Elderly and Disabled Assistive Devices Market

Elderly and Disabled Assistive Devices Market is Dominated by Mobility Aids Segment Owing to Rising Geriatric Population

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The global Elderly and Disabled Assistive Devices Market is estimated to be valued at US$22.07 billion in 2021 and is expected to exhibit a CAGR of 5% over the forecast period (2022-2030), as highlighted in a new report published by Coherent Market Insights.

  1. A) Market Overview:

The Elderly and Disabled Assistive Devices Market is witnessing significant growth due to the increasing geriatric population and a rise in the number of disabled individuals. As people age, they often face limitations in their mobility or other physical abilities, creating a demand for assistive devices that can help them lead a more independent and fulfilling life. However, the market faces obstacles such as high costs associated with these devices and limited accessibility, especially in developing regions.

  1. B) Market Key Trends:

One of the key trends in the Elderly and Disabled Assistive Devices Market is the adoption of advanced technologies to enhance the functionality and ease of use of these devices. For instance, the integration of artificial intelligence and machine learning in hearing aids has led to significant improvements in speech recognition and noise reduction capabilities. This allows individuals with hearing impairments to communicate more effectively in various settings. This trend is exemplified by companies such as GN ReSound Group and Sonova Holding AG, which have developed innovative hearing aids with advanced features.

  1. C) Segment Analysis:

The Elderly and Disabled Assistive Devices Market is segmented based on the type of assistive device. Among these segments, the mobility aids segment is dominating the market owing to the increasing prevalence of mobility-related disabilities among the elderly population. The segment includes devices such as wheelchairs, mobility scooters, crutches, and canes. The dominance of the mobility aids segment can be attributed to the growing geriatric population and a rise in chronic conditions such as arthritis and osteoporosis, which limit mobility.

  1. D) Key Takeaways:
  2. The global Elderly and Disabled Assistive Devices Market is expected to witness high growth, exhibiting a CAGR of 5% over the forecast period. This growth is primarily driven by the increasing geriatric population and the need for assistive devices to enhance mobility and independence.
  3. In terms of regional analysis, North America is the fastest-growing and dominating region in the market due to the presence of well-established healthcare infrastructure, a high prevalence of disabilities, and favorable reimbursement policies. The region also has a significant elderly population, which further fuels the demand for these devices.
  4. Key players operating in the global Elderly and Disabled Assistive Devices Market include Sunrise Medical LLC, GN ReSound Group, Sonova Holding AG, Starkey Hearing Technologies, and William Demant Holding A/S. These companies focus on developing technologically advanced products and expanding their geographical presence through strategic partnerships and acquisitions.

In conclusion, the global Elderly and Disabled Assistive Devices Market is witnessing steady growth due to the increasing geriatric population and a rise in the number of disabled individuals. The market is driven by the demand for mobility aids, as mobility-related disabilities are prevalent among the elderly population. Advancements in technology, such as artificial intelligence integration in hearing aids, are shaping the market’s key trends. North America is the leading region in terms of market growth, while key players in the industry continue to innovate and expand their market presence.