The elderly and disabled assistive devices market comprises products that help elderly and disabled patients to improve their motor or cognitive abilities or day-to-day living. These assistive devices include mobility devices such as wheelchairs, walking frames, rollators and mobility scooters, assistive furniture including medical beds, risers, seats and chairs, bathroom safety devices such as commodes, shower chairs and rails, and communication aids including hearing aids, magnifiers and visual and audio alert systems. The devices aid the patients to perform activities of daily living independently and maintain dignity. With rising geriatric population worldwide suffering from disabilities, there lies a huge unmet need for such assistive solutions. The global elderly and disabled assistive devices market is estimated to be valued at US$ 27.77 Bn in 2024 and is expected to exhibit a CAGR of 5.2% over the forecast period 2023 to 2030.
Key Takeaways
Key players operating in the elderly and disabled assistive devices are Sonova Holding AG, Bausch & Lomb, Inc., Permobil AB, Siemens Healthcare, Freedom Scientific, Inc. Sonova Holding AG offers assistive hearing devices under the brands Phonak and Unitron. It has a global footprint and is the market leader. Bausch & Lomb offers low vision products under the brands LLVision and Ultracore. Permobil offers powered wheelchairs and seating systems.
The market provides ample opportunities for product innovation and development. With advancement in technologies, smart assistive devices that can be controlled via smartphones are being developed. Companies are focusing on developing miniature, wearable assistive devices for easy portability. Rising awareness about disability and government initiatives are compelling manufacturers to offer affordable options.
The market is expanding globally with companies focusing on geographic expansion. Manufacturers are investing in emerging markets of Asia Pacific, Latin America, Middle East and Africa through acquisitions, partnerships and new manufacturing plants. Regulations are also being harmonized to encourage global trade of such devices.
Market drivers:
- Rising geriatric population worldwide: According to the United Nations, the number of people aged 65 years and above is projected to reach 1.5 billion by 2050. This substantial base of elderly population will require assistive solutions.
- Increasing disability rates: Disability rates have increased globally due to road accidents, non-communicable diseases and lifestyle diseases. Assistive devices help this population to perform daily activities independently.
Market restraints:
- High costs of advanced devices: Technologically advanced microprocessor controlled assistive devices have limited affordability which restrain the market growth.
- Limited awareness: In developing regions, lack of awareness about availability of assistive solutions act as a major barrier. Rehabilitation programs need to be expanded.
Segment Analysis
The elderly and disabled assistive devices market can be segmented based on product type and end-user. Based on product type, mobility devices hold the largest market share as they help the elderly and disabled population stay mobile. Mobility devices include walkers, wheelchairs, scooters, etc. Within mobility devices, wheelchairs dominates owing to its widespread use among elderly and people with disabilities. Daily living aids is another major segment which includes medical furniture, bathroom safety devices, communication aids and others. Based on end-user, the homecare segment dominates as devices meant for homecare improves independence and quality of life for elderly populations living alone. Hospitals and nursing homes is another significant segment driven by growing in-patient population.
Global Analysis
Regionally, North America captures the largest share in the elderly and disabled assistive devices market due to supportive government policies for disability, high healthcare spending and increasing geriatric population. Within North America, the United States is the dominating market. The market in Asia Pacific is fastest growing owing to improving access to assistive devices through healthcare reforms and a rapidly aging population in countries such as China and India. Key players focus on expanding their presence in Asia Pacific through strategic collaborations with local players. Europe follows North America in terms of market share led by Germany, United Kingdom and France.
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