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The elderly and disabled assistive devices market involves various products that enhance independence and mobility for elderly and disabled individuals. This includes mobility aids like wheelchairs, walkers, and scooters as well as personal emergency response systems, medical furniture, and lifting equipment. The growing geriatric population prone to limited mobility and loss of independence due to age-related disabilities has boosted demand for such devices. Additionally, assistive technologies centered around robotics are gaining prominence. Medical robots aid healthcare through autonomous assistance, remote surgery, rehabilitation and recovery. 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 major players are focusing on new product launches and strategic collaborations to gain a competitive edge in the market.
The market provides significant opportunities due to rising geriatric population, greater emphasis on home healthcare, and the growing need for independent living among the elderly and disabled. Technological advancements centered around artificial intelligence, robotics, and 3D printing are aiding new product development in the market.
Medical robots use the latest advancements in robotics and AI to assist healthcare providers with enhanced accuracy, mobility, dexterity, and experience. They are being developed for a variety applications like rehabilitation therapy, surgery, disinfection and more. This is expected to further drive the elderly and disabled assistive devices market during the forecast period.
Market Drivers
The growth of the global elderly and disabled assistive devices market can be attributed to the rising geriatric population worldwide coupled with the increasing incidence of disabilities due to chronic diseases or accidents. Moreover, the availability of medical reimbursement for such devices in developed nations and the growing funding for development of innovative assisted technologies will further aid the market growth over the next few years.
Current Challenges in Elderly and Disabled Assistive Devices Market
With growing elderly population globally and rising cases of disability, the demand for assistive devices is rising rapidly. However, there are certain challenges currently prevailing in this industry. High costs of electronic and technologically advanced assistive devices is one of the major barriers restricting their adoption. The costs include not just the purchase price but also maintenance, repairs and battery replacements which increases the overall ownership costs. Additionally, limited medical reimbursements for such devices further add to the financial burdens. Another challenge is the lack of quality standards and regulations in some countries which compromises on product safety. Moreover, low awareness regarding availability and benefits of assistive technologies especially in developing nations is hindering the market penetration.
SWOT Analysis
Strength: Growing elderly population and demand for independent living is driving the demand. Weakness: High costs of technologically advanced devices restricts adoption. Opportunity: Emerging technologies like AI, IoT, 3D printing can make devices more affordable and effective. Threats: Lack of regulations in some markets poses risks to product quality and safety.
Geographically, North America currently dominates the global market in terms of value owing to supportive government policies, high healthcare expenditure and presence of major players in the region. However, Asia Pacific is emerging as the fastest growing regional market because of rising geriatric population, increasing healthcare spending and growing medical device industry in countries like China and India.
United States represents the largest market for elderly and disabled assistive devices globally, accounting for over 35% of the total market value. This can be attributed to factors such as high per capita healthcare spending, availability of advanced medical technologies and presence of major industry players in the country. Germany also captures a significant market share due to supportive government initiatives and universal healthcare system providing reimbursements for such devices.
