Australia Disabled & Elderly Assistive Device Market is expected to reach USD 973.7 million by 2030

The growing technological advancements and government support are driving up demand for the Australia Disabled & Elderly Assistive Device market during the forecast period.

Australia Disabled & Elderly Assistive Device Market was valued at USD 634.7 million in 2023, and is predicted to reach USD 973.7 million by 2030, with a CAGR of 6.08% from 2024 to 2030, according to new research by Next Move Strategy Consulting.

Australia's assistive device industry is growing and evolving rapidly, thanks to technological advancements. These innovations have introduced cutting-edge solutions that are transforming the lives of people with disabilities and the elderly. Technology is driving the development of innovative assistive devices, from state-of-the-art robotics that help with mobility to customized wearable devices that monitor health metrics.

Advancements such as 3D printing allow for the creation of personalized prosthetics and orthopaedic aids, which fit better and function better. Wearable devices and smart home automation systems empower people to live more independently by monitoring their health, providing reminders, and making their homes more accessible. Additionally, remote healthcare technologies reduce the burden on the healthcare system by offering more cost-effective and convenient alternatives.

The Australian government's support is essential to the growth of the assistive device industry for people with disabilities and the elderly. The National Disability Insurance Scheme (NDIS) is at the forefront of this support, providing financial assistance and services to people with disabilities. The NDIS plays a vital role in making assistive devices, such as mobility aids and communication tools, more accessible, improving the quality of life and independence of people with disabilities.

The Australian government also allocates funding for aged care services, recognizing the needs of the elderly. This funding helps ensure that the elderly have access to the assistive devices they need to age with dignity and maintain their independence. However, the high cost of assistive devices is a major barrier for people with disabilities and the elderly in Australia. Many of these devices are specialized and expensive, making them difficult to afford for many people. Limited financial resources, lack of comprehensive insurance coverage, and out-of-pocket expenses can make it difficult for individuals to access the assistive devices they need.

On the Contrary, assistive technology is undergoing a transformation, becoming more personalized, accessible, and productive than ever before. This is due in large part to advancements in artificial intelligence (AI) and machine learning (ML), which are enabling assistive devices to be tailored to individual needs and adapt to changing conditions. The Internet of Things (IoT) and smart home systems are also empowering users to control their environments more independently than before.

Wearable devices and sensors are monitoring health metrics in real-time, providing valuable insights for self-care and overall well-being. Robotics-powered mobility aids and exoskeletons are augmenting physical capabilities, while augmented reality (AR) and virtual reality (VR) technologies are revolutionizing training and rehabilitation programs. These groundbreaking innovations are reshaping the assistive technology industry, expanding the range and efficacy of solutions while making them more accessible to those who need them.

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According to the report, leading players in the Australia Disabled & Elderly Assistive Device market include Invacare Corporation, Sunrise Medical LLC, Bausch & Lomb, Inc., Permobil AB, Siemens Healthcare, Freedom Scientific, Inc., William Demant Holding A/S, Starkey Hearing Technologies, GN ReSound Group, Ai Squared, Blue Chip Medical Products, Inc., MED-EL, Liberator Ltd., Drive Medical Design and Manufacturing, Exact Dynamics B.V.

Key Insights from the Australia Disabled & Elderly Assistive Device Market Report:

• The information related to key drivers, restraints, and opportunities and their impact on the Australia Disabled & Elderly Assistive Device market is provided in the report.

• The value chain analysis in the market study provides a clear picture of the roles of each stakeholder.

• The market share of players in the Australia Disabled & Elderly Assistive Device market is provided in the report along with their competitive analysis.

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