Press release
Global Elderly And Disabled Assistive Devices Market To Be Driven By The Growing Geriatric Population And People With Disabilities In The Forecast Period Of 2023-2028
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter's Five Forces models.
The key highlights of the report include:
Market Overview (2018-2028)
• Historical Market Size (2020): USD 24.15 Billion
• Forecast CAGR (2023-2028): 7.0%
• Forecast Market Size (2026): USD 36.2 Billion
Globally, with increasing number of geriatric population and people with non-communicable disease, disabilities, mental health conditions, among others are driving the assistive technology market. According to the estimations of United Nations, there were over 703 million people aged 65 years and above in 2019 and is projected to rise to 1.5 billion by 2050, creating an optimistic market for assistive devices in the forecast period.
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As people age, including those with disabilities, their functional abilities decline in more than one area and the importance and need for assistive products rises accordingly. Additionally, these devices provide independence, protection, and resilience for them during a humanitarian crisis.
Industry Definition and Major Segments
Elderly and disabled assistive devices are products and technologies that are used by or for elderly people or persons with disability. These include instrument, equipment or technology especially designed to support them in bodily functions and prevent activity limitations. Examples of such devices include wheelchairs, prostheses, visual aids, hearing aids, among others.
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On the basis of type, the market is segmented into:
• Living Aids
o Hearing Aids
o Reading and Vision Aids
• Mobility Aids Devices
o Wheelchairs
o Mobility Scooters
• Medical furniture
o Medical Beds
o Door Openers
o Riser Reclining Chairs
o Others
• Bathroom Safety Equipment
o Shower Chairs
o Commode Chairs
o Ostomy Equipment
o Bars, Grips, and Rails
The market id distinguished into the following, based on end use:
• Hospital
• Home Care Setting
• Others
The major regional markets include:
• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East and Africa
Market Trends
The positive changes in the policy landscape by the governments is invigorating the elderly and disabled assistive devices market. According to WHO, the number of people requiring assistive products is anticipated to increase to more than 2 billion by 2050. Therefore, governments and international agencies have started recognizing the importance of these devices. In 2016, WHO introduced the 'Priority Assistive Products List' to increase the attention on assistive technologies and in the same year its 'Regional Committee for the Eastern Mediterranean' adopted a resolution on improving access to assistive technology.
In 2018, during a Global Disability Summit held by UK Department for International Development (DFID), a range of stakeholders, including delegates from governments and Disabled Peoples Organisations (DPOs) made positive commitments for the provision of assistive devices. Additionally, the increasing investments in R&D activities, by producers, is also stimulating the market growth.
Key Market Players
The major players in the market are Freedom Scientific, Inc., Medical Depot, Inc., GN Store Nord A/S, Invacare Corporation, Nordic Capital Limited, Pride Mobility Products Corporation, Siemens AG, Sonova Holding AG, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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