Elderly and Disabled Assistive Devices Market (By Service Type: Mobility Aids Devices, Living Aids Devices, Medical Furniture, Bathroom Safety Devices; By End User: Hospitals, Nursing Homes, Assisted Living Facilities, Homecare)- Global Industry Analysis, Share, Growth, Regional Outlook and Forecasts, 2023-2032

The global elderly and disabled assistive devices market size was valued at US$ 22.90 billion in 2022 and is expected to hit US$ 40.18 billion by 2030 and poised to grow at a compound annual growth rate (CAGR) of 6.9% from 2022 to 2030.

Increase in geriatric & disabled population and technological advancements are projected to drive the global elderly and disabled assistive devices market during the forecast period

Increase in Geriatric and Disabled Population: Key Driver

• Improving healthcare reforms in various major markets such as the U.S., Japan, and China has increased the life expectancy of the global population
• According to the World Health Organization (WHO), in 2010, the global geriatric population was around 524 million and the number is expected to reach around 2 billion by 2050. This increase in geriatric population is likely to drive the demand for elderly and disabled assistive devices across the world.
• The geriatric population is usually prone to various physical disabilities such as hearing and vision loss, and immobility. These disabilities will require assistive devices to conduct day-to-day activities such as listening, reading, movement, and others.

Report Scope of the Elderly and Disabled Assistive Devices Market

Technological Advancements to Boost Market Growth

• Advancements in technology boost the growth of the assistive devices market. Earlier, wheelchairs were available as manually as well as automated devices. Automated wheelchair helps to reduce manual work for the patients. Additionally, various other products such as mobility scooters and transfer lifts are available in automated versions in the market. These advancements in product technologies have increased acceptance of these assistive devices among the patient population.
• Developments in software utilized in reading machines, Braille translators, and video magnifiers have widened the application areas and target patient segments. For instance, launch of portable video magnifiers in the market by various companies has increased the demand for the same in the visually impaired population segment that can afford these devices.

High Product Pricing to Hamper Market

• According to industry experts, high cost of assistive devices hampers the growth of the global market. This is particularly true for various underdeveloped and developing countries. For instance, the average cost of a bone anchored hearing aid (BAHA) is around US$ 10,000, while that of reading machines ranges from US$ 30,000 to US$ 50,000.
• Reimbursement policies play a crucial role in the adoption of such devices among patients. These policies for assistive devices are not prevalent in countries such as France and Japan. This is likely to restrain the global market. Moreover, some patients do not have health insurance coverage, and may not qualify for government assistance programs.

Rising Awareness and Adoption of Assistive Devices in Disabled and Geriatric Population

The rising geriatric population across the globe is a major factor contributing to the elderly and disabled assistive devices market growth. The increasing geriatric population is more likely to prone to physical disabilities, hearing issues, vision loss, etc. The growing awareness of a number of products that can be efficiently used to perform daily activities in case of elderly and physically disabled people is driving the global market. Assistive devices are increasingly popular in elderly and disabled population, owing to their excellent features such as comfort, flexibility, and maneuverability. This factor creates potential revenue opportunities for the manufacturers operating in the elderly and disabled assistive devices market.

Technological Advancements in Assistive Devices for Elderly Fueling Market Growth

The rapid adoption of technology in manufacturing assistive devices for elderly and disabled people is driving the global elderly and disabled assistive devices market. Automated assistive devices help reduce manual work for geriatric patients. The increasing availability of mobility scooters, walkers, ambulatory devices, bathroom safety devices, receiver-in-the-ear (RITE) aids, behind-the-ear (BTE) aids, braille translators, reading machines, etc. in developing countries contributing to market expansion. Increasing awareness of using advanced software and smart technologies in such devices has created value-grab opportunities for manufacturers. The popularity of independent lifestyle, along with increasing investment by market players in R&D activities is fueling market growth.

Type Insights

Based on the type, the mobility aids segment dominated the global elderly and disabled assistive devices market in 2022. The surging number of disabilities owing to various diseases and aging population has boosted the demand for the mobility aids across the globe. Moreover, the rising investments by the market players in adoption of the technological advancements in the devices have significantly driven the growth of this segment. Further, the rising number of road traffic accidents and growing disabilities pertaining to it is fueling the growth of the mobility aids devices. According to the WHO, between 20 and 50 million higher number of people suffer non-fatal injuries due to road traffic accidents and this injury results in disability. These factors have resulted in the dominance of this segment in the past years.

On the other hand, the bathroom safety is estimated to be the most opportunistic segment during the forecast period. This is attributed to the rising focus towards the improvement of the quality of life of the disabled and the old age population. The surging technological advancements have encouraged the development of various advanced assistive devices that eases the daily functioning of the disabled people.

End User Insights

Based on the end user, the hospitals segment dominated the global elderly and disabled assistive devices market in 2022. This is attributed to the increased number of road accidents and rising number of hospital admissions for the treatment of various diseases like paralysis, cerebral palsy, stroke, amputation, and multiple sclerosis. These diseases are the major contributors to the growth of the elderly and disabled assistive devices market. Moreover, the huge demand for the wheel chairs and other mobility devices for the mobility of the patients in hospital premises has fueled the growth of this segment.

On the other hand, the homecare is expected to be the fastest-growing segment during the forecast period. The rising adoption of the disabled assistive devices in home is driving the growth of this segment. Moreover, the permanent disabilities due to aging and various other factors are driving the market growth. The rising healthcare expenditure and increasing awareness regarding the availability of various advanced devices is augmenting the segment’s growth.

Region Insights

North America was the leading market in 2022. This is simply attributed to the presence of huge geriatric population and surging prevalence of various chronic diseases such as cancer, diabetes, and CVDs, which are considered a major cause of disability. According to the US Census Bureau, there were around 54.1 million geriatric people in US in 2019, aged 65 years or above. This number is expected to reach at 95 million 2050. Moreover, the increased healthcare expenditure, high disposable income, and increased awareness regarding various advanced devices are some of the prominent factors that has augmented the growth of the elder and disabled assistive devices market in North America.

Asia Pacific is expected to be the fastest-growing market during the forecast period. This is mainly de to the rapidly growing geriatric population, rising prevalence of various non-communicable diseases, and rising prevalence of road traffic accidents. According to the United Nations, about 80% of the global geriatric population will be living in the low and middle income countries. Moreover, around 93% of the global road traffic accidents occur in low and middle income countries, as per the WHO. The surging penetration of the advanced healthcare systems and the rising accessibility to the advanced care is fueling the market growth in Asia Pacific region. The easy availability of the disabled assistive devices coupled with rising healthcare expenditure is propelling the growth of the Asia Pacific elderly and disabled assistive devices market.

Some of the prominent players in the Elderly and Disabled Assistive Devices 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

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2032. For this study, Nova one advisor, Inc. has segmented the global Elderly and Disabled Assistive Devices market.

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

By Geography

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa (MEA)

Key Benefits for Stakeholders

• This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the global Elderly and Disabled Assistive Devices industry analysis from 2023 to 2032 to identify the prevailing Elderly and Disabled Assistive Devices industry opportunity.
• The market research is offered along with information related to key drivers, restraints, and opportunities.
• Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
• In-depth analysis of the global Elderly and Disabled Assistive Devices industry segmentation assists to determine the prevailing market opportunities.
• Major countries in each region are mapped according to their revenue contribution to the global market.
• Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
• The report includes the analysis of the regional as well as global Elderly and Disabled Assistive Devices industry trends, key players, market segments, application areas, and market growth strategies.