Elderly and Disabled Assistive Devices Market to Amount to US$19.6 bn by 2019, Led by Hearing Aids

Elderly and disabled assistive devices comprise of all the devices that are utilized by the population for movement, listening, reading and other activities of life. Geriatric population are not self dependent for various day to day activities of life, they need support of various equipments and devices to perform different needful things of life. In the same manner, disabled people also require these devices. The devices which make their life easy, comfortable and independent are classified as elderly and disabled assistive devices. The overall elderly and disabled assistive devices market is segmented into medical mobility aids and ambulatory devices, medical furniture and bathroom safety products, vision and reading aids and hearing aids.

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Each of the segments has been further classified into various sub-segments based on the types of products. Medical mobility aids and ambulatory devices include wheelchairs, medical scooters, cranes and crutches, door openers, walkers and rollators and transfer lifts. Medical furniture and bathroom safety products include medical beds, commodes and showers chairs, ostomy products and bars and railings. Vision and reading aids include Braille translators, reading machines and video magnifiers. Hearing aids include receiver-in-the-ear aids, behind-the-ear aids, in-the-ear aids, canal hearing aids, bone anchored hearing aids and cochlear implants. The market size and forecast for the period 2011 to 2019, in terms of USD million, considering 2012 as the base year has been provided for each segment and sub-segment in the report. The compounded annual growth rate (CAGR) for each segment has been provided for the forecast period from 2013 to 2019.

As per the report, the increasing disabled population and geriatric population, rising funding by governments, and launch of new cutting-edge products including powered wheelchairs, implants, sensor-based door openers, and portable reading machines have fuelled the market for elderly and disabled assistive devices. On the other hand, the expansion of the market may be inhibited in the coming years due to rising product prices. For instance, advanced hearing aids such as bone anchored aids cost about US$10,000 per device at present.The report segments the elderly and disabled assistive devices market on the basis of type, product, and geography.

On the basis of type, the market is segmented into medical mobility aids and ambulatory devices and medical furniture and bathroom safety products. Medical mobility aids and ambulatory devices include mobility scooters, wheelchairs, cranes and crutches, transfer lifts, door openers, walkers and rollators, and others including pillows, back supports, and cushions.

On the other hand, medical furniture and bathroom safety products include medical beds, ostomy products, bars and railings, commodes and shower chairs, and others including pool lifts, bath lifts, hearing aids, and vision and reading aids. Hearing aids are further segmented into receiver-in-the-ear (RITE) aids, in-the–ear (ITE) aids, behind-the-ear (BTE) aids, cochlear implants, and bone anchored hearing aids. Vision and reading aids are further segmented into reading machines, braille translators, video magnifiers, and others including kitchen appliances and books.

Amongst these types, in 2012, the segment of hearing aids held the biggest share in the elderly and disabled assistive devices market. This is owing to the huge number of people suffering from hearing impairments. As per the World Health Organization (WHO), approximately 5% of the population of the world suffers from hearing loss. On the other hand, the segment of medical mobility aids and ambulatory devices is the second biggest segment and is predicted to exhibit expeditious growth in the forecast horizon.

A new Transparency Market Research report states that the global elderly and disabled assistive devices market was valued at US$12.3 bn in 2012 and is predicted to reach US$19.6 bn by 2019. It is expected to expand at a CAGR of 6.90% between 2013 and 2019. The title of the report is “Elderly and Disabled Assistive Devices Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019”.

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On the basis of geography, the market is segmented into Europe, North America, Asia Pacific, and Rest of the World (RoW). Amongst these, in 2012, North America held the biggest share in the elderly and disabled assistive devices market. On the other hand, Asia Pacific is expected to experience the highest growth rate during the forecast horizon and is predicted to rise at a 6.0% CAGR. This is due to the rise in the disabled and elderly population, increasing disposable incomes, and rise in government funding.According to the report, the prominent players dominant in the market include William Demant Holding A/S, Sonova Holding AG, Sunrise Medical LLC, Invacare Corporation, Ai Squared, and GN ReSound Group, among others.

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