The global elderly and disabled assistive devices market size was valued at USD 25,610 billion in 2021 and is poised to grow at a significant CAGR of 5.5% during the forecast period 2022-28. Assistive gadgets for the elderly and handicapped are a collection of rehabilitative, adaptive, and cognitive technologies designed to improve the standard of living and movement of the elderly and disabled. Wheelchairs, canes, crutches, walkers, visual impairments aids, and other assistive equipment help the elderly and disabled enhance their hearing, visibility, movement, and interaction. Moreover, Assistive devices are used by adults, persons injured in accidents, physically handicapped persons, and those with spinal cord injuries. Assistive gadgets may now be interconnected to healthcare networks, which is facilitating the transition to home-based treatment. Furthermore, assistive gadgets are getting smarter, and in the event of an unfavorable occurrence, they can immediately send alerts to emergency services and/or caregivers.
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The aged and handicapped assistive devices demand is expanding due to a growing global geriatric population, the accessibility of numerous assistive gadgets, and the desire to live an enjoyable life. Increased investment in R&D efforts for producing sophisticated assistive devices, increasing health problems, and different government incentives to promote accessibility to these devices amongst citizens all contribute to market expansion. The Georgia Vocational Rehabilitation Agency, for example, has launched a programme to give vision rehabilitation services to persons over the age of 55. This service is offered by professionally trained experts that help blind persons with communication, movement, and travelling issues. Other assistance devices, including as talking watches, large-button phones, and kitchen appliances, are also available under this programme. Furthermore, several constraints are limiting market expansion, such as the high cost of a few devices, the absence of reimbursements, and the limited acceptability of some technologies. On the contrary, rising per capita income and increased rivalry among market participants are expected to create significant development possibilities for market players over the projection period.
The global elderly and disabled assistive devices market segmentation:
1) By Device Type: Bathroom safety & Medical furniture devices (Hearing aids, Ostomy products, Vision and reading aids, Medical beds, Shower chairs and commodes, Bars and railings, Others.
2) Mobility aids & Medical ambulatory devices: Mobility scooters, Wheelchairs, Walkers & Rollators, Transfer lifts, Door openers, Cranes and crutches, Others.
3) By Technology: Battery powered assistive device, Electrical assistive devices, Human-powered assistive devices, Software-based assistive devices, Others.
4) By End User: Hospitals, Ambulatory surgical centres, Homecare.
The aged and handicapped assistive devices market is dominated by North America. This is due to reasons namely the growing elderly population, the availability of broad distribution channels, and the residents' increased spending power. Furthermore, the development of technologically sophisticated goods and the government's focus on patient safety are driving market expansion in this area. Meanwhile, owing to circumstances including improved healthcare infrastructure, a large customer base, the launch of low-cost gadgets, and rising awareness among people about the use of assistive devices, Asia Pacific is expected to expand rapidly in terms of market share throughout the projected period.
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There are several industry players working in the elderly and disabled assistive devices market, which include Sonova Holding AG (Germany), Ai Squared (U.S.),Blue Chip Medical (U.S.), Bausch & Lomb, Inc. (U.S.), GN Hearing (Denmark), Permobil AB (Permobil International AG) (Sweden), Siemens Healthneers (Germany), Wintriss Engineering Corporation (U.S.), and Invacare Corporation (U.S.) to name a few.
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