Elderly & Disabled Assistive Devices Market to Grow at 4.9% CAGR by 2030
Increasing geriatric population, growing health disorders and availability of multiple assistive devices are among major factors driving the growth of elderly and disabled assistive devices market.
The Elderly and Assistive Devices Market is expected to grow at a CAGR of 4.9% from 2020-2030, according to a new research report by Next Move Strategy Consulting.
Assistive devices provide additional accessibility and improve social life of disabled and elder people. These devices reduce their dependency on others and make their life relatively comfortable as well as easy. There are different types of assistive devices such as walkers, wheelchairs, canes, hearing and visual aids. Increasing number of disabled and elder population across the globe is giving rise to the usage of assistive devices that in turn drives the growth of elderly and disabled assistive devices market. According to the WHO, over 1 billion people across the world are living with some form of disability and up to 15% of them have significant difficulties in day-to-day functioning. Additionally, large-scale R&D investments for manufacturing various technologically advanced assistive devices are boosting the market growth. However, high cost of assistive devices and limited reimbursement policy hampers the market growth.
Based on type, the market is categorized into living aids, mobility assistive devices, bathroom safety equipment, and medical furniture. Based on living aids, the market is divided into hearing aids and reading & vision aids. 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. The medical furniture segment is also sub segmented into medical beds, door openers, medical furniture accessories, riser reclining chairs and others. The bathroom safety equipment is divided into shower chairs, commodes, ostomy products, bars, grips, & rails. Based on geography the market is segmented into North America, Europe, Asia Pacific and RoW.
Geographically, North America holds the largest share of elderly and disabled assistive devices market due to factors such as growing geriatric population, presence of large distribution channels and higher purchasing power of its citizens. However, Asia Pacific is expected to show significant growth owing to factors including development of healthcare infrastructure, huge consumer base, introduction of low-cost devices and growing awareness among citizen regarding the usage of assistive devices.
According to the report, the key players of the elderly and disabled assistive devices market includes 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, JABBLA B.V.B.A., Blue Chip Medical Type, Inc., Permobil AB, Medline Industries, Inc., and Whirlpool Corporation.
Browse key industry insights from the report, “Elderly and Disabled Assistive Devices Market by Type (Living Aids, Mobility Assistive Devices, Bathroom Safety Equipment, and Medical Furniture- Global Opportunity Analysis and Industry Forecast 2020-2030.”
Key Insights from the Elderly and Disabled Assistive Devices Market Report:
- Current emerging trends and opportunities are extensively analysed in the elderly and disabled assistive devices market report.
- The forecast of the elderly and disabled assistive devices comes along with additional information associated with opportunities, restrains and key drivers in the market.
The elderly and disabled assistive devices market report is segmented by type and geography.
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