Global Elderly and Disabled Assistive Devices Market Is Estimated To Witness High Growth Owing To Increasing Geriatric Population and Technological Advancements
The global Elderly and Disabled Assistive Devices Market is estimated to be valued at US$ 22.07 billion in 2021 and is expected to exhibit a CAGR of 5% over the forecast period of 2022 to 2030, as highlighted in a new report published by Coherent Market Insights.
A) Market Overview:
The Elderly and Disabled Assistive Devices market provides assistive products and devices that aid in improving the quality of life for the elderly and disabled population. These devices include mobility aids, hearing aids, vision aids, and communication aids, among others. They are designed to provide support, enhance independence, and increase accessibility for individuals with disabilities or age-related limitations.
B) Market Dynamics:
· Driver: Increasing Geriatric Population
The growing elderly population is a key driver for the market. As the global population ages, the demand for assistive devices that cater to the needs of this demographic increases. According to the World Health Organization, the global population aged 60 years and older is expected to reach 2 billion by 2050. This demographic requires assistive devices to enable mobility, hearing, vision, and other daily activities.
- Example: The demand for mobility aids such as wheelchairs, mobility scooters, and walkers is increasing due to the rising number of elderly individuals with limited mobility.
· Opportunity: Technological Advancements
Technological advancements have revolutionized the elderly and disabled assistive devices market. Innovations such as smart hearing aids, wearable devices, and assistive robots have greatly improved the functionalities and effectiveness of these devices. Technological advancements offer opportunities for market players to develop solutions that are more user-friendly, efficient, and cost-effective.
- Example: The introduction of wireless hearing aids with advanced features such as Bluetooth connectivity and smartphone compatibility provides convenience and better user experience.
C) Segment Analysis:
The mobility aids segment is dominating the elderly and disabled assistive devices market. This can be attributed to the increasing demand for wheelchairs, mobility scooters, and walkers among the elderly and disabled population. These devices provide support and enhance mobility, allowing individuals to perform daily activities independently.
D) PEST Analysis:
1. Political: Government initiatives and policies play a crucial role in the development and accessibility of assistive devices for the elderly and disabled population. Supportive policies and funding encourage the market growth.
2. Economic: Increasing healthcare expenditure and rising disposable income contribute to the market growth as individuals can afford these devices.
3. Social: Changing demographics, including the rising elderly population and increasing awareness about assistive devices, drive market demand.
4. Technological: Technological advancements have revolutionized the market, providing innovative and efficient solutions for the elderly and disabled population.
E) Key Takeaways:
1. The global Elderly and Disabled Assistive Devices Market is expected to witness high growth, exhibiting a CAGR of 5% over the forecast period, due to increasing geriatric population and technological advancements.
2. North America is the fastest-growing region in the market, driven by well-established healthcare infrastructure and favorable government initiatives.
3. Key players operating in the global Elderly and Disabled Assistive Devices Market include Sunrise Medical LLC, GN ReSound Group, Sonova Holding AG, Starkey Hearing Technologies, and William Demant Holding A/S. These players have a strong presence and offer a wide range of assistive devices to cater to the diverse needs of the elderly and disabled population.
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