Elderly and Disabled Assistive Devices Market to Perceive Rapid Growth: Sunrise Medical LLC, GN ReSound Group, Sonova Holding AG, Starkey Hearing Technologies, and William Demant Holding A/S

Aging upturns the dependency on others or assistive devices, for daily activities and living quality life. According to a report published in March 2016 by the U.S. Census Bureau, the share of world population aged 65 years and above is projected to increase from 8.5% in 2015 to 12% by 2030 and further increase to 16.7% by 2050. The report also states that the population in Asia and Latin America are rapidly aging. Japan is touted to be the oldest major country worldwide, with 26.6% of its population being aged 65 years and above in 2015. Therefore, demand for elderly assist devices such as hearing aids, reading aids and locomotive equipment (wheelchair, cranes and crutches) is projected to be high in Asia and Latin America during the forecast period (2018–2026).

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However, the elderly and disabled assistive devices market, is witnessing intense competition especially from regional players as they offer products at a much cheaper rate. In order to overcome this challenge, market players are projected to focus on strengthening their distribution network and promote sales through strategic collaboration with distributors, hospitals, retailers and direct-to-consumers.

Manufacturers are increasingly focusing on reaching out to consumers directly to increase their sales. For instance, Sonova Holding AG follows vertically-integrated business, wherein it also markets products through its retail stores, thus reaching out to customers and offering them customized solutions. The company acquired AudioNova in September 2016—a Netherlands-based hearing aid manufacturer—with an aim to double its presence in Europe in terms of retail stores.

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Melvin ApS launched a robot called Melvin, which aids elderly and disabled people in the toilet, in 2016. Similarly, Vital Connect, Inc.is focusing on developing wearable health sensors that can detect body temperature, heart rate, falls and other such incidents in elderly and disabled patients. Such advancements in technology in turn, is expected to increase individual independence and convenience of elderly and disabled people.

Asia and Latin America are expected to witness rapid growth in population aged 65 years and above through 2030. The share of elderly population in Asia is expected to increase form 7.9% in 2015 to 12.1% in 2030, as per the report ‘An Aging World: 2015’ by the U.S. Census Bureau. Also, increasing prevalence of chronic and acute diseases adds to the growing demand for technologically-advanced assistive devices for elderly and disabled population. Assistive devices such as wheelchairs, mobility scooters, walkers and rollators, and hearing and vision aids reduces dependence on others to carry out daily activities and improves quality of life of elderly and disabled patients.

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Sonova Holding AG is implementing a vertically integrated business model by offering customized solutions to individual customers by expanding the number of retail stores. Similarly, other market leaders are anticipated to cement their distribution channels to capitalize on the global elderly and disabled assistive devices market potential.

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