Elderly and Disabled Assistive Devices Market Boost Industry Growth, Business Revenues, Qualitative Analysis and Forecast 2028

Elderly and Disabled Assistive Devices Market Outlook 2028

The global elderly and disabled assistive devices market was valued at US$ 20.7 Bn in 2020

It is estimated to expand at a CAGR of 5.3% from 2021 to 2028

The global elderly and disabled assistive devices market is expected to reach the value of US$ 31.6 Bn by the end of 2028

Report Overview: https://www.transparencymarketresearch.com/elderly-disabled-assistive-devices.html

Coronavirus Impact on Elderly and Disabled Assistive Devices Market

The coronavirus pandemic has caused disruption in supply chain management and logistics distribution by affecting majority of businesses across the globe. Forced lockdown and shutdown of production and manufacturing activities have hampered the elderly and disabled assistive devices market across the globe. Market players operating in the elderly and disabled assistive devices market are recovering from the losses and trying to re-establish their businesses by using strategic approaches. Assistive devices manufacturers are focusing on increasing production of innovative products to attract consumers across the globe. The increasing awareness about health and fitness after the threatening coronavirus pandemic is attributable to the rapid expansion of elderly and disabled assistive devices market.

In the past few years, there is a significant rise in the number of accidents, and therefore, there is a growth in population demanding mobility assistive devices. This factor is responsible for the growth of the elderly and disabled assistive devices market. Rise in prevalence of mobility impairment disorders such as amputation, paralysis, spinal cord injury, cerebral palsy, multiple sclerosis, stroke, etc. is anticipated to boost growth of the elderly and disabled assistive devices market in the upcoming years.

Rising Awareness and Adoption of Assistive Devices in Disabled and Geriatric Population

The rising geriatric population across the globe is a major factor contributing to the elderly and disabled assistive devices market growth. The increasing geriatric population is more likely to prone to physical disabilities, hearing issues, vision loss, etc. The growing awareness of a number of products that can be efficiently used to perform daily activities in case of elderly and physically disabled people is driving the global market. Assistive devices are increasingly popular in elderly and disabled population, owing to their excellent features such as comfort, flexibility, and maneuverability. This factor creates potential revenue opportunities for the manufacturers operating in the elderly and disabled assistive devices market.

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Technological Advancements in Assistive Devices for Elderly Fueling Market Growth

The rapid adoption of technology in manufacturing assistive devices for elderly and disabled people is driving the global elderly and disabled assistive devices market. Automated assistive devices help reduce manual work for geriatric patients. The increasing availability of mobility scooters, walkers, ambulatory devices, bathroom safety devices, receiver-in-the-ear (RITE) aids, behind-the-ear (BTE) aids, braille translators, reading machines, etc. in developing countries contributing to market expansion. Increasing awareness of using advanced software and smart technologies in such devices has created value-grab opportunities for manufacturers. The popularity of independent lifestyle, along with increasing investment by market players in R&D activities is fueling market growth.

Strengthening North America Market Creating Lucrative Opportunities for Product Manufacturers

The global elderly and disabled assistive devices market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is expected to show tremendous growth opportunities to market players, and dominate the global market during the forecast period. This is due to technological advancements, rise in disposable income, increase in geriatric population, and presence of market contributors in the region. Growth and development of healthcare infrastructure and favorable reimbursement policies are some of the key factors boosting the growth of the market in the North America. There is an increasing awareness about the elderly and disabled assisted devices in consumers in the North America. The increasing promotion of such devices from governments, along with suitable grants and subsidies provided for the elderly and disabled people to purchase the assistive devices is further driving the market in the region.

Elderly and Disabled Assistive Devices Market: Overview

According to Transparency Market Research's latest report on the global elderly and disabled assistive devices market for the historical period 2017-2020 and forecast period 2021-2028, increase in geriatric & disabled population and technological advancements are projected to drive the global elderly and disabled assistive devices market during the forecast period

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Increase in Geriatric and Disabled Population: Key Driver

Improving healthcare reforms in various major markets such as the U.S., Japan, and China has increased the life expectancy of the global population

According to the World Health Organization (WHO), in 2010, the global geriatric population was around 524 million and the number is expected to reach around 2 billion by 2050. This increase in geriatric population is likely to drive the demand for elderly and disabled assistive devices across the world.

The geriatric population is usually prone to various physical disabilities such as hearing and vision loss, and immobility. These disabilities will require assistive devices to conduct day-to-day activities such as listening, reading, movement, and others.

Technological Advancements to Boost Market Growth

Advancements in technology boost the growth of the assistive devices market. Earlier, wheelchairs were available as manually as well as automated devices. Automated wheelchair helps to reduce manual work for the patients. Additionally, various other products such as mobility scooters and transfer lifts are available in automated versions in the market. These advancements in product technologies have increased acceptance of these assistive devices among the patient population.

Developments in software utilized in reading machines, Braille translators, and video magnifiers have widened the application areas and target patient segments. For instance, launch of portable video magnifiers in the market by various companies has increased the demand for the same in the visually impaired population segment that can afford these devices.

High Product Pricing to Hamper Market

According to industry experts, high cost of assistive devices hampers the growth of the global market. This is particularly true for various underdeveloped and developing countries. For instance, the average cost of a bone anchored hearing aid (BAHA) is around US$ 10,000, while that of reading machines ranges from US$ 30,000 to US$ 50,000.

Reimbursement policies play a crucial role in the adoption of such devices among patients. These policies for assistive devices are not prevalent in countries such as France and Japan. This is likely to restrain the global market. Moreover, some patients do not have health insurance coverage, and may not qualify for government assistance programs.

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Elderly and Disabled Assistive Devices Market: Competition Landscape

This report profiles major players in the global elderly and disabled assistive devices market based on various attributes such as company overview, financial overview, product portfolio, business strategies, and recent developments

The global elderly and disabled assistive devices market is highly fragmented, with the presence of a number of international as well as regional players

Leading players operating in the global elderly and disabled assistive devices market are

Sonova Holding AG

Bausch & Lomb, Inc.

Permobil AB

Siemens Healthcare

Freedom Scientific, Inc.

William Demant Holding A/S

Invacare Corporation

Sunrise Medical LLC

GN ReSound Group

Ai Squared

Blue Chip Medical Products, Inc.

Drive Medical Design and Manufacturing

These companies accounted for more than 50% of the total market. The companies adopt various business strategies such as acquisitions and mergers to expand their geographic presence as well as product portfolios. For instance, in 2011, Invacare Corporation acquired the U.S.-based Dynamic Medical Systems to establish a strong presence in Western U.S.

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