The elderly and disabled assistive devices market comprises medical devices and other equipment used to assist disabled and elderly individuals in carrying out day-to-day tasks with greater mobility and independence. This includes mobility aids such as wheelchairs, walkers, and scooters, as well as personal emergency response systems, bathroom safety equipment, and hearing aids among others. The growing geriatric population and rising incidence of disabilities worldwide have fueled demand for such devices in recent years. Furthermore, rapid technological advancements are enabling assistive products to become more compact, affordable and user-friendly.
The Global Elderly And Disabled Assistive Devices Market is estimated to be valued at US$ 28.10 Bn in 2024 and is expected to exhibit a CAGR of 7.7% over the forecast period 2024 To 2031.
Key Takeaways
Key players operating in the Elderly And Disabled Assistive Devices are AI Squared, Drive Medical, GN Resound Group, Invacare, Nordic Capital, Pride Mobility Products Corporation, Siemens Ltd., Sonova Holding AG, Starkey hearing technologies, William Demant Holding A/S, GF Health Products, Inc., Magic Mobility Ltd., MEYRA GmbH, Audina Hearing Instruments, Inc., Handicare Group AB, Enabling Technologies.
The increasing prevalence of disabilities worldwide coupled with advancements in technology and ongoing research & development are contributing to the growing Elderly And Disabled Assistive Devices Market Demand. Many major players are expanding their geographical presence and focussing on product innovation to strengthen their market position.
The growing geriatric population prone to limited mobility and other age-related health issues has significantly driven the demand for assistive devices over the past few years. Rapid innovations are enabling devices to become more affordable and user-friendly for aged and disabled individuals. Additionally, supportive government regulations and improving access to health insurance have boosted the market.
Several companies are expanding their global footprint by entering emerging markets to tap the vast growth opportunities in nations with aging populations and increasing disability rates in Asia Pacific and Latin America. Favorable reimbursement policies for assistive products have further encouraged patients in developed regions to opt for these devices.
Market drivers
The key driver for the elderly and disabled assistive devices market is rising life expectancy coupled with the growing prevalence of disabilities worldwide. According to WHO, the percentage of the world's population over 60 years will nearly double from 12% to 22% between 2015 and 2050. There is also a significant increase in the incidence of chronic diseases such as diabetes that can cause loss of mobility or other disabilities over time. In addition, the rapid pace of technological advancement has led to the development of innovative, portable, cost-effective, and easy-to-use devices. This has provided assistive solutions to a much wider section of customers.
Impact of Geopolitical Situation on Elderly and Disabled Assistive Devices Market Growth
The current geopolitical turmoil across various regions is impacting the elderly and disabled assistive devices market. The ongoing Russia-Ukraine conflict and economic sanctions have disrupted supply chains and exports of key components. This has hampered the production and availability of assistive equipment like wheelchairs, walkers, hospital beds etc. Rising commodity prices and inflation have also increased the overall costs.
Some of the long term strategies that market players should consider are enhancing local manufacturing capabilities, exploring new sourcing routes, optimizing production and transportation networks to minimize disruptions. Diversifying supplier base across different countries and developing cost effective products specifically for low and middle income markets can help sustain demand even during difficult times. Focusing on telehealth and remote patient monitoring solutions can further strengthen offerings.
Geographical Regions with Highest Market Concentration
North America currently accounts for the largest share of the global Elderly And Disabled Assistive Devices Market Regional Analysis in terms of value. Major factors contributing to its dominance include high healthcare expenditure, presence of leading manufacturers and supportive government policies for elderly care in countries like the US.
Western Europe is another major revenue generator owing to rapidly aging population, higher disability rates and growing acceptance of assistive living devices for independent living. Strong reimbursement structure in countries such as Germany, UK, France is a major driver of industry growth.
Asia Pacific is poised to emerge as the fastest growing region over the coming years. Expanding medical infrastructure, rising geriatric population, increasing healthcare spending coupled with government initiatives to promote accessible facilities are fueling market demand across developing nations like China, India and others.
Fastest Growing Region - Asia Pacific
The Asia Pacific region is projected to witness the fastest growth in the elderly and disabled assistive devices market over the forecast period. This can be attributed to several factors like - rapidly aging demographics especially in China and India constituting a huge potential consumer base, improving quality of life, emergence of universal healthcare programs, rise of medical tourism industry and expansion of hospitals and clinics.
Secondly, supportive government policies around disability inclusion, accessibility compliance and initiatives to enhance independent living standards are bolstering adoption of assistive care solutions across the region. Additionally, local players are introducing low cost innovative products to cater to the needs of lower income segments which is further propelling industry expansion. Rising affluence, easier access to financing options and growing medical expenditures also present lucrative prospects.
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Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. With an MBA in E-commerce, she has an expertise in SEO-optimized content that resonates with industry professionals. (https://www.linkedin.com/in/ravina-pandya-1a3984191)
