration on Aging,

·         Gerontology Research Center;

·         National Aging Research Institute;

·         World Health Organization;

·         British Geriatrics Society

·         Other Players