BCC Research Forecasts the Market for Disabled and Elderly Assistive Technologies to Reach $60.5 Billion in 2018
7/29/2013 9:03:18 AM
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Wellesley, MA (PRWEB) July 29, 2013 -- In the new report, Disabled and Elderly Assistive Technologies (Report Code: HLC047D), from BCC Research (http://www.bccresearch.com), the U.S. disabled and elderly assistive technologies market (including glasses and contacts) was valued at $43.4 billion in 2012. The report forecasts total market value to reach $45.9 billion in 2013 and $60.5 billion in 2018, after increasing at a five-year compound annual growth rate (CAGR) of 5.7%.
BCC Research’s new report discusses how assistive technology products are designed to assist people who because of specific disabilities or the general infirmities that often accompany aging, would otherwise be unable to participate meaningfully in economic, social, political, cultural, and other forms of human activity in their communities. Assistive technology encompasses a broad range of devices, from “low-tech” products such as eyeglasses and large-print books, to technologically sophisticated products such as voice synthesizers, Braille readers, and wireless monitoring devices.
According to the report, the daily living aids market comprises the largest assistive technologies market (excluding eyeglasses) with a market share of 32.6%. The next two largest markets are the communication aids market and the mobility aids market with a market share of 24.1% and19.7% respectively.
Progress in medical science as well as technology and healthcare, combined with demographic trends, societal evolution, and changing attitudes are driving the market for assistive technologies. There has been substantial growth in the number of persons with disability and the population of elderly citizens. As a result, these groups are living longer independent or semi-independent lives with the help of assistive technologies.
The societal shift that led to persons with disabilities and the elderly joining the mainstream of daily life in America was solidified in 1990 with the passage of the Americans with Disabilities Act. The act forced all the major institutions of American life, including workplaces, government and commercial buildings, educational institutions, and public transportation to accommodate the needs of the elderly and persons with disabilities.
The next big shift for this marketplace will be seen after the passage and implementation of the Patient Protection and Affordable Care Act of 2010. BCC Research has performed an in-depth analysis of how this act will impact the market for assistive technology products in this report.
This report has been written explicitly for those with an interest in disabled and elderly care issues, including healthcare professionals, manufacturers and distributors, regulators and health insurers, investors, and the financial and analyst community. This study is tailored especially for readers with an interest in the marketing, financial, and management dimensions of the assistive technologies industry. However, readers with a more general interest in disabled and elderly care will also find this report useful.
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