Elderly and Disabled Assistive Devices Market Report and Forecast 2023-2031

The global elderly and disabled assistive devices market size attained a value of USD 24.9 billion in 2022. The market is anticipated to grow at a CAGR of 5.3% during the forecast period of 2023-2031 to attain a value of USD 39.3 billion by 2031.

Elderly and Disabled Assistive Devices Market: Introduction

Elderly and Disabled Assistive Devices refer to a broad range of products, tools, and equipment designed to aid and support elderly individuals and people with disabilities in performing daily tasks, enhancing their mobility, communication, and overall quality of life. These devices aim to increase independence, promote safety, and facilitate social integration for those with physical, cognitive, or sensory impairments.

Uses of Elderly and Disabled Assistive Devices:

• Mobility: Devices like wheelchairs, walkers, crutches, and canes help individuals with limited mobility to move around and carry out daily activities more easily
• Hearing: Hearing aids, cochlear implants, and other assistive listening devices help people with hearing impairments to communicate and perceive their surroundings better
• Vision: Assistive devices like magnifiers, large-print books, braille displays, and screen readers aid those with visual impairments to access information, read, and navigate
• Communication: Devices such as speech-generating devices, communication boards, and text-to-speech software enable individuals with speech and language impairments to express themselves and interact with others
• Daily living: Adaptive equipment like reachers, jar openers, button hooks, and specialized utensils help those with limited dexterity or strength to perform daily tasks with greater ease and independence
• Environmental control: Home modifications, such as grab bars, ramps, and stairlifts, make the environment more accessible and safer for elderly individuals and those with disabilities

Benefits of Elderly and Disabled Assistive Devices:
1. Increased independence: Assistive devices empower users to perform daily tasks without relying heavily on caregivers, fostering a sense of self-reliance and dignity.
2. Enhanced mobility: Mobility aids provide increased freedom of movement, making it easier for individuals to participate in activities they enjoy and remain socially engaged.
3. Improved communication: Communication devices facilitate more effective interaction with others, reducing isolation and fostering social inclusion.
4. Better safety: Assistive devices and home modifications help minimize the risk of falls and injuries, creating a safer environment for those with limited mobility or sensory impairments.
5. Greater access to information: Devices such as screen readers and braille displays enable individuals with visual impairments to access information, education, and entertainment resources, promoting lifelong learning and personal growth.
6. Increased quality of life: Overall, assistive devices contribute to an enhanced quality of life by helping elderly individuals and people with disabilities to overcome obstacles, maintain their independence, and participate more fully in society.

Elderly And Disabled Assistive Devices Market Segmentations

The market can be categorised into type, end user, and region

Elderly and Disabled Assistive Devices Market Breakup by type

• Living Aids

1. Hearing Aids
2. Reading and Vision Aids

• Mobility Aids Devices

1. Wheelchairs
2. Mobility Scooters

• Medical Furniture

1. Medical Beds
2. Door Openers
3. Riser Reclining Chairs
4. Others

• Bathroom Safety Equipment

1. Shower Chairs
2. Commode Chairs
3. Ostomy Equipment
4. Bars, Grips and Rails

Elderly and Disabled Assistive Devices Market Breakup by End User

• Elderly and Disabled Assistive Devices Market Overview
• Hospital and Clinics
• Homecare Settings
• Others

Elderly and Disabled Assistive Devices Market Breakup by Region

North America

• United States of America
• Canada

Europe

• United Kingdom
• Germany
• France
• Italy
• Others

Asia Pacific

• China
• Japan
• India
• ASEAN
• Australia
• Others

Latin America

• Brazil
• Argentina
• Mexico
• Others

Middle East and Africa

• Saudi Arabia
• United Arab Emirates
• Nigeria
• South Africa
• Others

Elderly and Disabled Assistive Devices Market Scenario

The global elderly and disabled assistive devices market has been witnessing significant growth in recent years, driven by the increasing geriatric population, the rising prevalence of disabilities, and the growing demand for assistive devices that facilitate independent living. The market is expected to continue its upward trajectory, fuelled by advancements in technology, increased awareness, and supportive government initiatives.

Industry Trends

• The geriatric population, characterized by individuals aged 60 and above, is experiencing rapid growth worldwide. According to the United Nations, by 2050, the global elderly population is expected to reach 2.1 billion, representing a significant proportion of the total population. This demographic shift has brought the needs and challenges faced by older adults into the limelight, including age-related physical, cognitive, and sensory impairments
• Concurrently, the number of individuals with disabilities has been increasing, both due to the natural aging process and an overall rise in chronic health conditions. The World Health Organization (WHO) estimates that over a billion people, or approximately 15% of the global population, live with some form of disability. This growing population requires access to appropriate assistive devices and technologies to improve their quality of life, enhance their independence, and promote social inclusion
• The elderly and disabled assistive devices market encompasses a wide range of products, including mobility aids (such as wheelchairs, walkers, and scooters), hearing aids, vision and reading aids, medical furniture (like hospital beds and lift chairs), and smart home technologies tailored for the elderly and disabled. These devices offer enhanced safety, comfort, and autonomy to users, enabling them to lead more fulfilling lives
• Technological advancements have been a driving force behind the growth of the assistive devices market. The integration of artificial intelligence, robotics, and the Internet of Things (IoT) into these devices has resulted in innovative solutions that can better cater to the needs of the elderly and disabled. For instance, the development of exoskeletons and wearable devices has the potential to revolutionize the mobility aid segment, offering increased freedom and independence to users
• Increased awareness regarding the benefits of assistive devices has also played a critical role in market growth. Campaigns and initiatives by government agencies and non-profit organizations have contributed to greater public understanding of the importance of these devices for individuals with disabilities and the elderly population. Moreover, governments in several countries have introduced supportive policies, such as subsidies and tax exemptions, to make assistive devices more accessible and affordable to those in need
• Despite the promising outlook, the elderly and disabled assistive devices market faces some challenges. High costs associated with certain devices, particularly advanced technological solutions, may limit their adoption in low- and middle-income countries. Additionally, the market needs to overcome the stigma associated with the use of assistive devices, as well as address the lack of trained professionals to assist in their selection, fitting, and maintenance

In conclusion, the global elderly and disabled assistive devices market is poised for significant growth due to the expanding geriatric population, increasing prevalence of disabilities, and rising demand for devices that enable independent living. Technological advancements, increased awareness, and supportive government policies are expected to drive the market forward. However, to fully realize its potential, the market must address affordability and accessibility issues, as well as overcome societal stigmas and the shortage of trained professionals.

Key Players in the Global Elderly and Disabled Assistive Devices Market

The report gives an in-depth analysis of the key players involved in the elderly and disabled assistive devices market, sponsors manufacturing the drugs, and putting them through trials to get FDA approvals. The companies included in the market are as follows:

• Freedom Scientific Inc
• GN Store Nord A/S
• Invacare Corporation (NYSE: IVC)
• Nordic Capital
• Pride Mobility Products® Corporation
• Medical Depot, Inc
• Sonova Holding AG
• Sunrise Medical
• Bausch & Lomb Pvt Ltd
• Tobii Dynavox LLC
• Wintriss Engineering
• Cochlear Ltd
• Inclusive Technology Ltd
• Permobil
• Midline Industries Inc.