PUBLISHER: The Business Research Company | PRODUCT CODE: 1574723
PUBLISHER: The Business Research Company | PRODUCT CODE: 1574723
Elderly and disabled assistive devices are tools and equipment aimed at improving the quality of life, independence, and safety for individuals who are elderly or have disabilities. These devices assist with daily activities, mobility, and communication, making it easier for users to accomplish tasks that might otherwise be difficult or impossible.
The primary types of elderly and disabled assistive devices include medical mobility aids and ambulatory devices, medical furniture and bathroom safety products, hearing aids, and vision and reading aids. Medical mobility aids are specifically designed to assist individuals who have trouble moving around independently. These devices are available through various distribution channels, including online and offline sources, and are utilized by different end-users such as hospitals, homecare settings, nursing homes, assisted living facilities, and others.
The elderly and disability assistive devices market research report is one of a series of new reports from The Business Research Company that provides elderly and disability assistive devices market statistics, including elderly and disability assistive devices industry global market size, regional shares, competitors with an elderly and disability assistive devices market share, detailed elderly and disability assistive devices market segments, market trends, and opportunities, and any further data you may need to thrive in the elderly and disability assistive devices industry. This elderly and disability assistive devices market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The elderly and disabled assistive devices market size has grown strongly in recent years. It will grow from $24.61 billion in 2023 to $26.49 billion in 2024 at a compound annual growth rate (CAGR) of 7.6%. The growth during the historic period can be attributed to the rise in chronic health conditions, increased life expectancy, a higher number of road accidents, an expanding geriatric population, and the growing prevalence of disabilities.
The elderly and disabled assistive devices market size is expected to see strong growth in the next few years. It will grow to $35.97 billion in 2028 at a compound annual growth rate (CAGR) of 7.9%. The growth projected for the forecast period can be attributed to a rise in demand for assistive devices, an increasing number of hospital admissions for treatment, higher healthcare expenditure, a growing prevalence of mobility issues, and a heightened need for home care services. Key trends expected during this period include integration with smart technologies, innovations in communication devices, advancements in assistive devices, the development of smart home devices, and progress in wearable technology.
The increasing number of disabilities is expected to drive the growth of the elderly and disabled assistive devices market in the future. Disabilities are conditions that significantly impair an individual's ability to perform certain activities or access societal resources. The rise in disabilities is influenced by factors such as an aging population, chronic health conditions, and genetic factors. Assistive devices for the elderly and disabled support independent living, enhance quality of life, and reduce healthcare costs. For example, according to the Public Library of Science (PLOS) in October 2021, the number of people with disabilities in the US is projected to increase by approximately 60 million between 2020 and 2050. Thus, the growing number of disabilities is driving the expansion of the elderly and disabled assistive devices market.
Major companies in the elderly and disabled assistive devices market are forming collaborations to develop integrated solutions that improve mobility, independence, and quality of life for users. These strategic partnerships aim to create innovative solutions that address the complex needs of elderly and disabled individuals, resulting in more effective, accessible, and user-friendly products. For instance, in July 2023, University College London (UCL) and the Indian Institute of Technology partnered to advance disability innovation through assistive technology, focusing on enhancing the quality of life for individuals with disabilities in India. Additionally, in January 2024, the Central Government of India partnered with All India Institute of Medical Sciences (AIIMS) to provide assistive devices for individuals with disabilities, reflecting the government's commitment to improving the quality of life for people with disabilities by ensuring access to essential aids and appliances.
In June 2024, Platinum Equity LLC, a US-based private equity investment firm, acquired Sunrise Medical Limited for an undisclosed amount. This acquisition aligns with Platinum Equity's strategy of investing in companies that need operational support to reach their full potential. Sunrise Medical Limited, based in the US, manufactures assistive devices for the elderly and disabled.
Major companies operating in the elderly and disabled assistive devices market are Siemens AG, Bausch And Lomb Inc., Sonova Holding AG, William Demant Holding A/S, Starkey Hearing Technologies Limited, Invacare Corporation, NOVA Medical Inc., Permobil AB, Sunrise Medical LLC, Drive DeVilbiss Healthcare Limited, Pride Mobility Products Corporation, GF Health Products Inc., Handicare Group AB, Carex Health Brands Inc., AI Squared, Audina Hearing Instruments Inc., Blue Chip Medical Products Inc., New Century Products Co. Ltd, Kaye Products Inc., Magic Mobility Ltd.
North America was the largest region in the elderly and disabled assistive devices market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the elderly and disabled assistive devices market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the elderly and disabled assistive devices market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The elderly and disabled assistive devices market consists of sales of environmental controls, communication devices, and cognitive aids. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Elderly And Disabled Assistive Devices Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on elderly and disabled assistive devices market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for elderly and disabled assistive devices ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The elderly and disabled assistive devices market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.