Elderly and Disabled Assistive Devices Market to surpass US$ 26.0 Billion by 2024
The Global Elderly and Disabled Assistive Devices Market was valued at US$ 14,109.1 million in 2015 and is projected to expand at a CAGR of 7.4% during the forecast period (2016–2024), according to a new report published by Coherent Market Insights. Rapidly aging population in Asia and Latin America is a major factor propelling demand for elderly and disabled assist devices.
Asia and Latin America are expected to witness rapid growth in population aged 65 years and above through 2030. The share of elderly population in Asia is expected to increase form 7.9% in 2015 to 12.1% in 2030, as per the report ‘An Aging World: 2015’ by the U.S. Census Bureau. Also, increasing prevalence of chronic and acute diseases adds to the growing demand for technologically-advanced assistive devices for elderly and disabled population. Assistive devices such as wheelchairs, mobility scooters, walkers and rollators, and hearing and vision aids reduces dependence on others to carry out daily activities and improves quality of life of elderly and disabled patients.
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The World Health Organization (WHO) has prepared a comprehensive global disability action plan for 2014 – 2021. As per this plan, WHO intends to improve access to health services and programs, extend rehabilitation, assistive technology, assistance and support services, and support research on disability and related services. Assistive device manufacturers in the elderly and disabled assist devices market, especially in emerging economies are expected to benefit considerably through this plan.
Manufacturers in the elderly and disabled assist devices market are reaching out directly to consumers to increase their sales. Sonova Holding AG follows vertically-integrated business, wherein it also markets products through its retail stores, thus reaching out to customers and offering them customized solutions. The company acquired AudioNova in September 2016—a Netherlands-based hearing aid manufacturer—with an aim to double its presence in Europe in terms of retail stores.
Melvin ApS launched a robot called Melvin, which aids elderly and disabled people in the toilet. The robot was launched at the RoboBusiness Europe 2016 exhibition. Similarly, Vital Connect, Inc.is developing wearable health sensors that can detect body temperature, heart rate, detect falls and other such incidents in elderly and disabled patients. Such technological developments to increase individual independence and convenience is projected to lead to manifold growth of elderly and disabled assistive devices market in the near future.
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Key takeaways of the market:
The global elderly and disabled assist devices market is expected to expand at a CAGR of 7.4% during the forecast period. Increasing demand for elderly and disabled assist devices is mainly attributed to the factors such as convenience provided by automotive assistive devices to the growing elderly and disabled population
Demand for vision and reading aids is analyzed to increase rapidly during the forecast period, owing to increasing incidence of vision impairment among the geriatric populace
Hearing aids segment dominates the global elderly and disabled assist devices market (in terms of revenue) and is expected to reach US$ 7,083.5 million by 2017 end. Increasing market penetration, growing average discretionary income, and improved access to hearing aids is driving revenue growth of this segment. Furthermore, baby boomers population is expected to drive growth for hearing aids over the following decade, according to William Demant Holding Group.
North America dominated the global elderly and disabled assist devices market in 2015. However, the market for elderly and disabled assistive devices in Asia Pacific is projected to expand significantly at a CAGR of 8.7% during the forecast period (2016–2024)
Intense competition is witnessed among the leading players including Sunrise Medical LLC, GN ReSound Group, Sonova Holding AG, Starkey Hearing Technologies, and William Demant Holding A/S.
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