Press release
Elderly And Disabled Assistive Technology Market To Surpass $26 Billion By 2024
Aging upturns the dependency on others or assistive devices, for daily activities and living quality life. According to a report published in March 2016 by the U.S. Census Bureau, the share of world population aged 65 years and above is projected to increase from 8.5% in 2015 to 12% by 2030 and further increase to 16.7% by 2050. The report also states that the population in Asia and Latin America are rapidly aging. Japan is touted to be the oldest major country worldwide, with 26.6% of its population being aged 65 years and above in 2015. Therefore, demand for elderly assist devices such as hearing aids, reading aids and locomotive equipment (wheelchair, cranes and crutches) is projected to be high in Asia and Latin America during the forecast period (2016–2024).
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However, the elderly and disabled assistive devices market, is witnessing intense competition especially from regional players as they offer products at a much cheaper rate. In order to overcome this challenge, market players are projected to focus on strengthening their distribution network and promote sales through strategic collaboration with distributors, hospitals, retailers and direct-to-consumers.
Detailed Segmentation:
Global Elderly and Disabled Assistive Devices Market, By End User:
Hospital,Home Care Settings,Others,.
Global Elderly and Disabled Assistive Devices Market, By Device Type:
Medical Mobility Aids and Ambulatory Devices,Medical Furniture and Bathroom Safety Products,Hearing Aids,Vision and Reading Aids,.
Key takeaways of the market:
Demand for vision and reading aids is analyzed to increase rapidly during the forecast period, owing to increasing incidence of vision impairment among the geriatric populace
Hearing aids segment dominates the global elderly and disabled assist devices market (in terms of revenue) and is expected to reach US$ 7,083.5 million by 2017 end. Increasing market penetration, growing average discretionary income, and improved access to hearing aids is driving revenue growth of this segment. Furthermore, baby boomers population is expected to drive growth for hearing aids over the following decade, according to William Demant Holding Group.
North America dominated the global elderly and disabled assist devices market in 2015. However, the market for elderly and disabled assistive devices in Asia Pacific is projected to expand significantly at a CAGR of 8.7% during the forecast period (2016–2024)
Intense competition is witnessed among the leading players including Sunrise Medical LLC, GN ReSound Group, Sonova Holding AG, Starkey Hearing Technologies, and William Demant Holding A/S.
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About Coherent Market Insights:
Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.
About Coherent Market Insights:
Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.
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