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

According to Precedence Research, the global elderly and disabled assistive devices market size is projected to surpass around US$ 34.18 billion by 2030 and expanding growth at a CAGR of 5% from 2022 to 2030.

Pune, INDIA


Ottawa, May 06, 2022 (GLOBE NEWSWIRE) -- The global elderly and disabled assistive devices market was estimated at US$ 22.07 billion in 2021. The global elderly and disabled assistive devices market is primarily driven by the surging prevalence of disability owing to various diseases and injuries, and the rapidly growing geriatric population across the globe. Various non-communicable diseases such as diabetes, cancer, arthritis, multiple sclerosis, paralysis, cerebral palsy, and stroke are the prominent factors that spurs the demand for the various disabled assistive devices across the globe. The various non-communicable diseases, road traffic accidents, occupational injuries, and violence are some of the major contributors to disability.

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Moreover, the disabilities associated with aging are expected to drive the global market as the global geriatric population is growing at a rapid pace. Moreover, the technological advancements in the disabled assistive devices are offering lucrative growth opportunities to the manufacturers. The shifting focus towards the improvement of ergonomics in the devices is expected to foster the market growth during the forecast period.

Report Highlights

  • Based on the type, the mobility aids segment dominated the market in 2020. This is attributed to the extensive demand for the mobility aids among the elderly and disabled people.. 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. Thus, the rising road traffic accidents are among the major contributors to the demand for the mobility aids across the globe.
  • Based on the end user, the hospitals segment dominated the global market in 2020. This is attributable to the surging number of hospital admissions owing to the rising prevalence of various chronic diseases and diseases related to aging. The demand for the assistive technology for the mobility and daily functioning of the patients in the hospital premises has fostered the growth of this segment.
Report ScopeDetails
Market Size in 2021USD 22.07 Billion
CAGR5% from 2022 to 2030
Revenue Forecast by 2028USD 30.85 Billion
Base Year2021
Forecast Data2022 to 2030
Companies CoveredDrive Medical, GN Resound Group, AI Squared, Invacare, Pride Mobility Products Corporation, Siemens Ltd., Nordic Capital, Sonova Holding AG, Starkey hearing technologies, William Demant Holding A/S

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Regional Snapshot

North America dominated the global elderly and disabled assistive devices market in 2020. The increased prevalence of various non-communicable diseases, presence of huge geriatric population, and increased healthcare expenditure are the major drivers of the North American elderly and disabled assistive devices market. According to the US CDC, there were around 17.6 million adults who faced difficulties in walking a quarter mile and around 38.2 million people had physical functioning difficulty in 2017. Moreover, the geriatric population in US is estimated to reach 95 million by 2050. The presence of several top manufacturers in the region and the rising investments in the adoption of technologically advanced disabled assistive devices have significantly fostered the market growth in North America.

Asia Pacific is estimated to be the most opportunistic market during the forecast period. The presence of huge population, rapidly growing geriatric population, rising prevalence of non-communicable diseases, rising number of road traffic accidents, and rising healthcare expenditure are the most prominent factors that are expected to drive the growth of the Asia Pacific elderly and disabled assistive devices market. According to the WHO, around 93% of the road accidents occur in low and middle income countries. Moreover, around 80% of the global geriatric population will be living in low and middle income countries by 2050. Furthermore, the presence of several large scale manufacturers in countries like China offers disabled assistive devices at affordable prices, which is expected to positively impact the market growth.

Market Dynamics

Driver

Growing disabilities across the globe

The assistive technologies reduce the dependence of the disabled people on others and helps to improve the quality of their life. The global geriatric population is expected to reach 2 billion by 2050, according to the United Nations. Moreover, around 15% of the global population have some form of disabilities. As per the article published in the Assistive Technology Blog, the total number of individuals suffering from dementia is estimated to reach 135.5 million by the year 2050. Therefore, these factors are expected to drive the growth of the global elderly and disabled assistive devices market during the forecast period.

Restraint

High costs of the disabled assistive devices

The costs of the elderly and disabled assistive devices are high. The low affordability of the consumers especially in the developing and underdeveloped nations may hinder the growth of the market during the forecast period.

Opportunity

Adoption of advanced technologies

The manufacturers are investing heavily in the integration of advanced technologies in the assistive devices to offer utmost conveniences and improved quality of life to the customers. The technological advancements in the mobility assistive devices is expected to present a lucrative growth opportunity to the market players.

Challenge

Low access to the disabled assistive devices

There is a lack of access to the assistive technologies in the underdeveloped and developing nations. It is estimated that only 5% to 15% of the population in the low and middle income countries who needs assistive technologies, have access to the assistive technologies. Therefore, the lack of access to these technologies is a major factor that may restrict the market growth.

Market Segmentation

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)

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