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Elderly and Disabled Assistive Devices Market Trend 2024: A Growing Industry Poised to Reach $35,599 Million by 2026 | Tobii Dynavox, JABBLA B.V.B.A., Blue Chip Medical Type, Inc., Permobil AB, Medline Industries.
Growing Aging Population
Increasing Prevalence of Disabilities
Technological Advancements
Mobility Aids Dominate the Market
Communication and Hearing Devices
According to the report, the global elderly and disabled assistive devices market was pegged at $23.01 billion in 2018 and is projected to garner $35.60 billion by 2026, registering a CAGR of 5.5% from 2019 to 2026. The study analyzes the important strategies, drivers, competition, market dynamics, size, and important investment regions.
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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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