Assistive devices help the elderly and disabled population to live independently by supporting mobility, hearing, vision and cognition. Devices such as wheelchairs, walkers, scooters, crutches help those with limited mobility. Similarly, hearing aids, glasses and contact lenses aid those with vision and hearing impairment. As the geriatric population grows worldwide, the demand for assistive devices to support independent living is surging.
The global elderly and disabled assistive devices market is estimated to be valued at US$ 28.10 billion in 2024 and is expected to exhibit a CAGR of 7.7% over the forecast period from 2024 to 2031.
Key Takeaways
Key players operating in the elderly and disabled assistive devices are 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, GF Health Products, Inc., Magic Mobility Ltd., MEYRA GmbH, Audina Hearing Instruments, Inc., Handicare Group AB, Enabling Technologies.
The growing geriatric population globally is driving Elderly And Disabled Assistive Devices Market Demand for mobility, hearing and vision. Technological advancements are making assistive devices more accessible and affordable.
Wearables and apps are being incorporated to make devices more customizable and allow remote monitoring. Hearing aids are becoming smaller and more discrete. Exoskeletons enable independent walking. AI and IoT enable assistive robots for daily assistance. 3D printing is aiding customized prosthetics. Advancements in materials and batteries are making devices more durable and long lasting.
Market Trends
Growing demand for advanced prosthetics - Technological advancements are spurring the demand for advanced prosthetics for the limbs and other body parts. Myoelectric prosthetics powered by muscle signals and brain-controlled prosthetics are gaining ground.
Increasing adoption of smart assistive devices - Smart assistive devices incorporated with sensors, connectivity and AI capabilities are enabling independent living. Wearables, assistive robots, smart prosthetics and IoT-enabled devices are witness trends.
Market Opportunities
Untapped rural markets in developing nations offer scope for market penetration. Support from governments and insurers for assistive devices purchase can boost demand. Rising health issues among the young due to lifestyle diseases may increase the need for assistive technologies in the coming years. Public private collaborations can help develop affordable localized solutions.
The global elderly and disabled assistive devices market will continue to grow due to the rising geriatric population worldwide and increasing acceptance of technological advancements in assistive devices that support independent and dignified living.
Impact of COVID-19 on Elderly And Disabled Assistive Devices Market
The COVID-19 pandemic has significantly impacted the growth of elderly and disabled assistive devices market. Due to lockdowns and social distancing measures imposed globally, access to assistive devices and rehabilitation services were disrupted. Many device manufacturers had to temporarily halt their production facilities to adhere to norms. The demand for assistive mobility aids and healthcare monitoring devices initially fell sharply as people postponed or cancelled their device upgrades or purchases. However, as the pandemic progressed, the necessity of assistive devices became more critical for the elderly and disabled population to lead independent lives and curb infection risks. After the initial dip, the market started witnessing steady recovery and growth. With growing awareness about the need of assisting the vulnerable groups, demand for remote patient monitoring systems, telehealth solutions and daily living aids surged significantly post pandemic. To sustain business continuity, companies increased their focus on online sales channels and doorstep service facilities. They also started offering rental options and financing schemes to enhance affordability for customers. Going forward, digitalization of services and remote access to rehabilitation therapies is expected to remain a key trend. Investments in innovations allowing independent living and virus prevention are likely to drive future growth.
In terms of geographical regions, North America accounts for the largest share of the Elderly And Disabled Assistive Devices Market Regional Analysis in terms of value, followed by Europe. This is attributed to factors like high elderly population, technological advancements, presence of major market players and favorable reimbursement policies in countries like United States and Canada. Within North America, United States holds the dominant position, owing to increasing geriatric population, rising chronic disease prevalence and growing acceptance of advanced assistive solutions. On the other hand, Asia Pacific region is projected to witness fastest growth during the forecast period, driven by large patient pool, rising healthcare investments, rising standards of living and growing medical tourism in China and India. Stringent regulations and initiatives to promote accessible infrastructure also support market expansion in Asia Pacific.
The global elderly and disabled assistive devices market offers immense opportunities for companies in terms of innovations, brand building, market penetration via suitable pricing and partnerships. Continuous research and rapid adoption of emerging digital technologies can help strengthen market position globally.
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Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. With an MBA in E-commerce, she has an expertise in SEO-optimized content that resonates with industry professionals. (https://www.linkedin.com/in/ravina-pandya-1a3984191)
