The global Elderly and Disabled Assistive Devices Market is estimated to be valued at US$ 22.07 billion in 2021 and is expected to exhibit a CAGR of 5% over the forecast period 2022 to 2030, as highlighted in a new report published by Coherent Market Insights.
A) Market Overview:
The Elderly and Disabled Assistive Devices market includes a range of products designed to assist elderly and disabled individuals in their daily activities and improve their quality of life. These devices encompass a wide array of products such as mobility aids (wheelchairs, walking aids), hearing aids, vision impairment aids, communication devices, and others. These assistive devices are essential for individuals with limited mobility or sensory impairments as they promote independence and functionality.
B) Market Dynamics:
The two major drivers contributing to the growth of the Elderly and Disabled Assistive Devices Market are the increasing geriatric population and technological advancements.
1. Increasing Geriatric Population: As the global population ages, the demand for assistive devices for the elderly is rising. According to the World Health Organization, the global geriatric population is expected to reach 2 billion by 2050. This demographic shift drives the demand for assistive devices that cater to age-related physical limitations and impairments.
2. Technological Advancements: Rapid technological advancements have revolutionized assistive devices, making them more user-friendly, efficient, and cost-effective. Innovations such as smart hearing aids, advanced prosthetics, wearable devices, and voice-activated systems have significantly improved the functionality and accessibility of assistive devices.
C) Market Key Trends:
One key trend in the Elderly and Disabled Assistive Devices Market is the integration of artificial intelligence (AI) and Internet of Things (IoT) technologies. These technological advancements enable devices to collect data, personalize user experiences, and provide real-time monitoring and assistance. For example, AI-powered prosthetics can adapt to the user's movements and respond intuitively, enhancing mobility and dexterity.
D) SWOT Analysis:
Strength:
1. Increasing demand for assistive devices due to the growing geriatric population.
2. Technological advancements driving innovation and improving device functionality.
Weakness:
1. High cost of some assistive devices, limiting affordability for certain individuals.
2. Lack of awareness and accessibility in developing regions.
Opportunity:
1. Growing adoption of telehealth and remote patient monitoring, creating opportunities for remote assistive devices.
2. Collaborations and partnerships between healthcare providers, technology companies, and manufacturers to develop innovative solutions.
Threats:
1. Stringent regulations and reimbursement policies impacting market growth.
2. Intense competition among key players leading to price wars and market saturation.
E) Key Takeaways:
The global Elderly and Disabled Assistive Devices Market is expected to witness high growth, exhibiting a CAGR of 5% over the forecast period. This growth can be attributed to the increasing geriatric population and technological advancements in the field of assistive devices.
In terms of regional analysis, North America is expected to be the fastest-growing and dominating region due to a higher prevalence of disabilities and a well-established healthcare infrastructure. Europe is also anticipated to witness significant growth, thanks to government initiatives supporting elderly and disabled individuals.
Key players operating in the global Elderly and Disabled Assistive Devices Market include Sunrise Medical LLC, GN ReSound Group, Sonova Holding AG, Starkey Hearing Technologies, and William Demant Holding A/S. These companies focus on strategic collaborations, product launches, and technological advancements to maintain their market position.
Overall, the Elderly and Disabled Assistive Devices Market is poised for substantial growth as the demand for improved mobility and accessibility continues to rise among elderly and disabled individuals worldwide. Technological advancements will play a crucial role in shaping the future of assistive devices, enhancing functionality, and improving the quality of life for millions.
The global elderly and disable assistive devices market is predicted to touch US$19,684.9 mn in 2019.
On the basis of type, wheelchairs under medical mobility aids and ambulatory devices, held a dominant share in the market in the past.
This is due to the fact that wheelchairs proved highly beneficial in supporting the aging and disabled population during mobility from one place to another place.
This segment is expected to experience a tremendous rise in the coming years owing to the multiple benefits provided such as sitting comfort and ease of movement.
On the other hand, the segment of cranes and crutches is predicted to hold the most lucrative opportunities in the market in forthcoming years.Elderly and Disabled Assistive Devices Key Market Segments:Get Enquiry More About This Report:http://www.marketgrowthanalysis.com/reports/sample/223TypesMedical Mobility Aids and Ambulatory DevicesWheelchairsMobility ScootersCranes and CrutchesWalkers and RollatorsTransfer LiftsDoor OpenersOthers (Cushions, Pillow and Back Support)Medical Furniture and Bathroom Safety ProductsMedical BedsCommodes & Showers ChairsOstomy ProductsBars and RailingsOthers (Bath lifts and Pool Lifts)Hearing AidsReceiver-in-the-Ear (RITE) AidsBehind-the-Ear (BTE) AidsIn-the–Ear (ITE) AidsCanal Hearing AidsBone Anchored Hearing Aids (BAHA)Cochlear ImplantsGet Request For Discount:http://www.marketgrowthanalysis.com/reports/enquiry/223Vision and Reading AidsVideo MagnifiersBraille TranslatorsReading MachinesOthers (Books and Kitchen Appliances)GeographyNorth AmericaEuropeAsia-PacificRest of the World (RoW)Geographically, the U.S. leads the market owing to the fact that numerous market players are based in the U.S. On the other hand, a number of Asian nations such as China, India, and Japan will be experiencing the most exponential development in the market in the coming years due to the rising disposable incomes and the increasing healthcare reforms in these nations.
The other players (not profiled in the report) include Bausch & Lomb, Inc., Inclusive Technology Ltd., Liberator Ltd., Tobii Dynavox, JABBLA B.V.B.A., Blue Chip Medical Type, Inc., Permobil AB, Medline Industries, Inc., and Whirlpool Corporation.Full View of Report Analysis:http://www.marketgrowthanalysis.com/elderly-and-disabled-assistive-devices-marketMarket Growth Analysis is one of the leading digital services provider and a result-oriented company based in Malaysia.
The Elderly and Disabled Assistive Devices Market was valued at USD 28.96 billion in 2019 and is predicted to reach USD 49.01 billion by 2030 with a CAGR of 4.9% from 2020-2030.The elderly and disabled assistive devices consist of various rehabilitative, adaptive and cognitive devices that aim to provide better quality of life and ensure mobility of elderly and disabled person.
Assistive devices play a crucial role by helping them to live an independent life, participate in education and built careers.Access Full Description of this report at:- https://www.nextmsc.com/report/elderly-disabled-assistive-devices-market Top Companies: AI Squared, Drive Medical, GN Resound Group, Invacare, Nordic Capital (Sunrise Medical LLC), Pride Mobility Products Corporation, Siemens Ltd., Sonova Holding AG, Starkey hearing technologies, William Demant Holding A/S, Bausch & Lomb, Inc., Inclusive Technology Ltd., Liberator Ltd., Tobii Dynavox, Blue Chip Medical Type, Inc., Permobil AB, Medline Industries, Inc and others.The elderly and disabled assistive devices market share has been segmented on the basis of type and geography.
The hearing aids segment is also sub segmented into behind-the-ear aids (BTE), receiver-in-the-ear aids (RITE), in-the ear aids (ITE), bone anchored hearing aids (BAHA), canal hearing aids, cochlear implants.
The reading and vision aids are divided into braille translators, video magnifiers, reading machines and others.
The mobility aids walkers & rollators, canes & walking sticks and crutches, door openers, transfer lifts or patient mechanical lift handling and others.
Based on geography the market is segmented into North America, Europe, Asia Pacific and RoW.Request free sample copy of this report at:- https://www.nextmsc.com/Elderly-Disabled-Assistive-Devices-Market/request-sample North America holds the lion share of the elderly and disabled assistive devices market.
