Elderly And Disabled Assistive Devices Market Is Estimated To Witness High Growth Due To Rising Geriatric Population | Sunrise Medical LLC, GN ReSound Group, Sonova Holding AG

The Elderly And Disabled Assistive Devices Market is estimated for 2023 for the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights. The global elderly and disabled assistive devices market was valued at US$ 16,141.4 million in 2022 and is expected to expand at a CAGR of 7.7% during the forecast period (2023 - 2030).

Market Overview:

Elderly and disabled assistive devices help enhance mobility and independence for elderly population and disabled persons. This includes mobility devices, medical furnishing, and bathroom safety devices.

Market Dynamics:

The growth of the elderly and disabled assistive devices market is driven by the rising geriatric population globally and increasing cases of disabilities due to various factors such as accidents, diseases etc. As per United Nations reports, the global population aged 60 years and above is expected to double from 12% to 22% between 2015 and 2050. Additionally, the growing awareness regarding availability of various assisted living devices is also fueling the adoption of these devices. Furthermore, technological advancements in assistive devices focusing on user-comfort, easy handling, and multi-functionality are encouraging more individuals to opt for these products. However, high cost of certain specialty devices and social stigma associated with their use remain key challenges for the market.

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Technological advancements opening new opportunities

The rising integration of emerging technologies like artificial intelligence, Internet of Things and 3D printing provides immense opportunities for innovation in assistive devices. AI enabled smart home automation systems and advanced prosthetics embedding sensors and feedback mechanisms can transform independent living. The application of IoT allows remote health monitoring of elderly through portable assistive equipment. Meanwhile, 3D printed customized devices offer cost-effective solutions tailored to an individual's specific requirements. These newer technologies are paving the way for novel assistive products enhancing functionality beyond basic needs. The opportunities arising from technology convergence are attracting more private funding and partnerships between innovators. It will help drive the elderly and disabled assistive devices industry towards digitally enabled, personalized assistive solutions of the future.

Some of the Top Players in Elderly And Disabled Assistive Devices Market:

Sunrise Medical LLC, GN ReSound Group, Sonova Holding AG, Starkey Hearing Technologies, and William Demant Holding A/S and other prominent players.

Detailed Segmentation

by Device Type (Medical Mobility Aids and Ambulatory Devices, Medical Furniture and Bathroom Safety Products, Hearing Aids and Vision and Reading Aids)

by End User (Hospital, Home Care Settings, Others)

Regional Analysis -

‣ North America (USA and Canada)
‣ Europe (UK, Germany, France and the rest of Europe)
‣ Asia Pacific (China, Japan, India, and the rest of the Asia Pacific region)
‣ Latin America (Brazil, Mexico, and the rest of Latin America)
‣ Middle East and Africa (GCC and rest of the Middle East and Africa)

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Elderly population growth driving demand for assistive devices

The aging population has increasingly become one of the major drivers of the elderly and disabled assistive devices market. As life expectancy continues to rise across the world, the number of people aged 65 and older is projected to nearly double from 52 million to 95 million between 2015 and 2050 in the United States alone. This growing elderly demographic is more susceptible to disabilities and loss of mobility. Assistive devices such as mobility aids, personal emergency response systems, and reading & visual aids help improve the quality of life and independence of seniors. The rise in chronic health conditions prevalent among the aged like arthritis and Alzheimer's also fuels the need for assistive technologies that can help manage diseases and perform daily activities. With such a vast expansion expected in the senior citizen base in the coming decades, it will keep propelling demand for innovative assistive solutions.

Growing disability rates augmenting the need for assistive solutions

Alongside population aging, the disability rates have been climbing substantially over the past few years. As per WHO, over 1 billion people representing about 15% of the world's population live with some form of disability. The heightened risks of disability due to increased life expectancy, sedentary lifestyles, prevalence of non-communicable diseases all contribute to this surge. Disabilities restrict mobility and impair functioning, thereby elevating the necessity for assistive devices across age groups. The growing disabled community globally looking for tools to overcome impairment barriers and participate actively in society acts as a major driver for the elderly and disabled assistive devices industry. Technological advances are also resulting in more effective and affordable assistive products being developed to meet the evolving needs of impaired individuals and aid independent living.

Reimbursement barriers posing challenges

One of the key challenges restraining the growth of elderly and disabled assistive devices market is the lack of adequate insurance coverage and reimbursement policies for such products. For many users, the high upfront costs of advanced assistive solutions remain unaffordable without proper reimbursement support. While Medicaid and private insurers fund certain basic devices, several state government programs have budget constraints limiting coverage. Complex procedures are also needed to claim reimbursements involving excessive paperwork. This reimbursement barrier denies access to assistive technologies for those most in need and curbs sales volumes for manufacturers. Addressing this issue through expanded public and private insurance coverage can help reduce out-of-pocket costs enhancing the adoption of assistive devices.

Questions Answered by the Report:

(1) Which are the dominant players of the Elderly And Disabled Assistive Devices Market?
(2) What will be the size of the Elderly And Disabled Assistive Devices Market in the coming years?
(3) Which segment will lead the Elderly And Disabled Assistive Devices Market?
(4) How will the market development trends change in the next five years?
(5) What is the nature of the competitive landscape of the Elderly And Disabled Assistive Devices Market?
(6) What are the go-to strategies adopted in the Elderly And Disabled Assistive Devices Market?

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Table of Contents

Chapter 1 Market Overview
1.1 Definition
1.2 Assumptions
1.3 Research Scope
1.4 Market Analysis by Regions
1.5 Market Size Analysis from 2023 to 2030

Chapter 2 Competition by Types, Applications, and Top Regions and Countries
2.1 Market (Volume and Value) by Type
2.3 Market (Volume and Value) by Regions

Chapter 3 Production Market Analysis
3.1 Worldwide Production Market Analysis
3.2 Regional Production Market Analysis

Chapter 4 Elderly And Disabled Assistive Devices Sales, Consumption, Export, Import by Regions (2023-2023)
Chapter 5 North America Market Analysis
Chapter 6 Europe Market Analysis
Chapter 7 Middle East and Africa Market Analysis
Chapter 8 Asia Pacific Market Analysis
Chapter 9 Latin America Market Analysis
Chapter 10 Company Profiles and Key Figures in Elderly And Disabled Assistive Devices Business
Chapter 11 Market Forecast (2023-2030)
Chapter 12 Conclusions

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Coherent Market Insights is a global market intelligence and consulting organization focused on assisting our plethora of clients achieve transformational growth by helping them make critical business decisions. We are headquartered in India, having sales office at global financial capital in the U.S. and sales consultants in United Kingdom and Japan. Our client base includes players from across various business verticals in over 57 countries worldwide. We create value for clients through our highly reliable and accurate reports. We are also committed in playing a leading role in offering insights in various sectors post-COVID-19 and continue to deliver measurable, sustainable results for our clients.

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