June 16, 2024

Elderly and Disabled Assistive Devices Market Poised to Grow Due to Advancements in Robotics and AI

The elderly and disabled assistive devices market comprises products such as mobility devices, hearing aids, and vision assistive equipment that help enhance the mobility and independence of elderly and disabled individuals. Mobility devices include walkers, wheelchairs, canes and crutches that support impaired movement. Hearing aids assist those with hearing loss, while vision assistive devices such as magnifiers, Braille displays and note-taking devices support the visually impaired. The growing aging population worldwide along with the rise in obesity and health issues requiring physical assistance have increased demand for such products.

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 market provides huge opportunities for growth through the integration of AI and robotics in assistive devices. Devices can be made smarter and provide real-time assistance through advanced technologies.

Technological advancements in areas such as exoskeletons, intelligent prosthetics, brain-computer interfaces and smart home automation are improving the mobility and independence of elderly and disabled populations.

Market drivers
The key driver for the elderly and disabled assistive devices market is the rapidly growing elderly population globally. Advances in healthcare have increased life expectancy while declining birth rates are driving up the average age. It is estimated that the number of people over 60 years will exceed the number of children by 2050. This upward trend will bolster demand for assistive products. Rising incidence of chronic diseases such as diabetes, obesity and accidents resulting in physical impairment also fuel the need for support devices. Growing health awareness and higher spending on healthcare also support market growth.

Current Challenges in Elderly and Disabled Assistive Devices Market
The elderly and disabled assistive devices market faces a few significant challenges currently. Firstly, the higher costs of technologically advanced assistive devices pose a major constraint for many users, especially in developing regions where healthcare budgets are limited. Secondly, lack of proper awareness among the target population regarding the various assistive solutions available continues to hamper full potential of this industry. Many elderly or disabled people are simply not aware of how devices like mobility aids or communication aids can help improve their quality of life. Lastly, in certain countries, inadequate insurance coverage or reimbursement policies result in out-of-pocket expenses that make such devices unaffordable for large sections. Overcoming these challenges would be critical for driving further growth in the market.

SWOT Analysis
Strength: The growing elderly population globally and the rising healthcare expenditure present a massive customer base and spending power. Weakness: Higher costs of advanced devices constrain demand especially in poorer regions. Opportunity: Rapid technology advancement enabling miniaturization and connectivity expanding the scope of assistive devices. Threats: Changing insurance rules and limited awareness remain formidable barriers in developing markets.

Geographical Regions
North America currently dominates the elderly and disabled assistive devices market in terms of value as countries like the US and Canada have a significantly high elderly population base as well as strong insurance and reimbursement structures that facilitate higher device adoption. However, Asia Pacific is emerging as the fastest growing regional market owing to factors such as rapidly aging demographics in nations such as China and India coupled with improving awareness levels and income growth in these developing economies.

Fastest Growing Region
Asia Pacific is poised to be the fastest growing region for the elderly and disabled assistive devices market over the forecast period from 2023 to 2030. This can be attributed to several factors. The rising life expectancy and declining fertility rates are leading to a surge in the geriatric population in Asia Pacific countries. Simultaneously, improving access to healthcare along with favorable government policies is facilitating higher acceptance of assistive devices. Furthermore, manufacturers are focusing on developing low-cost solutions tailored for Asia’s value-conscious customers, which will aid the region’s market expansion.

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  1. Source: Coherent Market Insights, Public sources, Desk research
  2. We have leveraged AI tools to mine information and compile it