According to a new report published by Allied Market Research, titled,"Elderly and Disabled Assistive Devices Market by Type: Global Opportunity Analysis and Industry Forecast, 2019 - 2026,"the global elderly and disabled assistive devices market size was valued at $23,009 million in 2018 and is anticipated to reach $35,599 million by 2026, registering a CAGR of 5.5% from 2019 to 2026. By type, the mobility assistive devices segment dominated the global elderly and disabled assistive devices market share in 2018.
The elderly and disabled assistive devices constitute rehabilitative devices that provide additional accessibility to individuals with cognitive difficulties, impairments, and disabilities. These medical technologies are helpful for disabled and elderly patients as it improves quality of life and health outcomes, assists in independent living, and reduces healthcare costs by minimizing cost given to manual labors in assisting patients. Over the years, the medical technology industry has experienced tremendous growth and have developed in terms of efficiency and features. In addition, medical devices for the disabled and the elderly include all means that the non-self-dependent population can use.
The factors that drive the growth of the elderly and disabled assistive devices market include increase in the geriatric and disabled population, changes in lifestyle and accessibility of the medical type of disabled and elderly and increase in demand for medical technology owing to rise in trend of autonomous living. Furthermore, increase in the number of producers of medical devices and investing in the R&D of this technology is anticipated to propel the market growth. Moreover, rise in number of medical devices manufacturers investing in the R&D of these technologies further fuels the market growth. However, high costs for a few advanced devices, low acceptability for a few types, and low reimbursement from medical insurers are the factors that restrict the growth of the market. Moreover, the fact that individuals are becoming more proactive these days and becoming health conscious is expected to provide lucrative growth opportunities for the market growth. The mobility aids devices segment accounted for the largest share of around 30.3% share of the total market in 2018 and is anticipated to grow at the fastest CAGR of 6.5%. This is owing to the technological advancements and rise in disabled and geriatric population, requiring vision and speech & hearing assistance.
By type, mobility scooters among all mobility assistance devices generated around 30.7% share in 2018, accounting for the largest share during the forecast period. The high demand for mobile vehicles by the physically disabled patient and rise in the number of road accidents fuel the demand for mobility scooters to meet the need of day-to-day life.
Based on hearing aids segment, the bone anchored hearing aids (BAHA) segment is expected to grow at the highest CAGR of 7.7% during the forecast period. This is due to increase in demand for hearing aids and technological advancements such as the advent of miniature cosmetic hearing aids or canal hearing aids.
Key Findings of the Elderly and Disabled Assistive Devices Market:
- The mobility aids devices segment contributed for nearly one-third share of the global elderly and disabled assistive devices market in 2018.
- Based on living aids devices, the hearing aids segment accounted for the majority of market share.
- On the basis of wheelchair, powered wheelchair segment is anticipated to grow at the fastest CAGR OF 7.1%.
- North America dominated the elderly and disabled assistive devices market in 2018.
Asia-Pacific is expected to emerge as a lucrative area with maximum growth potential, owing to rapid development in healthcare infrastructure, rise in medical tourism, and growth in health awareness among the middleclass population.
The report provides a comprehensive analysis of the leading companies operating in the global elderly and disabled assistive devices market such as AI Squared, Drive Medical, GN Resound Group, Invacare, Nordic Capital (Sunrise Medical LLC), Pride Mobility Products Corporation, Siemens Ltd., Sonova Holding AG, Starkey hearing technologies, William Demant Holding A/S. The other players (not profiled in the report) include Bausch & Lomb, Inc., Inclusive Technology Ltd., Liberator Ltd., Tobii Dynavox, JABBLA B.V.B.A., Blue Chip Medical Type, Inc., Permobil AB, Medline Industries, Inc., and Whirlpool Corporation