The global elderly and disabled assistive devices market comprises of various medical devices such as mobility devices, bathroom safety devices, and monitoring devices that assist elderly and disabled population with reduced mobility to lead an independent lifestyle. The demand for assistive devices is rising owing to growing geriatric population globally susceptible to disabilities. The devices help improve quality of life and allow independent living. The Global elderly and disabled assistive devices market is estimated to be valued at US$ 27.77 Billion 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. Key players are focusing on developing innovative devices to capture market share. Rising prevalence of disabilities due to age, accident or disease has created lucrative growth opportunities for assistive devices in home care settings and nursing homes. With growing geriatric population globally, there is potential for assistive devices market to witness expansion internationally in regions with high number of elderly population such as North America, Europe and Asia Pacific.
Market drivers
The key driver for the elderly and disabled assistive devices market is the rapid growth of the worldwide elderly population susceptible to age-related disabilities. As per United Nations Population Fund (UNFPA), the number of people aged 60 years and above is expected to reach 2.1 billion by 2050 from 900 million in 2015. This is promoting the demand for assistive devices making daily activities easier. Mobility and disabilities makes elderly dependent increasing the adoption of assistive devices. Better access and awareness among patients regarding availability of assistive devices for independent living are propelling the market growth. Rising healthcare expenditure in emerging nations also contributes to market growth of such devices.
PEST Analysis
Political: Changes in government regulations and directives regarding medical devices and nursing assistance will impact the demand for devices. Regulations for safety and pricing will influence industry players.
Economic: Rising healthcare expenditures on assisted living, aging population and increased medical insurance coverage are positively impacting market revenues. However, economic slowdowns can impact discretionary spending on such devices.
Social: Issues like social stigma around disability and acceptance of external assistance are reducing. Also growing adoption of independent living is boosting adoption of assistive technologies for mobility, hearing and vision.
Technological: Technology advancements are enabling development of smart and connected devices with AI integration. Wearables and remote health monitoring solutions are becoming popular. Miniaturization of devices is improving portability.
Geographical Regions with High Concentration
North America dominates the global market and holds around 40% share, led by United States. This can be attributed to factors like high per capita healthcare spending, faster adoption of new technologies, growing elderly population and stringent regulations regarding assisted medical devices.
Fastest Growing Regional Market
Asia Pacific is expected to witness fastest growth during the forecast period. This growth can be credited to rising geriatric population, increasing healthcare expenditures, growing medical tourism and rise of private insurance market in the region particularly in emerging economies like China and India. Favorable regulations are also encouraging global industry players to expand in Asia Pacific.
