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Global Disabled and Elderly Assistive Devices Market Size, Share, Growth, Industry Trends and Forecast 2020-2030
The market size of the Global Disabled And Elderly Devices Market is anticipated to grow from USD 24308.1 million in 2020 to USD 41916.938 million by 2030, at a CAGR of 5.6% approx., during the forecast period.The disabled and elderly devices are those devices which are utilized by the population that are not self-dependent. These devices offer great help in conducting day to day activities of their life, hence making their life comfortable. The various activities include listening, moving, reading, and many others where the disabled and elderly assistive devices are used. The various techniques enabled in these devices support elderly and disabled people in enhancing their quality of life, improve health results, provide independent living alternatives, and reduce healthcare expenses. The growing geriatric population across the globe is the major factor contributing to the growth of the market. Since, old age comes with some form of disability, it assists the growth of both disabled and elderly devices in the market.
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Market Dynamics and Factors:
The growing geriatric and disabled population, high disposable income of baby boomers, rising health consciousness among elderly people, and rising government initiatives towards healthcare are some major factors driving the growth of the disabled and elderly assistive devices market. According to WHO, only 5 to 15% of the population in low and mid-level income nations, who are in need of disabled and elderly assistive devices have access to them. Some of the initiatives taken by WHO are – organizing regional and country workshops; creating a database on availability of appropriate assistive devices & technologies; developing normative guidelines; and providing assistance for developing national policies on assistive devices & technologies. In addition to that, rising trend of an independent lifestyle, more investment in R&D activities regarding assistive technology by existing manufacturers are other factors that would boost the market growth in the coming years. However, there are certain restraining factors hampering the growth of the market. High cost of some sophisticated products, low level of acceptance for few products, and low medical reimbursement are some of them. According to the U.S Census Bureau, the global geriatric population is expected to increase from 8.5% to 12% of the global population by 2030. This is a major factor that will propel the market growth of the disabled and elderly assistive devices market in the future.
Market Segmentation:
Global Disabled and Elderly Assistive Devices Market – By Type
Living Aids
Mobility Assistive Devices
Bathroom Safety Equipment
Medical Furniture
Global Disabled and Elderly Assistive Devices Market – By Application
Elderly
Disabled
Global Disabled and Elderly Assistive Devices Market – By Geography
North America
U.S.
Canada
Mexico
Europe
U.K.
France
Germany
Italy
Rest of Europe
Asia-Pacific
Japan
China
India
Australia
Rest of Asia Pacific
ROW
Latin America
Middle East
Africa
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Geographic Analysis:
North America is expected to dominate the global disabled & elderly assistive devices market during the forecast period in terms of market share, followed by Europe. Technological advancements, robust distribution channels, rise in geriatric population, government initiatives towards safety of elderly people are major factors attributing to this market growth there. Asia Pacific region is expected to register the highest growth rate during the forecast timeframe. The various factors attributing to this market growth are improvements in healthcare infrastructure, increasing healthcare expenditure, rising medical tourism, and the growing awareness among people towards the availability and usage of assistive devices. Latin America and Middle East & Africa are expected to show moderate growth rate during the forecast period. High burden of chronic diseases, growing geriatric population, and increased government funding are key factors expected to fuel the market growth of disabled and elderly assistive devices market there.
Competitive Scenario:
The major players operating in global disabled & elderly assistive devices market are –
Sonova Holding AG, AI Squared, Drive Medical, GN Resound Group, Invacare Corporation, Nordic Capital, Pride Mobility Products Corporation, Siemens AG, Starkey Hearing Technologies, William Demant Holding A/S.
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How will this Market Intelligence Report Benefit You?
The report offers statistical data in terms of value (US$) as well as Volume (units) till 2030.
Exclusive insight into the key trends affecting the Global Disabled and Elderly Assistive Devices industry, although key threats, opportunities and disruptive technologies that could shape the Global Disabled and Elderly Assistive Devices Market supply and demand.
The report tracks the leading market players that will shape and impact the Global Disabled and Elderly Assistive Devices Market most.
The data analysis present in the Global Disabled and Elderly Assistive Devices Market report is based on the combination of both primary and secondary resources.
The report helps you to understand the real effects of key market drivers or retainers on Global Disabled and Elderly Assistive Devices Market business.
The 2021 Annual Global Disabled and Elderly Assistive Devices Market offers:
100+ charts exploring and analysing the Global Disabled and Elderly Assistive Devices Market from critical angles including retail forecasts, consumer demand, production and more
15+ profiles of top producing states, with highlights of market conditions and retail trends
Regulatory outlook, best practices, and future considerations for manufacturers and industry players seeking to meet consumer demand
Benchmark wholesale prices, market position, plus prices for raw materials involved in Global Disabled and Elderly Assistive Devices Market type
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Decision Foresight is a market research organization known for its reliable and genuine content, market estimation and the best analysis which is designed to deliver state-of-the-art quality syndicate reports to our customers. Apart from syndicate reports, you will find the best market insights, strategies that will help in taking better business decisions on subjects that may require you to develop and grow your business-like health, science, technology and many more. At Decision Foresight, we truly believe in disseminating the right piece of knowledge to a large section of the audience and cover the in-depth insights of market leaders across various verticals and horizontals.
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