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Disabled & Elderly Assistive Tech Market Report 2024: Demand and Share
Disabled And Elderly Assistive Technology Global Market Report 2024
According to The Business Research Company's, the disabled and elderly assistive technology market size has grown strongly in recent years. It will grow from $39.63 billion in 2023 to $42.58 billion in 2024 at a compound annual growth rate (CAGR) of 7.5%. The growth in the historic period can be attributed to rise in research and development activities, rise in initiatives of government, high disposable income, rapidly shifting demographics, and growth in aging population.
The disabled and elderly assistive technology market size is expected to see strong growth in the next few years. It will grow to $57.07 billion in 2028 at a compound annual growth rate (CAGR) of 7.6%. The growth in the forecast period can be attributed to increasing demand for assistive technologies, surging demand for advanced assistive technologies, surging prevalence of disabilities, evolution of assistive technologies and increases awareness, and rising growth in geriatric and disabled population. Major trends in the forecast period include advanced healthcare facilities, growth of independent lifestyle to provide opportunities, technological advancements, integration of AI, and emerging innovative and cost-effective assistive technologies.
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Market Drivers and Trends:
The increasing employment-population ratio for individuals with disabilities is expected to propel the growth of the disabled and elderly assistive technology market going forward. The rising employment-population ratio for individuals with disabilities is attributed to improved accessibility, inclusive hiring practices, and enhanced support programs. Disabled and elderly assistive technology enables individuals with disabilities to perform job tasks more effectively and independently, improving their employability and access to a wider range of job opportunities. For instance, in February 2024, according to the Bureau of Labor Statistics, a US-based agency of the United States Department of Labor, in 2023, the employment-population ratio for individuals with disabilities rose by 1.2% points, reaching 22.5%. Therefore, the increasing employment-population ratio for individuals with disabilities is driving the disabled and elderly assistive technology market.
Major companies operating in the disabled and elderly assistive technology market are focusing on advancements in technology with AI-powered hearing aids and other assistive devices to gain traction in the market. These hearing aids leverage artificial intelligence to improve sound quality, adapt to different environments, and offer personalized hearing experiences. For instance, in January 2024, Starkey, a U.S.-based hearing aid manufacturer, launched the Genesis AI hearing aids in Australia and New Zealand. These hearing aids feature real-time environment adaptation, advanced noise reduction, and seamless connectivity with smart devices, providing users with clearer sound and improved communication capabilities. This innovation illustrates how AI integration in hearing aids significantly enhances accessibility and user experience, addressing the specific needs of individuals with hearing impairments.
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Major Key Players of the Market:
Siemens Healthineers AG; Whirlpool Corporation; Medline Industries LP; Bausch Health Companies Inc.; Sonova Holding AG; Demant A/S; GN Store Nord A/S; Otto Bock HealthCare GmbH; Cochlear Ltd; Starkey Laboratories Inc.; Invacare Holdings Corp; MED-EL Medical Electronics; Permobil Inc.; Sunrise Medical LLC; Pride Mobility Products Corp.; Tobii Dynavox LLC; Nordic Capital Limited (NCL); Freedom Scientific Inc.; Liberator Ltd.; Jabbla UK Ltd.; Wintriss Engineering; Blue Chip Medical Products Inc.; Medical Depot Inc.; Inclusive Technology Ltd; Exact Dynamics B.V.
Disabled And Elderly Assistive Technology Market 2024 Key Insights:
• The disabled and elderly assistive technology market size is expected to grow to $57.07 billion in 2028 at a compound annual growth rate (CAGR) of 7.6%.
• Increased Employment Of People With Disabilities Boosts Disabled And Elderly Assistive Technology Market
• Starkey's Genesis AI Hearing Aids Enhance Accessibility For The Disabled And Elderly
• North America was the largest region in the disabled and elderly assistive technology market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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