May 27, 2024

Mobility Marvels: Innovative Solutions for Elderly and Disabled Assistive Devices

 

The Elderly and Disabled Assistive Devices Market is designed to assist elderly or disabled individuals needing help in their daily activities. Mobility aids like wheelchairs and walkers, bathroom safety devices, and communication aids are in high demand as they enable independence and quality of life. 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 are Sonova Holding AG, Bausch & Lomb, Inc., Permobil AB, Siemens Healthcare, Freedom Scientific, Inc. Key players are focusing on innovative product development to meet the specific needs of users. For instance, Sonova Holding AG offers a wide range of hearing aids and audiological care services.

The growing geriatric population worldwide is fueling the demand for elderly and disabled assistive devices. Around 13% of the global population was aged over 60 in 2015 and is expected to increase to nearly 22% by 2050. Moreover, increasing cases of age-related disabilities and accidents have boosted the sales of these devices.

The market is witnessing rapid global expansion with growing awareness and increased healthcare expenditure across developing regions. Many organizations are engaged in providing access to assistive technologies especially in underdeveloped areas. For instance, Siemens Healthcare works with various NGOs to donate medical equipment for rehabilitation and independent living.

Market Key Trends

One of the major trends in the elderly and disabled assistive devices market is the shift towards wireless and wearable technologies. Devices are being integrated with advanced tech like artificial intelligence, Bluetooth, and sensors for better portability, ease of use, and care. For example, Freedom Scientific offers a range of magnifiers, reading machines and screen magnification software with built-in Bluetooth connectivity for seamless usage. Such innovations are garnering popularity as they promote independent living and active aging.

Porter’s Analysis
Threat of new entrants: Low due to high costs of R&D for assistive devices and established brand loyalty of customers.

Bargaining power of buyers: High due to availability of alternatives and standardization of products allowing for easy comparison.

Bargaining power of suppliers: Moderate due to differentiated inputs and technologies required for specialized assistive devices.

Threat of new substitutes: Low as assistive devices are tailored to users’ specific needs and provide unique value in maintaining independence and quality of life.

Competitive rivalry: Fierce between major corporations competing to develop innovative solutions and expand into new geographic markets and customer segments.

Geographical Regions
North America currently represents the largest market for elderly and disabled assistive devices, valued at over US$ 12 Bn in 2023. This is attributed to the region’s advanced healthcare infrastructure and growing senior population diagnosed with age-related disabilities.

The Asia Pacific region is projected to experience the fastest growth during the forecast period driven by increasing healthcare expenditures, rising standards of living, and growing awareness about available assistive technologies specially designed to support independent living. China and India are emerging as lucrative markets.

 *Note  :
1.     Source: Coherent Market Insights, Public sources, Desk research
2.     We have leveraged AI tools to mine information and compile