Disabled & Elderly Assistive Device Market is expected to reach USD 39.60 billion by 2030
The rising aging population coupled with government support are expected to propel the growth of the disabled & elderly assistive device market during the forecast period.
The Disabled & Elderly Assistive Device Market is valued at USD 27.77 billion in 2023, and is expected to reach USD 39.60 billion by 2030, with a CAGR of 5.2% from 2024 to 2030, according to a new research by Next Move Strategy Consulting. The assistive technology demand is soaring as the global population ages. The technology provides older adults with the ability to live independently and stay connected. According to the latest data published by Visual Capitalist, there were 771 million people aged 65 and older in 2022, accounting for 10% of the world's population. This number is expected to grow to 16% by 2050 and 24% by 2100.
In addition, the growing government support for older adults is boosting the disabled & elderly assistive device industry. For example, the U.S. Department of Health and Human Services helps promote health and prevent diseases across the lifespan of the country through its National Health Initiatives. Moreover, the high cost of elderly assistive devices, which is quite expensive to afford in developing and underdeveloped countries, is restraining the growth of the disabled & elderly assistive device market.
On the contrary, the advent of advanced technologies integrated with these disabled and elderly assistive devices creates a huge opportunity for the market in the coming years. For instance, in November 2022, Labrador Systems began rolling out its Retriever Pro robots to early clients. These mobile robots are designed to aid older adults by helping with tasks, such as fetching groceries, retrieving medications, and offering companionship.
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According to the report, leading players in the 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., and others.These market players are adopting strategies such as product launches across various regions to maintain their dominance in the disabled & elderly assistive device market.
For instance, in May 2023, Abode Systems integrated Google Nest products into its platform that allows users to control their Nest devices, such as thermostats, cameras, and doorbells, using the Abode app. This is a significant development for people with disabilities and older people. It will make it easier for them to control their homes using voice commands or gestures.
Moreover, in November 2022, Labrador Systems deployed its Retriever Pro robots to a handful of early customers. The Retriever Pro is a mobile robot that assists older adults with tasks, such as fetching groceries, picking up medications, and providing companionship.
In July 2022, Sunrise Medical launched Quickie Access, an innovative mobility solution that enhances accessibility and improves the quality of life for individuals with mobility challenges.
Furthermore, in August 2021, Invacare Corporation launched the Invacare AVIVA STORM RX, a cutting-edge rear-wheel drive power wheelchair designed to enhance mobility for individuals with specific needs. This innovative offering reflects Invacare's commitment to providing advanced solutions that empower individuals and improve their overall quality of life.
Key Insights from the Disabled & Elderly Assistive Device Market Report:
The information related to key drivers, restraints, and opportunities and their impact on the disabled & elderly assistive device market is provided in the report.
The value chain analysis in the market study provides a clear picture of the role of each stakeholder.
The market share of the global disabled & elderly assistive device market players and their competitive analysis are provided in the report.