According to Custom Market Insights (CMI), The Global Disabled and Elderly Assistive Technology Market Size was valued at USD 46.11 billion in 2021 and is estimated to reach USD 66.84 billion by the end of 2030 at a CAGR of approximately 6.7% during the forecast period 2022-2030.
This market mainly aims at providing independence to the disabled and elderly population who are dependent upon some other individual to carry out their day-to-day activities. These people are highly dependent on the assistance of some other person, which hampers the quality of life they lead. With these devices and technologies in the market, disabled and older people can be provided with independence and confidence to carry out their livelihood.
The recent advancements made by the technology sector have benefited the people belonging to the elderly age group and disabled population to a great extent.
Browse the full “Disabled and Elderly Assistive Technology Market Size, Trends and Insights By Service Type (mobility aids devices, Living aids devices, Medical furniture, Bathroom safety devices), By End User (Nursing homes, Home care, Hospitals, Assisted living facility), and By Region – Global Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2022–2030” report at https://www.custommarketinsights.com/report/disabled-and-elderly-assistive/
Market Dynamics
Drivers
The huge number of people belonging to the geriatric population has helped the market to record considerable revenue over time. The increasing number of high-velocity accidents worldwide due to rapid modernization has resulted in many people suffering from multiple disabilities, which is a great opportunity for the market. Advanced facilities the government provides in the form of reimbursement have helped the market record tremendous growth. The extensive research and development programs carried out by the key market players have helped the market to experience new technologies and devices.
Restraints
The use of advanced technologies and equipment proves difficult for the elderly population as they cannot evaluate and understand their functioning very easily. Difficulties such as technical glitches and functional errors hamper the usage to a great extent. The lack of a user-friendly approach to advanced technologies declines the demand for such devices in the market. Most people who belong to the elderly and with disabilities do not possess a huge disposable income as they are not offered employment regularly, which hampers their purchasing power, and because of this, they cannot provide themselves with such advanced technology. These multiple reasons emerge as obstacles to the market’s growth during the forecast period.
Opportunities
The increasing competition among the key market players regarding introducing advanced technologies and devices to provide maximum independence to the disabled and elderly population has emerged as a major opportunity for the market’s growth. Advanced healthcare facilities provided to patients by the government have boosted the growth of this market tremendously. Modern facilities adopted by the healthcare sector to attract potential consumers and big profits have encouraged using modern technologies and assistive devices within the hospital sector. These multiple opportunities help the market to show tremendous growth during the forecast period.
Challenges
The high cost associated with using modern technologies and devices hampers the market’s growth to a great extent. The disposable income available to the people belonging to the disabled and elderly age group is not sufficient for purchasing modern technologies and devices. The guidelines and rules imposed by the government to ensure the safety of the elderly and disabled have challenged the growth of the key market players to a great extent.
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Report Highlights
Based on product type, the segment of mobility aids has emerged as the largest segment in the market belonging to this category. The requirement for mobility is the primary need for people who belong to the elderly and those who are disabled. This facility provides them with complete independence and helps them to carry on their day-to-day activities.
Based on end-user, the hospital segment has emerged as the largest sector under this category due to the huge number of people who visit the hospital sector, forgetting themselves treated in the event of a major medical condition. The presence of a huge client base in the hospital sector has helped the market to record considerable revenue over time. The hospital sector also proved to be a major source of assistive devices provided to patients by medical practitioners.
The presence of the potential client base in the hospital sector has emerged as a major reason for the growth of this sector. Based on geography, the region of North America has emerged as the largest market for the elderly and disabled assistive technology due to the huge number of people belonging to the geriatric population residing in this area. The huge number of high-velocity accidents in this region increases the number of people suffering from disabilities, which proves to be a great opportunity for the market’s growth.
Regional Snapshots
The geographical region of North America has emerged as the largest market for disabled and elderly assistive technology, and due to the huge population belonging to this category will stop due to the adoption of modern lifestyle, the use of vehicles has increased to a great extent which leads to several high-velocity accidents in this region. as a result of this people suffer with multiple disabilities. Hence, the demand for assistive technologies is rising in the market. Increasing life expectancy has given rise to a huge geriatric population that demands assistive technology with you to provide them with complete independence.
The European countries also contribute considerably to the growth of the disabled and elderly assistive technology market due to the huge number of people suffering from chronic diseases and disabilities. The Asia Pacific region has become the next largest sector providing advanced facilities to the elderly and disabled individuals due to the rapid advancements in the healthcare sector.
Key Players
- Sunrise Medical LLC
- Starkey Hearing Technologies
- GN ReSound Group
- Sonova Holding AG
- William Demant Holding A/S
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