The elderly and disabled assistive devices market comprises medical equipment that aids the elderly population and people with disabilities in performing daily tasks such as mobility, hearing, vision, and others. Mobility devices include wheelchairs, mobility scooters, walkers, and canes. Hearing aids help the hearing impaired population in enhancing their hearing abilities. Low-vision assistive products assist people with vision impairments and blindness. Advancements in artificial intelligence are enabling assistive devices to be smarter and more efficient.
The global elderly and disabled assistive devices market is estimated to be valued at US$ 27.77 Bn in 2024 and is expected to exhibit a CAGR of 5.2% over the forecast period 2023 to 2030.
Key Takeaways
Key players operating in the elderly and disabled assistive devices are Sonova Holding AG, Bausch & Lomb, Inc., Permobil AB, Siemens Healthcare, Freedom Scientific, Inc.
The rapid growth of the geriatric population worldwide presents lucrative opportunities for players in the elderly and disabled assistive devices market. Also, the increasing disposable income and improving healthcare infrastructure in developing economies will contribute to market growth.
Advancements in artificial intelligence are enabling assistive devices like hearing aids, mobility devices, vision aids to be smarter. AI-powered technologies allow devices to adapt according to the user’s needs and environmental conditions. This improves the efficiency and user-experience.
Market drivers
One of the key drivers for the elderly and disabled assistive devices market is the increasing geriatric population globally. As per the UN’s World Population Ageing Report, the number of people aged 65 years or above is projected to reach 1.5 billion by 2050 from 727 million in 2020. The growth in the aging population will significantly drive the demand for various assistive devices in the coming years.
Additionally, emerging technologies supporting automation and artificial intelligence in assistive devices are also fueling the market growth. AI-powered devices can understand user behavior and adapt functions accordingly, enhancing engagement and accessibility. Device makers are investing in AI, IoT, and nano technologies which is set to revolutionize the assistive devices industry.
Current Challenges in Elderly and Disabled Assistive Devices Market
The elderly and disabled assistive devices market faces some key challenges. For one, healthcare costs are rising globally due to aging populations and increasing chronic diseases. This puts pressure on governments and private insurers to control expenditures. Reimbursement policies thus play a major role in dictating market growth. However, coverage and compensation often vary considerably between countries and regions. Secondly, assistive devices can sometimes be perceived as limiting independence. Improving design, ergonomics and integration of new technologies will help overcome such perceptions and boost adoption. Lastly, lack of awareness remains an issue in developing parts of the world. More education programs are needed to highlight the benefits assistive solutions offer in improving quality of life.
SWOT Analysis
Strength: The market offers solutions for mobility, hearing, vision and cognitive impairments affecting a huge patient base. This ensures long-term growth prospects.
Weakness: High costs of advanced devices hamper volume sales in price-sensitive areas. Lack of standardized regulations also poses challenges.
Opportunity: Rising healthcare investments, fast ageing and growing disability rates in emerging nations present major opportunities. Integration of AI, robotics, sensors also allows for innovating effective next-gen products.
Threats: Economic slowdowns, difficulties in obtaining regulatory clearances and strong competition characterize threats to the industry.
Geographical Regions
In terms of value, North America remains the dominant regional market for elderly and disabled assistive devices. This is due to advanced healthcare infrastructure, rising senior population and favourable reimbursement policies in countries like the US and Canada. Europe is another major revenue generator supported by government backing for assistive technologies. However, Asia Pacific is emerging as the fastest growing regional market with China and India experiencing rapid uptake. This growth reflects improving access and provisions even in rural healthcare settings of developing Asian countries.
The fastest growing region for the elderly and disabled assistive devices market is Asia Pacific. This is driven by factors like rapidly ageing societies, rising affluence, increased healthcare spending and government emphasis on universal access to care in emerging Asian nations. The population of elderly individuals is poised to nearly double in China, India and other Southeast Asian countries by 2030 versus 2020 levels. As disabilities associated with older age also rise, demand for quality assistive products will surge exponentially in the Asia Pacific region over the forecast period.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
