Elderly and Disabled Assistive Devices Market to surpass US$ 31.3 Bn by 2027 - Coherent Market Insights

The global Elderly And Disabled Assistive Devices Market by Device Type (Medical Mobility Aids and Ambulatory Devices, Medical Furniture and Bathroom Safety Products, Hearing Aids and Vision and Reading Aids), and by End User (Hospital, Home Care Settings, Others) was valued at US$ 16,141.4 million in 2018 and is projected to expand at a CAGR of 7.7% during the forecast period (2019–2027). Various government and private organizations working on providing elderly and disabled assistive devices to the needful. For instance, Organizations such as Mexico Mobility offer elderly and disabled assistive devices on a rental basis for customers in the Mexico. Moreover, Government organizations such as National Health Service (NHS), U.K. offers support and financial services to the elderly and disabled people for household equipment, aids, and adaptations. Such initiatives is expected to propel the growth of the market.

Browse 32 Market Data Tables and 18 Figures spread through 160 Pages and in-depth TOC on " Elderly and Disabled Assistive Devices Market, by Device Type (Medical Mobility Aids and Ambulatory Devices, Medical Furniture and Bathroom Safety Products, Hearing Aids and Vision and Reading Aids), and by End User (Hospital, Home Care Settings, Others) - Global Forecast to 2027"

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Chances of disability among elderly population increases with age. Therefore, the demand for disabled assistive devices is expected to increase with aging population, which in turn is expected to boost the growth of elderly and disabled assistive devices market. For instance, according to a report published by Rehabilitation Research and Training Center on Disability Statistics and Demographics in 2016, rates of disability increase with age. In U.S. the rate of disability among people of ages 18-64 years was 10.5% and for people ages above 65 rate has increased to 35.4%. Furthermore, according to the United Nations Economic and Social Commission for Asia and the Pacific (ESCAP) 2016, around 547 million people were above 60 years in Asia Pacific region and number is projected to reach around 1.3 billion by 2050 In past few years major key players in market launched a number of advanced novel devices. Launches of such latest devices in market is expected to drive growth of the elderly and assistive devices market in near future. For instance, in 2016, Sunrise Medical LLC launched QM-7 SEDEO ERGO power wheelchair. An advanced power wheelchair offers function and luxury for a unique driving experience. 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.

Key takeaways of the market:

• The global elderly and disabled assistive devices market is expected to expand at a CAGR of 7.7% 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 assistive 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 assistive 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 8.9% during the forecast period (2019–2027)
• 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.