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The elderly and disabled assistive devices help improve the quality of life of elderly population and physically disabled individuals. Devices such as, mobility aids including wheelchairs, scooters, walkers and rollators, hearing aids, visually aids and others help enhance mobility and independence. Increased aging population, rising incidence of chronic diseases and disabilities have further contributed towards the demand for such devices. As per the United Nations Population Fund, by 2050 around 2 billion people in the world will be aged 60 years and above.
The global elderly and disabled assistive devices Market is estimated to be valued at US$ 27.77 Bn in 2023 and is expected to exhibit a CAGR of 5.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Growing geriatric population presents promising growth opportunities for elderly and disabled assistive devices. As per the heading, the aging population is flourishing the demand for such devices globally. Driven by improved life expectancy and declining fertility rates across both developed and emerging countries, the population aged 65 years and above is steadily growing. As per WHO, the percentage of world’s population over 60 years will nearly double from 12% to 22% between 2015 and 2050. This will significantly drive the need for assistive care products catering to mobility, hearing, vision and other impairments commonly seen in the elderly. Further, the rising incidence of chronic diseases such as diabetes, arthritis etc. is accelerating the disabilities and therefore driving the need for assistive tools. The development of technologically advanced products and growing awareness will continue to propel the elderly and disabled assistive devices market during the forecast period
Segment Analysis
The eldery and disabled assistive devices market is segmented on the basis of product type, end user and geography. Based on product type, the market is segmented into mobility devices, healthcare furniture and bathroom safety devices. Among these, the mobility devices segment dominates the market and accounts for around 40% market share. This is because mobility issues are very common among elderly and disabled population which increases the demand for products like walkers, wheelchairs and scooters.
PEST Analysis
Political: Governments across countries are framing favorable regulations to promote the usage of assistive devices. They are also providing tax benefits and insurance coverage to increase the affordability of such medical equipment.
Economic: Rising geriatric population and number of people with disabilities is driving the economic growth of this market. The overall GDP is also increasing which improves the spending capacity on healthcare and assistive products.
Social: With growing awareness, there is less social stigma attached to the use of assistive devices now. People are more open about adopting mobility aids to improve their quality of life.
Technological: Products are becoming more lightweight, durable and customized as per individual needs. Technological advancements are also making devices smarter with features like GPS, fall detection sensors etc.
Key Takeaways
The global elderly and disabled assistive devices market is expected to witness high growth over the forecast period due to rapid growth in aged population globally. The global elderly and disabled assistive devices Market is estimated to be valued at US$ 27.77 Bn in 2023 and is expected to exhibit a CAGR of 5.2% over the forecast period 2023 to 2030.
Regional analysis
The North America region holds around 35% share of the global market due to favourable government policies for disabled, rising geriatric population and high healthcare spending. The United States is the leading market in the region owing to presence of major players and advanced healthcare facilities.
Key players
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. Sonova Holding AG is the market leader known for its wide range of hearing aid products. Permobil AB is another major player specializing in innovative wheelchair configurations.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
