Elderly and Disabled Assistive Devices Market Growth, Demand and Technology Advancement Outlook in Healthcare Sector 2021-2030

The Elderly and Disabled Assistive Devices Market was valued at USD 28.96 billion in 2019 and is predicted to reach USD 49.01 billion by 2030 with a CAGR of 4.9% from 2020-2030.

The elderly and disabled assistive devices consist of various rehabilitative, adaptive and cognitive devices that aim to provide better quality of life and ensure mobility of elderly and disabled person. Assistive devices such as wheelchairs, canes, crutches, walkers, hearing and visual aids improve the hearing capacity, vision, mobility, or communication of the elderly and disabled people. According to a report published by WHO, around 15% of world’s population live with some kind of disabilities. Assistive devices play a crucial role by helping them to live an independent life, participate in education and built careers.

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Competitive Landscape

The key players of the elderly and disabled assistive device market are AI Squared, Drive Medical, GN Resound Group, Invacare, Nordic Capital (Sunrise Medical LLC), Pride Mobility Products Corporation, Siemens Ltd., Sonova Holding AG, Starkey hearing technologies, William Demant Holding A/S, Bausch & Lomb, Inc., Inclusive Technology Ltd., Liberator Ltd., Tobii Dynavox, JABBLA B.V.B.A., Blue Chip Medical Type, Inc., Permobil AB, Medline Industries, Inc., and Whirlpool Corporation. Various strategic collaboration and new product launches have been made by the market players to maintain their dominance in the elderly and disabled assistive devices market. For instance, in February 27, 2020, GN Resound Group launched multiple new resound hearing solutions consisting of a powerful chip that are capable of providing impressive sound quality to people with all type of hearing disability.

Market Dynamics and Trends

Growing geriatric population across the globe, availability of various assistive devices and need to live an independent life are the major factors driving the growth of the elderly and disabled assistive devices market. Also, factors such as increasing investment in R&D activities for manufacturing advanced assistive devices, rising health disorders and various government subsidies to increase accessibility of these devices among citizens, fuels the market growth. For instance, Georgia Vocational Rehabilitation Agency announced a scheme to provide vision rehabilitation service to people over 55 years of age. This service is provided by specially trained professionals for addressing communication, mobility, and traveling problems of blind people. Various other assistive aids are also provided under this program such as talking watches, big button phones and kitchen aids.

However, high-cost of few devices, lack of reimbursement and low acceptance of some devices are some factors restraining the market growth. On the contrary, increasing competition among market players and rising per capita income are the factors anticipated to provide ample growth opportunities for the market players during the forecast period.

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Market Segmentations and Scope of the Study:

The elderly and disabled assistive devices market share has been segmented on the basis of type and geography. On the basis of type, the market is divided into living aids, mobility assistive devices, bathroom safety equipment, and medical furniture. Based on living aids, the market is divided into hearing aids and reading & vision aids. The hearing aids segment is also sub segmented into behind-the-ear aids (BTE), receiver-in-the-ear aids (RITE), in-the ear aids (ITE), bone anchored hearing aids (BAHA), canal hearing aids, cochlear implants. The reading and vision aids are divided into braille translators, video magnifiers, reading machines and others. The mobility aids walkers & rollators, canes & walking sticks and crutches, door openers, transfer lifts or patient mechanical lift handling and others. The medical furniture segment is also sub segmented into medical beds, door openers, medical furniture accessories, riser reclining chairs and others. The bathroom safety equipment is divided into shower chairs, commodes, ostomy Products, bars, grips, & rails. Based on geography the market is segmented into North America, Europe, Asia Pacific and RoW.

Geographical Analysis

North America holds the lion share of the elderly and disabled assistive devices market. This is attributed to factors such as increasing geriatric population, presence of large distribution channels and higher purchasing power of its citizens. Moreover, introduction of technologically advanced products and government emphasis on patient’s safety are factors boosting the market growth in this region.

However, Asia Pacific is showing rapid growth in terms of market share during the forecast period due to factors such as improvements in healthcare infrastructure, huge consumer base, introduction of low-cost devices and growing awareness among citizens regarding the usage of assistive devices.

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