Elderly and Disabled Assistive Devices Market is Anticipated to Witness High Growth Owing to Rising Geriatric Population
The elderly and disabled assistive devices market comprises medical devices and equipment used to aid patients with disabilities and mobility challenges. Products include body support devices, communication aids, mobility equipment, and assistive listening devices. These help improve functionality and independence for elderly and disabled individuals. The growing geriatric population, rising cases of disabilities, and increasing health awareness have fueled market growth. Assistive devices provide relief from chronic conditions, enhance comfort, and enable seamless movement. 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 of 2023 to 2030.
Key Takeaways
Key players operating in the elderly and disabled assistive devices market are Sonova Holding AG, Bausch & Lomb, Inc., Permobil AB, Siemens Healthcare, Freedom Scientific, Inc. These companies offer a wide assortment of assistive products targeting various age groups and abilities. They are investing in advanced technologies like artificial intelligence, IoT and cloud computing to develop more innovative solutions.
The market provides numerous growth opportunities such as developing multi-functional devices, expanding to emerging nations, and investing in digital health. Players are collaborating with healthcare providers and focused on personalized care solutions. This allows addressing specific consumer requirements better.
Globally, there is increasing uptake of assistive gadgets across North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Favorable regulations, rising disposable incomes, and growing accessibility are encouraging international expansion of elderly and disabled assistive device companies.
Market Drivers
The key driver for the elderly and disabled assistive devices market is the rapidly aging world population. According to the UN, the number of people aged 60 years and above will reach 2 billion by 2050. This trend is prompting higher demand for assistive solutions to enhance quality of life and independency.
Market Restraints
High costs of innovative medical assistive devices remains a major challenge restricting widespread adoption, particularly in emerging nations. Additionally, lack of proper reimbursement policies and skilled workforce for assistance also limit market growth to some extent.
Segment Analysis
Elderly and Disabled Assistive Devices Market can be segmented based on product type which includes daily living aids, mobility equipment, medical furniture, bathroom safety equipment and monitoring equipment. Daily living aids dominates the market with around 30% share as it caters to basic day to day activities and needs of elderly population such as eating, dressing, etc. Mobility equipment is the next major segment having close to 25% share due to increased mobility issues faced by aging population leading to the demand of devices like walkers, wheelchairs and scooters.
Global Analysis
Regionally, North America dominates the Elderly and Disabled Assistive Devices Market with more than 35% share attributed to high healthcare spending and presence of leading players in the region. Europe is the second largest market followed by Asia Pacific. Asia Pacific is witnessing fastest growth due to increasing geriatric population, improving healthcare infrastructure and growing medical tourism in countries like India, China and Japan. Growing acceptance for elderly homecare is also propelling the market growth in the Asia Pacific region. Other regions include Latin America and Middle East & Africa which are expected to witness steady growth over the coming years.
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