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Elderly and Disabled Assistive Devices Market Size Was Valued at USD 22,439 Million in 2021 and Achieve USD 37,263 Million by 2030 growing at 5.9% CAGR due to the Rising Trend of Cookouts on Holidays – Exclusive Report by Acumen Research and Consulting

Acumen Research and Consulting recently published report titled “Elderly and Disabled Assistive Devices Market Size, Share, Analysis Report and Region Forecast, 2022 - 2030”

LOS ANGELES, July 18, 2022 (GLOBE NEWSWIRE) -- The Global Elderly and Disabled Assistive Devices Market Size is valued at USD 22,439 Million in 2021 and is projected to reach a market size of USD 37,263 Million by 2030; growing at a CAGR of 5.9%.

According to the World Health Organization (WHO) statistics, globally more than 1 billion people require one or more assistive devices. With an aging global population and a rise in non-communicable diseases, more than 2 billion people will need at least one assistive device by 2030, with many older people needing two or more devices. Assistive devices are incredible resources to assist the elderly and disabled maintain their independence in daily activities and routines.

The increasing prevalence of chronic disorders such as Parkinson’s, arthritis, multiple sclerosis (MS), chronic pain, and stroke among others are increasing the demand for elderly and disabled assistive devices. Improving assistive devices technology and integration of sensors are some of the trends in the elderly disabled assistive devices market. Additionally, the rising demand for homecare assistive devices globally is expected to generate significant elderly and disabled assistive devices market revenue throughout the projected years 2022 to 2030.

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Report Coverage:

MarketElderly and Disabled Assistive Devices Market
Market Size 2021USD 22,439 Million
Market Forecast 2030USD 37,263 Million
CAGR During 2022 - 20305.9%
Analysis Period2018 - 2030
Base Year2021 
Forecast Data2022 - 2030
Segments CoveredBy Type, By End-User, And By Geography
Regional ScopeNorth America, Europe, Asia Pacific, Latin America, and Middle East & Africa
Key Companies ProfiledSonova Holding AG, Invacare, AI Squared, Pride Mobility Products Corporation, Drive Medical, Starkey hearing technologies, GN Resound Group, Siemens Ltd., Nordic Capital (Sunrise Medical LLC), William Demant Holding A/S.
Report CoverageMarket Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis
Customization Scope10 hrs of free customization and expert consultation

COVID-19 Impact on the Global Elderly and Disabled Assistive Devices Market Value

The COVID-19 pandemic (coronavirus disease 2019) has affected all segments of society, but it has posed special challenges for the inclusion of people with disabilities, those with chronic illnesses, and the elderly in daily life. Service disruption, limitations in existing technology, insufficient emergency preparedness, insufficient policies and systems, and a lack of manufacturing were all major factors impeding the market growth. Furthermore, COVID-19 has hampered the delivery of assistive technology services, owing to infection control measures that have resulted in a lack of provider availability and reduced one-to-one services. To meet demand during COVID-19, the Food and Drug Administration (FDA) took several steps to ensure that patients and healthcare professionals had timely and continuous access to medical devices. This factor stabilized the industry growth after several months of the outbreak. Besides that, once the lockdowns were lifted, the supply of assistive devices resumed full-fledged production, restoring growth to pre-pandemic levels.

Global Elderly and Disabled Assistive Devices Market Growth Aspects

The growing number of accidents, such as car accidents, home accidents, and workplace accidents, is driving the global elderly and disabled assistive devices market growth. According to the WHO report, between 20 and 50 million people go through non-fatal injuries, with many becoming disabled due to their injury. As a result, the demand for assistive devices is increasing significantly. According to our forecast for the elderly and disabled assistive devices market, rising awareness of these devices will drive demand from 2022 to 2030.

The high cost of these devices, however, would stifle market growth. Assistive devices can be costly to purchase and maintain, particularly for children and those undergoing rehabilitation in the hopes of improving, which will outgrow their assistive devices due to growth or changing abilities. Furthermore, the extensive demand from emerging markets will generate several profitable growth opportunities in the near future. As the population of emerging countries grows, some supportive industry aspects such as an increase in the proportion of elderly people, an increase in the prevalence of accidents, an increase in the number of babies born with disabilities, and an increase in chronic disease cases will create numerous opportunities for the elderly and disabled assistive devices industry.

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The increasing number of the elderly population globally fuels the market value

According to the WHO, the world's population of people aged 60 and up is expected to reach 2 billion by 2050. The number of Americans aged 65 and older is expected to more than double between 2015 and 2050, from 46 million to 98 million. Additionally, the number of people aged 80 and up is forecasted to grow between 2020 and 2050, reaching 426 million. Over the next five to ten years, 9 out of 10 older adults intend to stay in their current homes (age in place). Hearing loss, back and neck pain and osteoarthritis, diabetes, chronic obstructive pulmonary disease, Parkinson’s, arthritis, and stroke are all common conditions in the elderly. People are more likely to experience multiple conditions concurrently as they age. As a result, the growing elderly population is expected to boost the market share of elderly and disabled assistive devices.

Growth in the disabled population increases the industry revenue

The number of disabled people is rapidly increasing. This is due to changes in demographics and an increase in chronic health conditions. During the COVID-19 pandemic, people with disabilities are disproportionately affected. According to the WHO, more than one billion people are estimated to be disabled. This equates to about 15% of the planet's population, with up to 190 million (3.8%) people aged 15 and older experiencing significant difficulties in functioning and frequently requiring health care services. Among this 15%, 2 to 4% have significant functional difficulties. Women, those in the poorest income quintiles, and the elderly had a higher incidence of disability across all countries. All of these groups had higher rates in developing countries.

Elderly and Disabled Assistive Devices Market Segmentation

The global market has been segmented into three categories: type, end-user, and region.

Type Segments:

•        Leaving Aids Devices

o        Hearing Aids

?        BAHA (Bone Anchored Hearing Aids)

?        BTE (Behind-the-ear) Aids

?        Canal Hearing Aids

?        Cochlear Implants

?        ITE (In-the-Ear) Aids

?        RITE (Receiver-in-the-Ear) Aids

o        Reading and Vision Aids

?        Braille Translators

?        Reading Machines

?        Video Magnifiers

?        Others

•        Mobility Aids Devices

o        Wheelchairs

?        Manual Wheelchairs

?        Powered Wheelchairs

o        Mobility Scooters

?        Crutches and Cranes

?        Patient Mechanical Lift Handling

?        Walkers and Rollators

?        Others

•        Medical Furniture

o        Door Openers

o        Medical Beds

o        Riser Reclining Chairs

o        Others

•        Bathroom Safety Equipment

o        Bars, Grips, and Rails

o        Commode Chairs

o        Ostomy Equipment

o        Shower Chairs

Mobility aid devices are expected to hold a significant market share across the forecast timeframe of 2022 to 2030. On the other hand, the leaving aids devices sub-segment is expected to grow at a significant rate in the coming years.

End-User Segments:

•        Hospitals

•        Homecare

•        Assistive Living Facilities

•        Nursing Homes

According to our industry analysis of the elderly and disabled assistive devices, the hospital elderly and disabled assistive devices segment will contribute to a reasonably large market share between 2022 and 2030. The market for homecare elderly and disabled assistive devices, on the other hand, is forecast to expand rapidly in the coming years.

Elderly and Disabled Assistive Devices Market Regional Outlook

North America, Asia-Pacific, Europe, Latin America, and the Middle East & Africa are the regional classification of the global elderly and disabled assistive devices market. Based on our analysis, the North America region accounted for the majority of the share in 2021 and is likely to continue its trend in the coming future. This is credited to the presence of a large number of the elderly and disabled population. In addition to that, the rising technological advancements in the region which lead to early adoption of technologies are also supporting the North American elderly and disabled assistive devices market.

Nonetheless, increasing healthcare spending and improving healthcare infrastructure are the leading factors that have supported the Asia-Pacific elderly and disabled assistive devices market. The region is witnessing the fastest growth rate (CAGR) from 2022 to 2020 due to the increasing awareness among people and their rising disposable incomes to acquire technologically advanced assistive devices.

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Elderly and Disabled Assistive Devices Market Players

Some prominent elderly and disabled assistive devices companies covered in the industry are Sonova Holding AG, AI Squared, Pride Mobility Products Corporation, Drive Medical, Starkey hearing technologies, GN Resound Group, Invacare, Siemens Ltd., Nordic Capital (Sunrise Medical LLC), William Demant Holding A/S.

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