Dementia Care Products Market Size, Share & Trends Analysis Report By Product Type (Memory Exercise and Activity Products, Daily Reminder Products, Bathroom Safety Products, Dining Aids, Communication Products, Personal Safety Products, Others), By End-User (Home Care Settings, Long Term Care Centers) and By Region(North America, Europe, APAC, Middle East and Africa, LATAM) Forecasts, 2024-2032

Market Overview

The global dementia care products market size was valued at USD 22.16 billion in 2023 and is projected to reach a value of USD 43.6 billion by 2032, registering a CAGR of 7.2% during the forecast period (2024-2032). The increase in dementia care products market share during the forecast period is related to the surge in incidences of many associated risk elements that include aging, genetic mutation, high blood pressure, and build-up of abnormal protein deposits in the brain. 

Dementia care products encompass a variety of items that are specifically engineered to promote increased safety and independence for individuals with dementia, while also aiding carers in navigating the complexities that accompany the condition. The aforementioned products can be categorized into various classifications, such as domestic equipment, assistive technology, and memory aids.  Electronic devices intended to aid individuals with cognitive or memory impairments, such as GPS smart soles, reminder alarms, and memory phones, are examples of assistive technology. These products have the potential to promote safety, independence, and activity among individuals with dementia, while also offering caregivers reassurance. Anemones are memory aides that are specifically formulated to assist individuals with dementia in recalling critical information, including daily tasks, medication schedules, and appointments. Automatic medication dispensers, calendars, and reminder systems are examples of such products.

The market for dementia care products is continuously expanding, offering a wider range of options and improved availability. These developments aim to facilitate the management and improvement of the patient's quality of life, while also providing easier support and assistance for care providers. Regarding segmental analysis, the home care settings sector is expected to experience the most significant growth. This is mostly due to the rising expenses of treatments and the presence of training programs for the family and caregivers of individuals with Alzheimer's disease.

Highlights

• Memory Exercise and Activity Products dominate the market by Product Type.
• Home Care Settings leads the segment by End-user.

Market Dynamics

Global Dementia Care Products Market Drivers

Increasing Prevalence of Dementia and Alzheimer's Disease

The global market for dementia care products is experiencing significant growth, driven primarily by the rising incidence of dementia and Alzheimer's disease. According to the World Health Organization, approximately 55 million people worldwide will be living with dementia in 2023, with projections indicating this number will rise to 57 million by 2024. This increase is primarily due to the aging global population, which correlates with a higher prevalence of cognitive disorders. For instance, Japan, with one of the world’s oldest populations, has seen a corresponding increase in dementia cases, thereby boosting the demand for dementia care products.

Additionally, dementia care products are crucial in supporting individuals with dementia, enhancing their daily living experiences, and alleviating the burden on caregivers. These products range from daily reminder aids, bathroom safety items, dining aides, communication tools, and personal safety devices to memory exercise and activity products. The Alzheimer's Disease International reported that in 2023, 75% of people with dementia worldwide were undiagnosed, underscoring the urgent need for better diagnostic tools and increased awareness. Products that help individuals maintain their independence for extended periods are vital in improving their quality of life and reducing caregiver stress.

Global Dementia Care Products Market Restraints

Limitation of Product Accessibility and Affordability in Remote Areas

A significant obstacle in the dementia care products market is the restricted availability and affordability in remote and underdeveloped regions, particularly in low and middle-income countries. These areas often struggle with poorly developed distribution networks and financial constraints, making it challenging to access essential dementia care products. For example, in many parts of Sub-Saharan Africa and rural South Asia, limited healthcare infrastructure and economic hardships prevent many families from obtaining necessary care products.

Moreover, the stringent clinical trial and medication development criteria in the dementia therapeutics and diagnostics market contribute to higher costs and longer development cycles. This regulatory environment hinders the timely introduction of innovative products, further limiting market expansion.

Global Dementia Care Products Market Opportunity

Ongoing Trend of an Aging Population Globally

The persistent global trend of an aging population presents a substantial opportunity for manufacturers in the dementia care sector. As the number of elderly individuals increases, so does the demand for products that enhance the well-being of those living with dementia. For instance, the National Institute on Aging in the US increased its funding for dementia research by 12% in 2024, reaching USD 3.5 billion. This increased funding highlights the growing focus on developing solutions for dementia care.

Manufacturers have a significant opportunity to innovate and introduce products that address the unique challenges faced by people with dementia. These products should enhance safety, improve quality of life, and aid daily functioning. Companies can strategically position themselves to meet the rising demand by expanding their product portfolios to include specialized items such as GPS trackers for safety, adaptive clothing, and interactive cognitive exercises. For example, Philips’ introduction of its 'Dementia Suite' offers a comprehensive set of tools to improve patient care and caregiver support.

Additionally, the Alzheimer's Disease International report highlighting that 75% of people with dementia worldwide were undiagnosed in 2023 points to a critical need for improved diagnostic tools and greater awareness. This gap presents an opportunity for manufacturers to develop and market advanced diagnostic products and educational resources, ensuring early detection and better management of dementia.

Regional Analysis

The global dementia care products market share is bifurcated into North America, Europe, Asia-Pacific, the Middle East and Africa and Latin America.

North America Dominates the Global Market

North America is the most significant market shareholder and is estimated to grow at a CAGR of 6.6% over the forecast period. North America dominates the worldwide Dementia Care Products market, owing to its aging population and advanced healthcare infrastructure. According to the Alzheimer's Association, 6.7 million Americans had Alzheimer's dementia in 2023, and this figure is expected to climb to 6.9 million by 2024. The US Centers for Medicare and Medicaid Services reported a 15% rise in payment claims for dementia care items in 2023 over the previous year. In Canada, the Alzheimer Society predicted that 597,000 individuals will be living with dementia in 2023, with the figure expected to rise to 615,000 by 2024.

In addition, the market's expansion is aided by novel product launches, with the US Food and Drug Administration approving 12 new dementia care devices by 2023. The National Institute on Aging raised dementia research funding by 10% in 2024, promoting the development of innovative care products. Furthermore, the American Association of Retired Persons (AARP) revealed that 72% of family caregivers for dementia patients used at least one specialist care product in 2024, up from 65% in 2023, demonstrating increased awareness and adoption of these goods.

Europe is estimated to grow at a CAGR of 7.3% over the forecast period, aided by extensive healthcare systems and government policies. Alzheimer Europe anticipated that 9.78 million individuals would be living with dementia in the European Union in 2023, with the amount expected to rise to 10.1 million by 2024. The UK's National Health Service recorded a 20% rise in prescriptions for dementia care products in 2023 over the previous year. The Federal Ministry of Health in Germany reported that by 2024, 30% of nursing facilities would have installed sophisticated dementia care technologies, up from 22% in 2023. In France, the National Union of Memory Clinics reported a 25% increase in the usage of cognitive stimulation devices for dementia patients by 2024.

In addition, in 2023, the European Medicines Agency authorized eight new dementia care treatments, highlighting the sector's ongoing innovation. In 2024, the European Union's Horizon Europe program will invest 120 million Euros in dementia research to encourage the development of novel care solutions. Furthermore, the European Working Group of People with Dementia revealed that 68% of its members utilized specialized dementia care goods daily in 2024, emphasizing the growing relevance of these products in sustaining the quality of life for people with dementia.

Segmental Analysis

The global dementia care products market is segmented based on Product type and End-User.

The dementia care products market is further segmented by type into memory exercise and activity products, daily reminder products, bathroom safety products, dining aids, communication products, personal safety products, and others.

Memory Activities and Exercise Products play a critical role in the management of dementia by promoting memory retention, cognitive function, and overall brain health. These products aim to facilitate cognitive exercises, memory recall, and mental stimulation for individuals with dementia to preserve brain function and postpone the onset of cognitive decline.

Conversely, daily reminder products are pivotal in aiding dementia patients with their daily activities and tasks. These merchandise com calendars, timepieces, medication schedulers, and other aides that assist people with dementia in recollecting significant obligations, appointments, and medication times. Individuals with dementia use daily reminder products to augment independence, mitigate perplexity, and enhance their overall quality of life.

The dementia care products market is further segmented by end-users into home care settings and long-term care centers.

The home Care Settings category comprises dementia care products utilized in personal residences, where family members, acquaintances, or professional caregivers assist and support individuals with dementia. The market is anticipated to be led by the home care settings segment due to the rising aging trend and the preference for dementia patients to receive care in familiar surroundings.

The long-term Care Center sector comprises dementia care products utilized within assisted living facilities, memory care sections, and nursing homes. The segment of long-term care centers is anticipated to experience substantial growth as an increasing number of dementia patients necessitate specialized care and assistance within these establishments.

Impact of covid-19

Even though the COVID-19 pandemic had only a little influence on the game engine business, consumers favored online games over offline games, resulting in a decline in demand for offline games, including video games. However, as the demand for online games has grown, several market participants have stepped up their efforts to advance gaming technology. New gaming goods are introduced to cater to the growing need for game engines among game creators. The games engine is primarily intended for use in creating video games.

It incorporates features like 3D graphics, scripting, sound, networking, streaming, artificial intelligence, memory management, and others into a single package. Additionally, dedicated servers and online data storage facilities are being used to improve online multiplayer gaming. Over time, cloud gaming has grown increasingly popular in the gaming business. It has also become huge popular among PC and mobile players alike in recent years.

Cloud games will experience a significant increase in demand during the anticipated period, contributing to the overall growth of the games engine market. Cloud games will see significant demand as 5G and internet access become more widely available. Businesses focusing on entering the market will find it quite profitable.

Recent Developments

• May 2024- Parentgiving, Inc., a major player in caregiving products, announced an expansion of its Dry Direct incontinence line. This expansion includes premium incontinence products that offer enhanced comfort and performance, specifically catering to the needs of elderly individuals? (KD Market Insights)?? (PharmiWeb.com)?.
  Biogen and Eisai Co., Ltd.:
• May 2024- In a landmark development, Biogen and Eisai received accelerated approval from the U.S. FDA for ADUHELM™ (aducanumab-avwa), the first treatment targeting a defining pathology of Alzheimer’s disease by reducing amyloid-beta plaques in the brain. This approval marks a significant step in Alzheimer's disease treatment?