The global Elderly and Disabled Assistive Devices market is estimated to be valued at US$ 22.07 billion in 2021 and is expected to exhibit a CAGR of 5% over the forecast period, as highlighted in a new report published by Coherent Market Insights.
- A) Market Overview:
Elderly and disabled assistive devices are products designed to assist individuals with disabilities or seniors to perform daily activities independently. These devices include mobility aids, hearing aids, vision and reading aids, communication devices, and others. These devices provide increased mobility, improved communication, and better quality of life for the elderly and disabled individuals.
- B) Market Key Trends:
One key trend in the global Elderly and Disabled Assistive Devices market is the rising aging population. The world’s population is rapidly aging, with the number of individuals aged 60 years and above projected to reach 2.1 billion by 2050. This demographic shift is driving the demand for assistive devices as older adults seek products that help them maintain their independence and enhance their quality of life.
For example, the demand for mobility aids such as walkers, wheelchairs, and scooters is increasing as seniors strive to remain active and mobile. Similarly, hearing aids and vision aids are in high demand among older adults with age-related hearing loss and visual impairments. The market is also witnessing a rise in the adoption of communication devices such as speech recognition software and assistive technology apps that enable seniors with disabilities to communicate effectively.
- C) PEST Analysis:
- Political: Governments worldwide are implementing policies to promote the use of assistive devices for the elderly and disabled population. These policies aim to improve accessibility and support independent living for individuals with disabilities.
- Economic: The growing healthcare expenditure and increasing disposable income are driving the demand for elderly and disabled assistive devices.
- Social: The societal shift towards inclusive and accessible environments is creating a market for assistive devices that cater to the needs of the elderly and disabled population.
- Technological: Advancements in technology are revolutionizing the assistive devices market. Innovations such as artificial intelligence, IoT, and wearable devices are enhancing the functionality and appeal of assistive products.
- D) Key Takeaways:
- The global Elderly and Disabled Assistive Devices Market is expected to witness high growth, exhibiting a CAGR of 5% over the forecast period, due to the increasing aging population and their rising demand for assistive devices.
- North America is expected to dominate the market, owing to the presence of advanced healthcare infrastructure, high healthcare spending, and government initiatives to support the elderly and disabled population.
- Key players operating in the global Elderly and Disabled Assistive Devices market include Sunrise Medical LLC, GN ReSound Group, Sonova Holding AG, Starkey Hearing Technologies, and William Demant Holding A/S.
In conclusion, the global Elderly and Disabled Assistive Devices market is poised to experience significant growth due to the rising aging population. The demand for assistive devices that enhance mobility, communication, and overall quality of life for the elderly and disabled individuals is driving market expansion. Governments’ support, economic factors, societal change, and technological advancements further contribute to the market’s growth. North America is expected to be at the forefront of this industry, with key players playing a crucial role in meeting the rising demand for assistive devices.