Elderly and disabled assistive devices are medical equipment intended to assist persons with disabilities, the elderly, and those affected with various physical or cognitive disabilities. This includes mobility aids like wheelchairs, walkers, and crutches that improve mobility and independence for people with disabilities or limited physical functions.
The global Elderly and Disabled Assistive Devices Market is estimated to be valued at US$ 27.77 billion in 2023 and is expected to exhibit a CAGR of 5.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Growing demand for mobility aids
The key trend propelling the growth of the elderly and disabled assistive devices market is the growing demand for mobility aids around the world. Mobility issues are very common among elderly people due to age-related decline and various medical conditions. Disabled people also often require mobility assistance devices to enhance their physical function.Wheelchairs, walkers, canes and other mobility devices help improve independent mobility and daily functioning for people facing limitations. As a result, there is rising adoption of assistive products like wheelchairs, walkers and crutches globally which is fueling the market growth over the forecast period.
SWOT Analysis
Strength: Elderly population is growing globally which increases demand for assistive devices. Assistive devices help elderly live independently and improve their quality of life.
Weakness: High costs of sophisticated assistive devices limit access for some customers. Lack of awareness about available assistive technologies in some markets.
Opportunity: Rapid technological advancements enable development of more effective and affordable assistive solutions. Growing health and homecare industry presents opportunities.
Threats: Low reimbursement policies pose challenge for customers. Stringent regulations delay product launches.
Key Takeaways
The global Elderly and Disabled Assistive Devices Market is expected to witness high growth. The global Elderly and Disabled Assistive Devices Market is estimated to be valued at US$ 27.77 billion in 2023 and is expected to exhibit a CAGR of 5.2% over the forecast period 2023 to 2030.
The Asia Pacific region is expected to grow at the fastest pace during the forecast period owing to rapidly growing geriatric population, increasing healthcare expenditure, and improving standards of living in emerging economies. North America currently dominates the market followed by Europe.
Key players related content comprises
Key players operating in the Elderly and Disabled Assistive Devices are Sonova Holding AG, Bausch & Lomb, Inc., Permobil AB, Siemens Healthcare, Freedom Scientific, Inc. Sonova Holding AG is a leading player focused on developing innovative hearing care solutions. Bausch & Lomb, Inc. offers vision care products. Permobil AB provides advanced seating and positioning solutions. Siemens Healthcare provides diagnostic imaging solutions. Freedom Scientific, Inc. offers assistive technologies for low vision.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it