Elderly and disabled assistive devices help improve the quality of life of elderly people and those living with disabilities. These include products such as mobility aids like wheelchairs, mobility scooters, walkers and canes that help patients move around independently. Other assistive devices include medical furniture like lifts and transfers equipment that help patients eat, dress and attend to personal hygiene independently.
The 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 key trends:
The global elderly and disabled assistive devices market is majorly driven by the increased geriatric population worldwide. As per United Nations data, there were around 703 million people aged 65 years and above across the world in 2019 and the number is expected to double to 1.5 billion by 2050. As age advances, the risk of disability and loss of mobility increases tremendously. This rising geriatric population base expands the patient pool requiring assistive devices significantly. Additionally, favorable initiatives undertaken by governments worldwide to provide assistive devices to the elderly through public health insurances positively impact the market growth. For instance, Medicare in the U.S. offers coverage for wheelchairs, walkers, oxygen supplies and other medical equipment for the elderly suffering from disabilities.
Porter's Analysis
Threat of new entrants: Low capital requirements and established brand loyalty lower barriers to entry. However, high RD costs for innovative products and regulatory compliances pose challenges.
Bargaining power of buyers: Large customer base consisting of elder and disabled population enables high bargaining power. Customers can negotiate on price and demand new features.
Bargaining power of suppliers: Few medical grade component manufacturers exist, increasing supplier power. Suppliers can influence prices significantly.
Threat of new substitutes: Alternate assistive options like advanced prosthetics, home monitoring systems pose threats. Innovation is key to sustaining competitive advantage.
Competitive rivalry: Large players dominate with wide portfolios and geographic reach. Intense competition on pricing, branding and new product development.
SWOT Analysis
Strengths: Growing aging population and disability rates create huge demand. Established brands and distribution channels.
Weaknesses: High RD costs and regulations increase business risks. Limited focus on accessibility in developing nations.
Opportunities: Integration of assistive devices with digital health solutions. Rising health awareness in emerging economies.
Threats: Data privacy and security concerns. Reimbursement policies and economic downturns affect sales.
Key Takeaways
The global Elderly and Disabled Assistive Devices Market is expected to witness high growth, exhibiting CAGR of 5.2% over the forecast period, due to increasing aging population globally. As per UN reports, over 700 million people will be aged 65 years and above by 2030.
Regionally, North America dominates currently due to supportive regulatory environment and availability of advanced healthcare facilities. However, Asia Pacific is expected to witness fastest growth owing to rising medical expenditures and growing senior population in China and India.
Key players operating in the Elderly and Disabled Assistive Devices are Sonova Holding AG, Bausch Lomb, Inc., Permobil AB, Siemens Healthcare, Freedom Scientific, Inc. Top companies focus on product innovation through RD andstrategic acquisitions to strengthen their product portfolio and geographical presence.
