The elderly and disabled assistive devices global market report 2024from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Elderly And Disabled Assistive Devices Market, 2024The elderly and disabled assistive devices global market report 2024
Market Size –
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 in the historic period can be attributed to increasing chronic health conditions, increasing the life expectancy of the people, increasing the number of road accidents, rising geriatric population, and the rising 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 in the forecast period can be attributed to increase in demand for assistive devices, rising number of hospital admissions for treatment, increasing healthcare expenditure, rise in the prevalence of mobility, and increasing demand for home care services. Major trends in the forecast period include integration with smart technologies, innovations with communications devices, advanced assistive devices, smart home devices, and innovations in wearable technology.
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Scope Of Elderly And Disabled Assistive Devices Market
The Business Research Company’s reports encompass a wide range of information, including:
- Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
- Drivers: Examination of the key factors propelling market growth.
- Trends: Identification of emerging trends and patterns shaping the market landscape.
- Key Segments: Breakdown of the market into its primary segments and their respective performance.
- Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
- Macro Economic Factors: Assessment of broader economic elements impacting the market.
Elderly And Disabled Assistive Devices Market Overview
Market Drivers –
The increasing number of people with disabilities is expected to contribute to the growth of the elderly and disabled assistive devices market. Disabilities can impair a person’s ability to perform everyday tasks or access essential resources, and this rise in disabilities is attributed to an aging population, chronic health conditions, and genetic factors. Assistive devices for elderly and disabled individuals not only enhance independence and quality of life but also reduce healthcare costs. In fact, according to an October 2021 report by PLOS, the number of people with disabilities in the U.S. is expected to rise by 60 million between 2020 and 2050. As a result, this growing number of disabilities will continue to drive the assistive devices market in 2023 and through 2024 and beyond.
Market Trends –
Major companies operating in the elderly and disabled assistive devices market are collaborating to develop integrated solutions that enhance users’ mobility, independence, and quality of life. The strategic partnerships facilitate the development of innovative solutions that address the complex needs of elderly and disabled individuals, leading to more effective, accessible, and user-friendly products. For instance, in July 2023, University College London (UCL), a UK-based University, and the Indian Institute of Technology, an India-based organization, partnered to drive disability innovation through assistive technology, represents a significant effort to enhance the quality of life for individuals with disabilities. This initiative focuses on leveraging advanced technologies and innovative solutions to address the unique challenges disabled individuals face, particularly in India. Furthermore, in January 2024, The Central government of India collaborated with All India Institute of Medical Sciences (AIIMS), an India-based university aimed at providing assistive devices for individuals with disabilities. This initiative is part of the government’s commitment to enhance the quality of life for persons with disabilities by ensuring access to necessary aids and appliances.
The elderly and disabled assistive devices market covered in this report is segmented –
1) By Device Types: Medical Mobility Aids And Ambulatory Devices, Medical Furniture And Bathroom Safety Products, Hearing Aids, Vision And Reading Aids
2) By Distribution Channel: Online Channels, Offline Channels
3) By End-User: Hospitals, Homecare Settings, Nursing Homes, Assisted Living Facilities, Other End-Users
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Regional Insights –
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.
Key Companies –
Major companies in the 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.
Table of Contents
- Executive Summary
- Elderly And Disabled Assistive Devices Market Characteristics
- Elderly And Disabled Assistive Devices Market Trends And Strategies
- Elderly And Disabled Assistive Devices Market – Macro Economic Scenario
- Global Elderly And Disabled Assistive Devices Market Size and Growth
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- Key Mergers And Acquisitions In The Elderly And Disabled Assistive Devices Market
- Elderly And Disabled Assistive Devices Market Future Outlook and Potential Analysis
- Appendix
List Of Tables:
Table 1: Global Historic Market Growth, 2018-2023, $ Billion
Table 2: Global Forecast Market Growth, 2023-2028F, 2033F, $ Billion
Table 3: Global Elderly And Disabled Assistive Devices Market, Segmentation By Device Types, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 4: Global Elderly And Disabled Assistive Devices Market, Segmentation By Distribution Channel, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 5: Global Elderly And Disabled Assistive Devices Market, Segmentation By End-User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
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Table 74: Siemens AG Financial Performance
Table 75: Bausch And Lomb Inc. Financial Performance
Table 76: Sonova Holding AG Financial Performance
Table 77: William Demant Holding A/S Financial Performance
Table 78: Starkey Hearing Technologies Limited Financial Performance
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