Rise in number of elderly people suffering from chronic conditions to drive the elderly care devices market in the forecast period, 2024-2028.
According to TechSci Research report, “Elderly Care Devices Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028”, the global elderly care devices market is anticipated to grow at a significant rate in the forecast period, 2024-2028. The rising number of government initiatives to provide better care and assistive products for elders are facilitating the growth of the market. Initiative such as workshops, meetings and seminars are organized on regional, and national level. Also, the increasing adoption of inorganic strategic growth such as partnerships, mergers and acquisitions are strengthening the growth of the elderly care devices market, globally. For instance, in 2021, Age Care Labs, the platform which enables to build, buy and invest into businesses in elder care, declared acquisition of Epoch Elder Care, a provider of dementia care and assisted living homes for seniors.
However, the limited infrastructural facilities, high cost associated with the elder care products, and less tech-savvy elders may hamper the growth of the global elderly care devices market.
Browse over XX market data Figures spread through 110 Pages and an in-depth TOC on “Global Elderly Care Devices Market“
The global elderly care devices market is segmented into product, end user, and company.
Based on product, the market is divided into mobility assistance aids, assistive furniture, bathroom safety & assistive products, and communication aids. Based on mobility assistance aids, the market is further divided into wheelchairs, mobility scooters, crutches and cranes, patient mechanical lift handling, walkers and rollators, and others. Wheelchairs segment is further subdivided into manual wheelchairs, and powered wheelchairs. Assistive furniture is further subdivided into medical beds, riser reclining chairs, door openers, and others. Bathroom safety & assistive products is further subdivided into bars, grips, and rails, commode chairs, ostomy equipment, and shower chairs. Communication aids is further subdivided into hearing aids, vision & reading aids, and speech & writing therapy devices. Hearing aids is further subdivided into receiver-in-the-ear (RITE) aids, canal hearing aids, cochlear implants, behind-the-ear (BTE) aids, bone anchored hearing aids (BAHA), and in-the-ear (ITE) aids. Vision & reading aids is further subdivided into reading machines, braille translators, video magnifiers, and others. The mobility assistance aids segment is expected to hold the largest market share. This is attributed to the growing number of disabilities, rising various diseases, and surging aging population.
Based on end user, the market is divided into hospitals, elderly nursing homes, assistive living facilities, homecare, and others. The hospital segment is anticipated to grow during the forecast period. This is attributed to the growing number of hospital admissions for the treatment of numerous diseases such as cerebral palsy, paralysis, heart stroke, among others.
Major companies operating in global elderly care devices market are:
- Sonova Holding AG
- William Demant Holding A/S.
- GN Resound Group
- Koninklijke Philips N.V.
- Medtronic Plc.
- OttoBock Healthcare GmbH
- Investor AB (Permobil AB)
- Stryker Corporation
- Invacare Corporation
- Getinge AB (Arjo)
- Medical Depot, Inc.
- Prism Medical UK
- Etac AB
- Handicare Group AB
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“North America dominates the market in 2022 and is expected to maintain its dominance in the coming years due to the increased awareness regarding various advanced devices and presence of prominent market player. The surge in medical complications such as neurological, orthopedic and others, growing adoption of advanced medical devices, and established healthcare infrastructure in the region are another key factor. Also, favorable reimbursement policies in the region is expected to propel the global elderly care devices market growth till 2028” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Elderly Care Devices Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028, Segmented By Product (Mobility Assistance Aids, Assistive Furniture, Bathroom Safety & Assistive Products, Communication Aids), By End User (Hospitals, Elderly Nursing Homes, Assistive Living Facilities, Homecare, Others), By Region and Competition”, has evaluated the future growth potential of global elderly care devices market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in global elderly care devices market.
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