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Elderly and disabled assistive devices help in improving the quality of living of senior citizens and disabled individuals facing mobility issues by aiding independent living. Assistive devices such as wheelchairs, mobility scooters, hearing aids, and medical beds help patients with limited mobility to perform day-to-day activities. Rising cases of age-related disabilities and chronic diseases among the expanding geriatric population globally has boosted the demand for assistive devices. The global elderly and disabled assistive devices market is growing steadily owing to innovations and technological advancements leading to the development of lightweight, easy-to-use, affordable, and more effective assistive products.
The global Elderly and Disabled Assistive Devices Market is estimated to be valued at US$ 27.77 Bn in 2023 and is expected to exhibit a CAGR of 5.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Technological advancements resulting in the development of smart and multifunctional assistive products are boosting market growth. Key players are increasingly focusing on designing technologically advanced assistive devices including smart wheelchairs, hearing aids, and medical beds integrated with sensors, artificial intelligence, and voice assistance for ease of use and independent living of patients. Bluetooth and Wi-Fi-enabled devices are gaining traction. Furthermore, growing popularity of rental and subscription-based business models for medical equipment owing to high device costs is a emerging trend in the market.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate in the elderly and disabled asssitive devices market. While the market has high growth potential, developing quality assistive products requires significant R&D investment and expertise.
Bargaining power of buyers: The bargaining power of buyers is moderate. While there are many established players, buyers have some influence due to the importance of their health and wellbeing.
Bargaining power of suppliers: The bargaining power of suppliers is low to moderate as raw materials required are commodity products and there are many substitutes.
Threat of new substitutes: The threat of new substitutes is moderate as new technologies can offer innovative solutions. However, customer buy-in for new products takes time.
Competitive rivalry: Competition is high as major players compete on innovation, pricing and expanding geographical reach.
Key Takeaways
The global elderly and disabled asssitive devices market is expected to witness high growth over the forecast period driven by aging populations globally and improved accessibility standards. The global Elderly and Disabled Assistive Devices Market is estimated to be valued at US$ 27.77 Bn in 2023 and is expected to exhibit a CAGR of 5.2% over the forecast period 2023 to 2030.
The Asia Pacific region is expected to grow at the fastest pace due to rising geriatric populations and improving healthcare landscapes in various countries. North America currently dominates the market owing to supportive reimbursement policies and regulations mandating accessibility standards. However, Asia Pacific is poised to rise as the fastest growing region supported by factors such as large elderly bases in China and India and increasing healthcare spending.
Key players: Key players operating in the elderly and disabled assitive devices market are Sonova Holding AG, Bausch & Lomb, Inc., Permobil AB, Siemens Healthcare, Freedom Scientific, Inc. Sonova Holding AG leads with strong brand portfolio and global presence. Bausch & Lomb, Inc focuses on vision aids while Permobil AB has expertise in mobility devices.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
