Elderly and Disabled Assistive Devices Market (Type: Medical Mobility Aids & Ambulatory Devices [Wheelchairs, Mobility Scooters, Cranes & Crutches, Walkers & Rollators, Transfer Lifts, Door Openers, and Others], Medical Furniture & Bathroom Safety Products [Medical Beds, Commodes & Showers Chairs, Ostomy Products, Bars & Railings, and Others], 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], and Vision & Reading Aids [Video Magnifiers, Braille Translators, Reading Machines, and Others)- Global Industry Analysis, Share, Growth, Regional Outlook and Forecasts, 2022-2030

The global Elderly and Disabled Assistive Devices market size was estimated at USD 20.85 billion in 2021 and is expected to surpass around USD 32.8 billion by 2030 and poised to grow at a compound annual growth rate (CAGR) of 6.2% during the forecast period 2022 to 2030.

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 525 million and the number is expected to reach around 2.9 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

Report Coverage

Details

Market Size

US$ 32.8 Billion by 2030

Growth Rate

CAGR of 6.2% from 2022 to 2030

Largest Market

North America

Fastest Growing Market

Asia Pacific

Base Year

2021

Forecast Period

2022 to 2030

Segments Covered

Type and Region,

Companies Mentioned

 Sonova Holding AG, Bausch & Lomb, Inc., Permobil AB, Siemens Healthcare, Freedom Scientific, Inc.,William Demant Holding A/S, Invacare Corporation, Sunrise Medical LLC, GN ReSound Group, Ai Squared, Blue Chip Medical Products, Inc., Drive Medical Design and Manufacturing

 Coronavirus Impact on Elderly and Disabled Assistive Devices Market

The coronavirus pandemic has caused disruption in supply chain management and logistics distribution by affecting majority of businesses across the globe. Forced lockdown and shutdown of production and manufacturing activities have hampered the elderly and disabled assistive devices market across the globe. Market players operating in the elderly and disabled assistive devices market are recovering from the losses and trying to re-establish their businesses by using strategic approaches. Assistive devices manufacturers are focusing on increasing production of innovative products to attract consumers across the globe. The increasing awareness about health and fitness after the threatening coronavirus pandemic is attributable to the rapid expansion of elderly and disabled assistive devices market.

In the past few years, there is a significant rise in the number of accidents, and therefore, there is a growth in population demanding mobility assistive devices. This factor is responsible for the growth of the elderly and disabled assistive devices market. Rise in prevalence of mobility impairment disorders such as amputation, paralysis, spinal cord injury, cerebral palsy, multiple sclerosis, stroke, etc. is anticipated to boost growth of the elderly and disabled assistive devices market in the upcoming years.

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.           

Strengthening North America Market Creating Lucrative Opportunities for Product Manufacturers

The global elderly and disabled assistive devices market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is expected to show tremendous growth opportunities to market players, and dominate the global market during the forecast period. This is due to technological advancements, rise in disposable income, increase in geriatric population, and presence of market contributors in the region. Growth and development of healthcare infrastructure and favorable reimbursement policies are some of the key factors boosting the growth of the market in the North America. There is an increasing awareness about the elderly and disabled assisted devices in consumers in the North America. The increasing promotion of such devices from governments, along with suitable grants and subsidies provided for the elderly and disabled people to purchase the assistive devices is further driving the market in the region.

Technological Advancements to Boost Market Growth

  • Advancements in technology boost the growth of the assistive devices market. Earlier, wheelhairs 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.

Elderly and Disabled Assistive Devices Market: Key Developments

  • Key players in the global elderly and disabled assistive devices market are engaged in regulatory approvals, technologically advanced products, launch of new products, and acquisition & collaborative agreements with other companies
  • These strategies are likely to fuel the growth of the global elderly and disabled assistive devices market. A few expansion strategies adopted by players operating in the global elderly and disabled assistive devices market are:
    • In February 2021, GN ReSound announced the release of a ReSound ENZO Q and ReSound LiNX Quattro technology, new ReSound hearing solutions based on a powerful chip architecture that provide exceptional sound quality, connection, and customer service to persons with all forms of hearing loss
    • New ReSound ENZO Q is a powerful device with a complete hearing solution that raises the bar for the super power category to help people with severe to profound hearing loss
    • ReSound LiNX Quattro is a sixth generation hearing aid of this technology. It is the latest hearing aid model.
  • The report on the global elderly and disabled assistive devices market discussed individual strategies, followed by company profiles of manufacturers of assistive devices. The competition landscape section has been included in the report to provide readers with a dashboard view and a company market share analysis of key players operating in the global elderly and disabled assistive devices market.

Some of the prominent players in the Elderly and Disabled Assistive Devices Market include:

  • Sonova Holding AG
  • Bausch & Lomb, Inc.
  • Permobil AB
  • Siemens Healthcare
  • Freedom Scientific, Inc.
  • William Demant Holding A/S
  • Invacare Corporation
  • Sunrise Medical LLC
  • GN ReSound Group
  • Ai Squared
  • Blue Chip Medical Products, Inc.
  • Drive Medical Design and Manufacturing

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 2017 to 2030. For this study, Nova one advisor, Inc. has segmented the global Elderly and Disabled Assistive Devices market

  • Type
    • Medical Mobility Aids and Ambulatory Devices
      • Wheelchairs
      • Mobility Scooters
      • Cranes and Crutches
      • Walkers and Rollators
      • Transfer Lifts
      • Door Openers
      • Others
    • Medical Furniture and Bathroom Safety Products
      • Medical Beds
      • Commodes & Showers Chairs
      • Ostomy Products
      • Bars and Railings
      • Others
    • Hearing Aids
      • Receiver in the Ears Designs
      • Behind-the-Ear (BTE) aids
      • In the ear Aids
      • Canal Hearing Aids
      • Bone Anchored hearing Aids
      • Cochlear Implants
    • Vision and Reading Aids
      • Video Magnifier
      • Braille Translator
      • Reading Machines
      • Others (Books, Kitchen Appliances)

By Geography

North America

  • U.S.
  • Canada

Europe

  • Germany
  • France
  • United Kingdom
  • Rest of Europe

Asia Pacific

  • China
  • Japan
  • India
  • Southeast Asia
  • Rest of Asia Pacific

Latin America

  • Brazil
  • Rest of Latin America

Middle East & Africa (MEA)

  • GCC
  • North Africa
  • South Africa
  • Rest of Middle East & Africa

Key Points Covered in Elderly and Disabled Assistive Devices Market Study:

  • Growth of Elderly and Disabled Assistive Devices in 2022
  • Market Estimates and Forecasts (2017-2030)
  •  Brand Share and Market Share Analysis
  •  Key Drivers and Restraints Shaping Market Growth
  •  Segment-wise, Country-wise, and Region-wise Analysis
  •  Competition Mapping and Benchmarking
  •  Recommendation on Key Winning Strategies
  •  COVID-19 Impact on Demand for Elderly and Disabled Assistive Devices and How to Navigate
  •  Key Product Innovations and Regulatory Climate
  •  Elderly and Disabled Assistive Devices Consumption Analysis
  •  Elderly and Disabled Assistive Devices Production Analysis
  •  Elderly and Disabled Assistive Devices and Management