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Future of the Elderly And Disabled Assistive Devices Market: Trends, Innovations, and Key Forecasts Through 2034
Elderly And Disabled Assistive Devices
Elderly And Disabled Assistive Devices Market Size Growth Forecast: What to Expect by 2025?
In the past few years, a significant growth has been witnessed in the market size of assistive devices for the elderly and disabled. From $26.49 billion in 2024, it is expected to increase to $28.66 billion in 2025, denoting a compound annual growth rate (CAGR) of 8.2%. The expansion in the historic period could be associated with an upsurge in chronic health issues, a surge in average life expectancy, a mounting number of road mishaps, an escalating geriatric population, and increasing occurrences of disabilities.
How Will the Elderly And Disabled Assistive Devices Market Size Evolve and Grow by 2029?
The market size for assistive devices meant for the elderly and the disabled is predicted to experience robust expansion in the coming years. It is forecasted to reach $38.79 billion by the year 2029, with a compound annual growth rate (CAGR) of 7.9%. The forecast period's expansion can be linked to the surge in assistive device demands, a rise in medical treatments requiring hospitalization, an escalation in healthcare costs, and increased prevalence of mobility issues. Additionally, the desire for home care services is also growing. Key trends during this forecast period consist of the incorporation of intelligent technologies, innovative developments in communication tools, high-end assistive devices, smart household gadgets, and innovation in wearable tech.
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What Drivers Are Propelling the Growth of Elderly And Disabled Assistive Devices Market Forward?
Growth in the market for assistive devices for the elderly and disabled is anticipated to be driven by the increasing rate of disabilities. A disability greatly hampers an individual's capabilities to carry out certain tasks or utilize societal resources. This rise in disabilities can be attributed to various factors such as an aging population, persistent health issues, and genetic factors. Assistive devices for the elderly and disabled facilitate independent living, enhance the quality of life, and decrease healthcare costs for those with disabilities. For example, the House of Commons Library of the UK Parliament, a governmental administration based in the UK, stated in October 2024 that disability prevalence rises with age: in 2022/23, approximately 11% of UK children were disabled, contrasted with 23% of adults of working age and 45% of individuals above State Pension age. Thus, the growing number of disabilities is stimulating the expansion of the elderly and disabled assistive devices market.
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Which Emerging Trends Are Transforming the Elderly And Disabled Assistive Devices Market in 2025?
Leading enterprises in the market for assistive devices for elderly and disabled individuals are forging alliances to create unified solutions designed to improve user mobility, autonomy, and life quality. Such strategic collaborations enable the creation of innovative assistive devices that cater to the intricate necessities of the same group, thereby rendering more efficient, accessible, and simple-to-use products. A case in point, in July 2023, a collaboration between University College London (UCL), a university in the UK, and the Indian Institute of Technology, an institution from India, aimed to propel disability innovation through assistive technology. This significant effort was inclined towards improving the life quality of disabled individuals by using advanced technology and creative solutions to solve the exclusive problems they encounter, especially in India. Moreover, in January 2024, a partnership between India's Central Government and the All India Institute of Medical Sciences (AIIMS), a leading Indian university, aimed to supply assistive devices to disabled individuals. This step is in line with the government's resolution to improve disabled people's life quality by guaranteeing the availability of required aids and devices.
What Are the Key Segments in the Elderly And Disabled Assistive Devices Market?
The elderly and disabled assistive devices market covered in this report is segmented -
1) By Device Types: Medical Mobility Aids And Ambulatory Devices, Medical Furniture And Bathroom Safety Products, Hearing Aids, Vision And Reading Aids
2) By Distribution Channel: Online Channels, Offline Channels
3) By End-User: Hospitals, Homecare Settings, Nursing Homes, Assisted Living Facilities, Other End-Users
Subsegments:
1) By Medical Mobility Aids And Ambulatory Devices: Wheelchairs, Walkers, Scooters, Crutches And Canes, Lift Chairs And Recliners, Stair Lifts And Elevators
2) By Medical Furniture And Bathroom Safety Products: Adjustable Beds And Mattresses, Bedside Rails And Transfer Benches, Shower Chairs And Stools, Raised Toilet Seats And Toilet Aids, Grab Bars And Non-Slip Mats, Overbed Tables And Chairs, Bath Lifts
3) By Hearing Aids: Behind-The-Ear (Bte) Hearing Aids, In-The-Ear (Ite) Hearing Aids, In-The-Canal (Itc) Hearing Aids, Completely-In-The-Canal (Cic) Hearing Aids, Bone-Anchored Hearing Aids (Baha), Hearing Amplifiers
4) By Vision And Reading Aids: Magnifiers, Reading Glasses And Optical Aids, Electronic Text Readers, Talking Watches And Clocks, Screen Magnification Software And Devices, Braille Learning Tools And Aids, Voice-Activated Assistive Technology For Vision Impairment
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Who Are the Key Players Shaping the Elderly And Disabled Assistive Devices Market's Competitive Landscape?
Major companies operating in the elderly and disabled assistive devices market are Siemens AG, Bausch And Lomb Inc., Sonova Holding AG, William Demant Holding A/S, Starkey Hearing Technologies Limited, Invacare Corporation, NOVA Medical Inc., Permobil AB, Sunrise Medical LLC, Drive DeVilbiss Healthcare Limited, Pride Mobility Products Corporation, GF Health Products Inc., Handicare Group AB, Carex Health Brands Inc., AI Squared, Audina Hearing Instruments Inc., Blue Chip Medical Products Inc., New Century Products Co. Ltd, Kaye Products Inc., Magic Mobility Ltd.
What Geographic Markets Are Powering Growth in the Elderly And Disabled Assistive Devices Market?
North America was the largest region in the elderly and disabled assistive devices market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the elderly and disabled assistive devices market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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