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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Increasing initiatives by government and non-government organizations to aid in the development of technologies that assist disabled individuals, in turn, is expected to fuel growth of the elderly and disabled assistive devices market. The World Health Organization (WHO) prepared a comprehensive global disability action plan for 2014 – 2021, through which 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. This plan is majorly expected to benefit manufacturers of assistive devices, especially in emerging economies.
Manufacturers are increasingly focusing on reaching out to consumers directly to increase their sales. For instance, 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, in 2016. Similarly, Vital Connect, Inc.is focusing on developing wearable health sensors that can detect body temperature, heart rate, falls and other such incidents in elderly and disabled patients. Such advancements in technology in turn, is expected to increase individual independence and convenience of elderly and disabled people. This in turn, is expected to boost growth of the assistive devices market over the forecast period.
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