April 18, 2024

Elderly and Disabled Assistive Devices Market: Innovations for Enhanced Mobility

Elderly and Disabled Assistive Devices Market

The global elderly and disabled assistive devices market encompasses hearing aids, mobility devices, and vision and hearing aids that help elderly and disabled individuals perform day-to-day activities more easily. Growing geriatric population prone to age-related disabilities is propelling the demand for assistive devices globally. With rising health awareness, these devices facilitate independent living for aged and differently-abled populations. 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 market are Sonova Holding AG, Bausch & Lomb, Inc., Permobil AB, Siemens Healthcare, and Freedom Scientific, Inc. Sonova Holding AG is a leading hearing aid manufacturer while Permobil AB is a major player in wheelchair manufacturing.

The rising elderly population globally is fueling the demand for elderly and disabled assistive devices. As per the United Nations, there were 703 million people aged 65 years and above globally in 2019 which is expected to double to 1.5 billion by 2050. The increase in aging population will boost the need for assistive care products.

Geographic expansion into untapped markets provides lucrative opportunities for players. Major players are expanding their footprint in Asia Pacific and Latin America where the geriatric population is rising rapidly. This allows companies to cater to the growing needs of elderly in high potential markets.

Market key trends
Technological innovation is a major trend in the elderly and disabled assistive devices market. Companies are focusing on developing smart and connected assistive devices integrated with artificial intelligence (AI) and Internet of Things (IoT). This allows remote monitoring of patients and facilitates communication between patients and caregivers. For instance, AI-enabled powered prosthetic limbs can analyze motion patterns and accordingly adjust their movements similar to biological limbs.

Porter’s Analysis
Threat of new entrants: It is moderately difficult for new companies to enter this market due to high research and development costs required to develop assistive devices and technologies.

Bargaining power of buyers: The bargaining power of buyers is moderate as there are numerous established manufacturers providing various innovative assistive devices for elderly and disabled population.

Bargaining power of suppliers: The bargaining power of suppliers is low due to presence of many component suppliers and scarcity of component differentiation.

Threat of new substitutes: Threat of new substitutes is low as assistive devices are highly specialized and not easily replaced by alternative options.

Competitive rivalry: The competitive rivalry is high among existing players due to differentiated product offerings and continuous technology innovations.

Geographical Regions
North America region currently holds the highest share in the elderly and disabled assistive devices market in terms of value due to increasing elderly population, high healthcare expenditures and better access to advanced devices in countries like United States and Canada.

Asia Pacific region is poised to witness the fastest growth during the forecast period owing to rising geriatric population, growing medical tourism, rapid economic development and improving access to healthcare facilities in emerging countries like China and India.

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