Elderly and Disabled Assistive Devices Market is Booming Worldwide at a Significant Growth by 2026

Rise in geriatric and disabled population, high disposable income of baby boomers, and rapid technological advancements in assistive devices have boosted the growth of the global elderly and disabled assistive devices market. However, high cost of medical devices and low reimbursement from medical insurers hamper the market growth. On the contrary, emerging untapped economies are expected to create lucrative opportunities in the near future.

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.

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The global disabled & elderly assistive technologies market is seglmented based on product, end user, and region. On the basis of product type, it is classified into mobility assistance aids (wheelchairs, mobility scooters, crutches & canes, patient mechanical lift handling, walkers & rollators, and others), assistive furniture (medical beds, riser reclining chairs, railings & bar, door openers, and others), bathroom safety & assistive products (commode chairs, shower chairs, ostomy products, and others), and communication aids (speech & writing therapy devices, hearing aids {canal hearing aids, receiver-in-the-ear (RITE) aids, cochlear implants, behind-the-ear (BTE) aids, bone anchored hearing aids (BAHA), and in-the-ear (ITE) aids}, and vision & reading aids {reading machines, video magnifiers, braille translators, and others}). Based on end user, the market is categorized into hospitals, elderly nursing homes, homecare, and others. Region wise, it is analysed in North America, Europe, Asia-Pacific, and LAMEA.

Assistive devices such as wheelchairs, scooters, canes, crutches, walkers, and others are effective ways to combat the impact of mobility limitations for disabled people, allowing improved ambulation, and independence. Moreover, the rise in elderly population across the globe and hence, the usage of assistive devices is of increasing importance. Assistive technology can be used as an effective device for the reduction in the level of activity limitation at older ages.

Mobility aids devices segment to manifest fastest growth by 2026

The mobility aids devices segment is estimated to register the fastest CAGR of 6.5% during the forecast period. Moreover, the segment held the largest share in 2018, contributing more than one-fourth of the market, owing to surge in developments in mobility assistive device technology, rise in disabled & geriatric population requiring mobility assistance, and increase in number of accidents. The report includes analysis of the other segments such as living aids, bathroom safety equipment, and medical furniture.

North America dominates the market

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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Major market players

The report provides detailed analysis of the key market players such as Drive Medical, AI Squared, Invacare, GN Resound Group, Pride Mobility Products Corporation, Nordic Capital (Sunrise Medical LLC), Sonova Holding AG, Siemens Ltd., William Demant Holding A/S, and Starkey hearing technologies. These companies have adopted various market strategies such as partnerships, collaborations, and mergers & acquisitions to maintain their foothold in the market.

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