Elderly and Disabled Assistive Devices Market Size to Surpass US$ 34.18 BN by 2030

The global elderly and disabled assistive devices market size is expected to surpass around US$ 34.18 billion by 2030 from US$ 22.07 billion in 2021 and expanding growth at a CAGR of 5% from 2022 to 2030.

The global elderly and disabled assistive devices market is predicted to be driven by the fast-expanding geriatric population and the growing disabilities caused by various diseases and ageing. The global elderly and disabled assistive devices market is being driven by an increase in the number of manufacturers in the elderly and disabled assistive devices industry, leading to lucrative market prospects.

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Assistive gadgets for the aged and disabled, such as mobility scooters, hearing aids, wheelchairs, vision and reading aids, and toilet safety devices, are among the most popular products among the disabled and old. The increasing focus of manufacturers on the creation of impaired assistive devices employing cutting-edge technology is projected to propel the elderly and disabled assistive devices market forward.

Report Highlights

• On the basis of type, natural mobility aids segment holds the largest market share in the global elderly and disabled assistive devices market. As per the World Health Organization, from 20 and 50 million people suffer non-fatal injuries as a result of road traffic accidents and these injuries lead to disability. The rising number of people with impairments as a result of different types of disorders and an ageing people has increased demand for mobility aids all over the world.

• On the basis of end use, hospitals segment holds the largest market share in the global elderly and disabled assistive devices market. This is due to a rise in the number of car accidents and hospital readmissions for the treatment of disorders such as cerebral palsy and paralysis. These disorders are the primary drivers of the elderly and disabled assistive devices market.
   

Regional Snapshot

North America is the largest segment for elderly and disabled assistive devices market in terms of region.The U.S. is dominating the elderly and disabled assistive devices market in the North America region.The growing geriatric population is driving the growth of elderly and disabled assistive devices market in the North America region. As per the U.S. Census Bureau, there were approximately 54.1 million geriatric persons aged 65 and up in the U.S. in 2019. By 2050, this number is predicted to reach 95 million.

Asia-Pacific region is the fastest growing region in the elderly and disabled assistive devices market.India and Chinahold the highest market share in the Asia-Pacificelderly and disabled assistive devices market. The growing incidence of road traffic accidents is contributing towards the expansion of Asia-Pacific elderly and disabled assistive devices market. According to World Health Organization, low- and middle-income nations account for 93% of worldwide road traffic accidents.

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Market Dynamics

Drivers

Technological developments

The wheelchairs might be operated manually or automatically in the past. Patients can save time and effort by using an automated wheelchair. In addition, the introduction of portable video magnifiers into the market by a variety of companies has raised demand among visually impaired people who can afford them. Thus, such technological advancements are driving the elderly and disabled assistive devices market growth over the projected period.

Restraints

High cost of elderly and disabled assistive devices

The cost of elderly and disabled assistive devices is quite in nature. A bone anchored hearing aid costs roughly $10,000 on average, while reading machines cost between $30,000 and $50,000. As a result, high cost of elderly and disabled assistive devices is hindering the growth of the global market.

Opportunities

Growing geriatric population

The worldwide geriatric population was around 524 million in 2010, as per the World Health Organization, and it is predicted to reach around 2 billion by 2050. As the global geriatric population grows, the demand for elderly and disabled assistive devices is expected to rise in the global market. Thus, growing geriatric population is creating lucrative opportunities for the expansion of global elderly and disabled assistive devices market over the forecast period.

Challenges

Lack of reimbursement policies

The reimbursement policies are critical in encouraging patients to use elderly and disabled assistive devices. In emerging nations, the reimbursement policies for elderly and disabled assistive devices are not common. As a result, lack of reimbursement policies is a major challenge for the expansion of global elderly and disabled assistive devices market.

Recent Developments

• Invacare Corporation purchased Dynamic Medical Systems in the U.S. in 2011 to develop a significant presence in the western U.S.
• In September 2016, Sonova Holding AG purchased AudioNova, a hearing aid company based in the Netherlands. Sonova was able to strengthen its influence in Europe by tripling the number of retail locations it already had.
• GN ReSound declared the launching of ReSound ENZO Q and ReSound LiNX Quattro technologies in February 2020, which are new ReSound hearing solutions based on a strong chip architecture that deliver great sound quality and customer support to people with all types of hearing loss.

Some of the key players in the market include:

• AI Squared
• Drive Medical
• GN Resound Group
• Invacare
• Nordic Capital
• Pride Mobility Products Corporation
• Siemens Ltd.
• Sonova Holding AG
• Starkey hearing technologies
• William Demant Holding A/S

Market Segmentations:

By Service Type

• Mobility Aids Devices
  • Wheelchairs
  • Mobility Scooters
  • Cranes & Crutches
  • Walkers & Rollators
  • Transfer Lifts
  • Door Openers
  • Others (Cushions, Pillow, and Back Support)
• Living Aids Devices
  • Reading and Vision Aids
    • Video Magnifiers
    • Braille Translators
    • Reading Machines
    • Others (Books and Kitchen Appliances)
  • Hearing Aids
    • Receiver-in-the-Ear (RITE) Aids
    • Behind-the-Ear (BTE) Aids
    • In-the-Ear (ITE) Aids
    • Canal Hearing Aids
    • Bone Anchored Hearing Aids (BAHA)
    • Cochlear Implants
• Medical Furniture
  • Medical Beds
  • Medical Furniture Accessories
  • Door Openers
  • Others
• Bathroom Safety Devices
  • Commodes
  • Bars, Grips, and Rails
  • Shower Chairs
  • Ostomy Products

By End User

• Hospitals
• Nursing Homes
• Assisted Living Facilities
• Homecare

Regional Segmentations:

• North America (U.S. and Canada)
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Southeast Asia and Rest of APAC)
• Latin America (Brazil and Rest of Latin America)
• Middle East and Africa (GCC, North Africa, South Africa, Rest of MEA)

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