Disabled and Elderly Assistive Technologies Market
Number of pages: 100 | Report Format: PDF | Published date: May 01, 2023
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023-2031
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Report Attribute |
Details |
|
Market Size Value in 2022 |
US$ 23.12 billion |
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Revenue Forecast in 2031 |
US$ 35.27 billion |
|
CAGR |
4.8% |
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Base Year for Estimation |
2022 |
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Forecast Period |
2023 to 2031 |
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Historical Year |
2021 |
|
Segments Covered |
Product Type, Application, End User, And Region |
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Regional Scope |
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
According to the deep-dive market assessment study by Growth Plus Reports, the global disabled and elderly assistive technologies market was valued at US$ 23.12 billion in 2022 and is expected to register a revenue CAGR of 4.8% to reach US$ 35.27 billion by 2031.
Disabled and Elderly Assistive Technologies Market Fundamentals
The disabled and elderly assistive technologies refer to the market for products and services designed to assist individuals with physical or cognitive disabilities or limitations that come with aging. These technologies can help people to perform daily activities, maintain independence, and improve their overall quality of life. The global disabled and elderly assistive technologies market growth is stable, contributed by factors such as an aging population, a large pool of individuals with disabilities, and advances in technology. The industry includes a wide range of products and services, including mobility aids, hearing aids, vision aids, communication devices, home automation systems, and healthcare monitoring systems. The major names in the disabled and elderly assistive technologies market are Invacare Corporation, Drive DeVilbiss Healthcare, Sonova Holding AG, and GN Store Nord A/S. These companies offer a variety of products and services designed to help individuals with disabilities or limitations to live more independently and improve their quality of life. Overall, the disabled and elderly assistive technologies market trends shall remain the same in the coming years as the population ages and the demand for these products and services continues. This presents opportunities for companies in the healthcare and technology industries to develop innovative solutions to meet the needs of this growing market.
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Disabled and Elderly Assistive Technologies Market Dynamics
The global disabled and elderly assistive technologies market growth is anticipated to be primarily driven by the constantly expanding geriatric population around the world and the rising disabilities caused by various diseases and ageing. Due to the attractive market potential, there is an increasing number of manufacturers in the industry for assistive devices for the elderly and disabled. Mobility scooters, hearing aids, wheelchairs, vision and reading aids and toilet safety equipment are just a few of the aged and disabled assistive products that are in high demand. These equipment help the user in their daily activities such as walking, reading, listening, and bathing. The growing focus of the manufacturers in the development of disabled assistive devices using the latest technologies and rising investments towards improving the ergonomics of the devices are the major factors that are expected to drive the growth of the global disabled and elderly assistive devices. The United Nations projects that by 2050, there will be 2 billion elderly people worldwide. The population now lives longer thanks to better access to cutting-edge medical facilities. Everyone will become temporarily or permanently incapacitated at some point in their lives, according to the World Health Organization (WHO), and those who survive old age are likely to experience functional difficulties. The WHO estimates that 15% of the world's population has some kind of handicap and that 2% to 4% of those people struggle exponentially to carry out daily tasks. One of the main factors affecting disability is the rising prevalence of numerous chronic diseases like cancer, diabetes, arthritis, and cardiovascular disorders. Moreover, road traffic accidents, occupational injuries, falls, conflicts, and violence are some of the tops recognized contributors to the number of disabilities. Therefore, the rising prevalence of disabilities across the globe owing to the reasons is expected to drive the growth of the global disabled and elderly assistive technologies market.
However, the market growth is constrained by the high price of a select few high-end items, the limited level of market adoption of these products in emerging markets, and the poor reimbursement from health insurance.
Disabled and Elderly Assistive Technologies Market Ecosystem
The global disabled and elderly assistive technologies market is analyzed from following perspectives: product type, application, end user, and region.
Disabled and Elderly Assistive Technologies Market by Product Type
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Based on the product type, the global disabled and elderly assistive technologies market is segmented into mobility assistive aids, bathroom safety and assistive products, assistive furniture, and communication aids. The mobility assistive aids segment is further segmented into wheelchairs, mobility scooters, crutches and canes, walkers and rollators, patient mechanical lift handling, and others.
The mobility assistive aids segment accounts for the largest portion of the global disabled and elderly assistive devices market share. The demand for mobility aids has increased globally due to the rising number of disabilities brought on by various diseases and the aging population. The increasing investments by market participants' in incorporating technology developments in the products have also significantly fueled this segment's growth. The development of mobility aids devices is also being fueled by the increase in traffic accidents and the resulting disability. The WHO estimates that between 20 and 50 million more people experience non-fatal injuries because of traffic accidents, and these injuries lead to disability. These elements contributed to this segment's historical dominance.
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 geriatric population. The surging design advancements have encouraged the development of various advanced assistive devices that eases the daily functioning of the disabled people.
Disabled and Elderly Assistive Technologies Market by End User
Based on the end users, the global disabled and elderly assistive technologies market is segmented into hospitals, home care, elderly nursing homes, and others.
The hospitals segment dominated the global disabled and elderly assistive technologies market. This is due to a rise in traffic accidents and hospital admissions for the treatment of multiple sclerosis, cerebral palsy, paralysis, stroke, and other illnesses. The market for assistive devices for the aged and disabled is growing primarily as a result of these diseases. The enormous demand for wheelchairs and other mobility equipment for patient mobility inside hospitals has also propelled the expansion of this market.
On the other hand, the homecare segment is projected to grow at a high revenue CAGR during the forecast period. The growth of this market is being driven by the increasing use of home assistive devices for the disabled. Additionally, aging-related disabilities that are permanent and several additional variables are fueling market expansion. The segment's growth is being boosted by rising healthcare costs and growing public knowledge of the availability of numerous cutting-edge equipment.
Disabled and Elderly Assistive Technologies Market by Region
Geographically, the global disabled and elderly assistive technologies market has been segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
North America accounts for the largest revenue share in the global disabled and elderly assistive technologies market. This phenomenon is brought about by improvements in technology, an increase in disposable income, an increase in the number of elderly people, and the presence of market participants in the area. Favorable reimbursement policies and expanding healthcare infrastructure are two major drivers of the North America disabled and elderly assistive technologies market growth. Consumers in North America are becoming more and more mindful of the elderly and assistive technology for the disabled. The region's market is also being driven by governments' increasing marketing of these devices, as well as the appropriate grants and subsidies offered to the disabled and elderly so they can acquire assistive equipment. Invacare Corporation, Sunrise Medical LLC, and Permobil AB are just a few of the market's top competitors.
The Asia Pacific disabled and elderly assistive technologies market trends are notable due to the increasing aging population and the need for better quality of life for people with disabilities. The market includes a wide range of products and services designed to assist people with various disabilities and health conditions. The United Nations estimates that about 80% of the world's elderly people will reside in low- and middle-income nations. Additionally, according to the WHO, 93% of all traffic accidents worldwide take place in low- and middle-income nations. The market growth in the Asia Pacific area is being driven by the expanding use of advanced healthcare systems and the growing accessibility to such treatment. The Asia Pacific market for aged and disabled assistive devices is expanding as a result of the accessibility of disabled assistive devices and rising healthcare costs. Japan is the largest market for disabled and elderly assistive technologies in Asia Pacific, followed by China and South Korea. The market is highly competitive, with several leading players such as Panasonic Corporation, Ottobock, and Permobil AB. The market is expected to continue to grow in the coming years, driven by determinants such as the increasing prevalence of chronic diseases, technological advancements, and the rising demand for home healthcare.
Disabled and Elderly Assistive Technologies Market Competitive Landscape
The prominent players operating in the global disabled and elderly assistive technologies market are: -
Disabled and Elderly Assistive Technologies Market Strategic Developments
The estimated market size of the global disabled and elderly assistive technologies market in 2031 is US$ 35.27 billion.
The revenue CAGR for the disabled and elderly assistive technologies market is 4.8% during the forecast period.
Blue Chip Medical Products, Exact Dynamics B.V., Permobil AB, Whirlpool Corporation, Medline Industries, Inc., and Bausch + Lomb are some of the major key players in the Disabled and Elderly Assistive Technologies market.
Asia Pacific region is projected to grow at high revenue CAGR in the global disabled and elderly assistive technologies market.
In many regions, the infrastructure necessary to support assistive technologies is lacking. For example, wheelchair users may not be able to access certain buildings or public transportation due to physical barriers, limiting the usefulness of assistive technologies.
*Insights on financial performance are subject to the availability of information in the public domain