Disabled and Elderly Assistive Devices Market – By Application (Elderly and Disabled), By Type (Living Aids, Mobility Assistive Devices, Bathroom Safety Equipment, and Medical Furniture), and By Region - Global Opportunity Analysis and Industry Forecast, 2020 – 2030

The disabled and elderly devices are those devices which are utilized by the population that are not self-dependent. These devices offer great help in conducting day to day activities of their life, hence making their life comfortable. The various activities include listening, moving, reading, and many others where the disabled and elderly assistive devices are used. The various techniques enabled in these devices support elderly and disabled people in enhancing their quality of life, improve health results, provide independent living alternatives, and reduce healthcare expenses. The growing geriatric population across the globe is the major factor contributing to the growth of the market. Since, old age comes with some form of disability, it assists the growth of both disabled and elderly devices in the market. The market size of the Disabled And Elderly Devices Market is anticipated to grow from USD 24308.1 million in 2020 to USD 41916.938 million by 2030, at a CAGR of 5.6% approx., during the forecast period.

Market Segmentation:

On the basis of market application, the disabled and elderly assistive devices market can be bifurcated into elderly and disabled. Based on type, the market can be segmented into living aids, mobility assistive devices, bathroom safety equipment, and medical furniture. Living aids devices include hearing aids, and reading & vision aid devices. Mobility assistive devices comprises of wheelchairs and mobility scooters. Bathroom safety equipment’s include shower chairs, commodes, ostomy products, bars, grips and rails. Medical furniture’s include medical beds, door openers, riser reclining chairs, and many others. Geographic breakdown and analysis of each of the aforesaid segments includes regions comprising North America, Europe, Asia-Pacific, and RoW.

Market Dynamics and Factors:

The growing geriatric and disabled population, high disposable income of baby boomers, rising health consciousness among elderly people, and rising government initiatives towards healthcare are some major factors driving the growth of the disabled and elderly assistive devices market.  According to WHO, only 5 to 15% of the population in low and mid-level income nations, who are in need of disabled and elderly assistive devices have access to them. Some of the initiatives taken by WHO are – organizing regional and country workshops; creating a database on availability of appropriate assistive devices & technologies; developing normative guidelines; and providing assistance for developing national policies on assistive devices & technologies. In addition to that, rising trend of an independent lifestyle, more investment in R&D activities regarding assistive technology by existing manufacturers are other factors that would boost the market growth in the coming years. However, there are certain restraining factors hampering the growth of the market. High cost of some sophisticated products, low level of acceptance for few products, and low medical reimbursement are some of them.  According to the U.S Census Bureau, the global geriatric population is expected to increase from 8.5% to 12% of the global population by 2030. This is a major factor that will propel the market growth of the disabled and elderly assistive devices market in the future.

Geographic Analysis:

North America is expected to dominate the global disabled & elderly assistive devices market during the forecast period in terms of market share, followed by Europe. Technological advancements, robust distribution channels, rise in geriatric population, government initiatives towards safety of elderly people are major factors attributing to this market growth there. Asia Pacific region is expected to register the highest growth rate during the forecast timeframe. The various factors attributing to this market growth are improvements in healthcare infrastructure, increasing healthcare expenditure, rising medical tourism, and the growing awareness among people towards the availability and usage of assistive devices.  Latin America and Middle East & Africa are expected to show moderate growth rate during the forecast period. High burden of chronic diseases, growing geriatric population, and increased government funding are key factors expected to fuel the market growth of disabled and elderly assistive devices market there.

Competitive Scenario:

The major players operating in global disabled & elderly assistive devices market are –

Sonova Holding AG, AI Squared, Drive Medical, GN Resound Group, Invacare Corporation, Nordic Capital, Pride Mobility Products Corporation, Siemens AG, Starkey Hearing Technologies, William Demant Holding A/S.

Disabled and Elderly Assistive Devices Market Report Scope