Press release
Elderly and Disabled Assistive Devices Market Trend 2023: A Growing Industry Poised to Reach $35,599 Million by 2026
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Key Takeaways:
Growing Aging Population: The global elderly population is increasing rapidly, leading to a higher demand for assistive devices. Factors such as improved healthcare, advancements in medical technology, and better living standards have contributed to an aging population, driving the growth of the market.
Increasing Prevalence of Disabilities: The prevalence of disabilities, both physical and cognitive, is also on the rise. Chronic conditions, age-related ailments, and injuries contribute to the demand for assistive devices that enhance mobility, communication, and daily living activities for disabled individuals.
Technological Advancements: Assistive devices have witnessed significant technological advancements in recent years. Innovations such as wearable devices, smart home technology, robotics, and artificial intelligence have led to the development of more sophisticated and effective assistive devices, improving the quality of life for the elderly and disabled.
Mobility Aids Dominate the Market: Mobility aids, including wheelchairs, mobility scooters, walkers, and canes, are the largest segment within the elderly and disabled assistive devices market. These devices provide support and assistance to individuals with mobility limitations, enabling them to move around independently and safely.
Communication and Hearing Devices: Another significant segment in the market includes communication and hearing devices. These devices include hearing aids, speech amplifiers, communication boards, and text-to-speech software. They help individuals with hearing impairments or speech difficulties to communicate effectively and participate in daily activities.
Market Drivers:
Aging Population: The global population is experiencing a significant increase in the number of elderly individuals. With age, the risk of disabilities and chronic conditions rises, leading to a higher demand for assistive devices that enhance mobility, communication, and daily living activities.
Rising Prevalence of Disabilities: The prevalence of disabilities, both physical and cognitive, is on the rise. Factors such as accidents, injuries, chronic diseases, and age-related ailments contribute to the growing population of disabled individuals. Assistive devices play a crucial role in enabling these individuals to maintain independence and improve their quality of life.
Market Segmentation:
Product Type:
a. Mobility Aids: Including wheelchairs, mobility scooters, walkers, canes, crutches, and transfer devices.
b. Bathroom Safety Devices: Such as shower chairs, grab bars, raised toilet seats, and bath lifts.
c. Communication and Hearing Aids: Including hearing aids, speech amplifiers, communication boards, and text-to-speech software.
d. Vision and Reading Aids: Such as magnifiers, screen readers, and specialized reading devices.
e. Daily Living Aids: Including adaptive utensils, dressing aids, reachers, and medication management tools.
End User:
a. Home Healthcare: Assistive devices used in home settings by the elderly and disabled individuals or their caregivers.
b. Hospitals and Clinics: Devices used in healthcare facilities for patient care, rehabilitation, and mobility assistance.
c. Nursing Homes and Assisted Living Facilities: Devices used in long-term care facilities to support the elderly and disabled residents.
d. Rehabilitation Centers: Devices used during the rehabilitation process to improve mobility, communication, and independence.
Distribution Channel:
a. Online Retail: Assistive devices purchased through e-commerce platforms and online retailers.
b. Offline Retail: Devices available in physical stores, including specialized medical equipment stores, pharmacies, and healthcare supply stores.
c. Institutional Sales: Devices procured by healthcare institutions and organizations directly from manufacturers or distributors.
Geography:
a. North America: Including the United States and Canada.
b. Europe: Including countries such as Germany, the United Kingdom, France, and Italy.
c. Asia Pacific: Including countries like China, Japan, India, and Australia.
d. Latin America: Including countries such as Brazil, Mexico, and Argentina.
e. Middle East and Africa: Including countries like Saudi Arabia, South Africa, and the United Arab Emirates.
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Regional Growth Dynamics:
The market across North America held the largest share in 2018, accounting for nearly half of the market, owing to high presence of more advanced healthcare and medical infrastructure. However, the market across the Asia-Pacific region is anticipated to manifest the fastest CAGR of 8.5% during the study period, owing to presence of high population base, rise in healthcare expenditure, and development in economies. The report provides analysis of the other regions including Europe and LAMEA.
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Competitive Landscape:
Invacare Corporation
Sunrise Medical LLC
Sonova Holding AG
Ottobock SE & Co. KGaA
GN Hearing A/S
Permobil AB
William Demant Holding A/S
Drive DeVilbiss Healthcare
Medline Industries, Inc.
ResMed Inc.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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