Elderly and Disabled Assistive Devices Market Trend 2023: A Growing Industry Poised to Reach $35,599 Million by 2026
Key Highlights :
The global elderly and disabled assistive devices market is estimated to reach $35.60 billion by 2026, registering a CAGR of 5.5% from 2019 to 2026. The increasing aging population, rising prevalence of disabilities, and technological advancements in assistive devices are the major factors driving the growth of the market.
The global elderly and disabled assistive devices market is segmented into product type, end user, distribution channel, and geography. By product type, the market is divided into mobility aids, bathroom safety devices, communication and hearing aids, vision and reading aids, and daily living aids. By end user, it is classified into home healthcare, hospitals and clinics, nursing homes and assisted living facilities, and rehabilitation centers. By distribution channel, it is divided into online retail, offline retail, and institutional sales. By geography, it is analyzed across North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa.
The key players operating in the elderly and disabled assistive devices market are Invacare Corporation, Sunrise Medical LLC, Sonova Holding AG, Ottobock SE & Co. KGaA, GN Hearing A/S, Permobil AB, William Demant Holding A/S, Drive DeVilbiss Healthcare, Medline Industries, Inc., and ResMed Inc. These players have adopted strategies such as product launches, partnerships, collaborations, acquisitions, and expansions to strengthen their market presence.
The global elderly and disabled assistive devices market is driven by the increasing aging population. The elderly population is growing rapidly, leading to a higher demand for assistive devices. Factors such as improved healthcare, advancements in medical technology, and better living standards have contributed to an aging population, driving the growth of the market. The prevalence of disabilities, both physical and cognitive, is also on the rise. Chronic conditions, age-related ailments, and injuries contribute to the demand for assistive devices that enhance mobility, communication, and daily living activities for disabled individuals.
Assistive devices have witnessed significant technological advancements in recent years. Innovations such as wearable devices, smart home technology, robotics, and artificial intelligence have led to the development of more sophisticated and effective assistive devices, improving the quality of life for the elderly and disabled. Mobility aids, including wheelchairs, mobility scooters, walkers, and canes, are the largest segment within the elderly and disabled assistive devices market. Another significant segment in the market includes communication and hearing devices. These devices include hearing aids, speech amplifiers, communication boards, and text-to-speech software. They help individuals with hearing impairments or speech difficulties to communicate effectively and participate in daily activities.
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.
The key players operating in the elderly and disabled assistive devices market are Invacare Corporation, Sunrise Medical LLC, Sonova Holding AG, Ottobock SE & Co. KGaA, GN Hearing A/S, Permobil AB, William Demant Holding A/S, Drive DeVilbiss Healthcare, Medline Industries, Inc., and ResMed Inc. These players have adopted strategies such as product launches, partnerships, collaborations, acquisitions, and expansions to strengthen their market presence.
