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The elderly and disabled assistive devices market include medical equipment such as mobility aids, medical furniture, bathroom safety products and monitoring devices that help in improving mobility, hearing, vision or cognition of elderly population and disabled persons. Devices like wheelchairs, walkers, bathroom equipment and hearing aids help patients maintain independence by enhancing their ability to carry out important activities of daily living. Rising geriatric population suffering from disabilities, hearing and vision loss due to age related medical conditions has increased the demand for such assistive devices. 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 market are Sonova Holding AG, Bausch & Lomb, Inc., Permobil AB, Siemens Healthcare, Freedom Scientific, Inc.
Some of the key opportunities in the market include development of innovative products with advanced features to aid independent mobility and living at affordable costs. Technological advancements in assistive devices integrating connectivity, artificial intelligence and microprocessors will further boost market revenues.
The market is also witnessing rapid global expansion driven by rising healthcare standards in developing nations and greater awareness about availability of assistive solutions. Key players are expanding product portfolios and geographical presence through strategic collaborations and acquisitions to capitalize on increased demand worldwide.
Market drivers
A major driver for the elderly and disabled assistive devices market is the significantly rising geriatric population globally who are more prone to age related disabilities and medical conditions. According to World Health Organization (WHO), the number of people aged 65 years and older is projected to grow from 703 million in 2019 to 1.5 billion in 2050. Growing life expectancy has increased the number of elderly suffering from limited mobility or disabilities requiring assistive devices for independent living. This in turn is expected to propel market revenues over the forecast period.
PEST Analysis
Political: The elderly and disabled assistive devices market is positively influenced by government policies focusing on improving healthcare infrastructure and increasing healthcare spending for the elderly population. Various governments provide reimbursements and insurance cover for assistive devices which contributes to the growth of the market.
Economic: Rising per capita incomes and improving economic conditions have increased spending capacity on healthcare and assistive devices especially in developing nations. Growth in discretionary spending on healthcare provides opportunities for expansion of the elderly and disabled assistive devices market.
Social: Rapid aging of population and increasing incidence of disabilities due to chronic diseases, accidents, and other physical impairments have augmented the demand for assistive devices. Aging-in-place trend and rising awareness about availability of assistive technologies further support the market growth.
Technological: Ongoing technological advancements in fields such as artificial intelligence, robotics, and 3D-printing are ushering innovations in assistive devices. Devices integrated with latest technologies offer improved functionality, efficiency and independence to the elderly and disabled. Developments in areas such as exoskeletons, smart mobility aids and remote health monitoring also influence the market positively.
The geographical regions where the market is concentrated in terms of value include North America and Europe due to rise in healthcare expenditure, presence of major players and rapid technological developments. Approval and availability of reimbursement programs also contribute to market concentration in these regions. On the other hand, Asia Pacific is identified as the fastest growing region owing to increasing geriatric population, improvements in medical infrastructure and rising healthcare spending in nations like China and India. Additionally, growing medical tourism industry in Asia Pacific region attracts patients from other parts of the world in search for affordable treatment and quality care.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
