Elderly and Disabled Assistive Devices Market

Market Overview:

The global elderly and disabled assistive devices market size reached US$ 31.1 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 52.3 Billion by 2032, exhibiting a growth rate (CAGR) of 5.8% during 2024-2032. The rapidly shifting demographics, increasing prevalence of disabilities, rising geriatric population, improving awareness about assistive devices, significant technological advancements, and the implementation of favorable government policies are some of the major factors propelling the market.

Elderly and disabled assistive devices are a collection of equipment engineered to aid individuals who have certain physical limitations, thus enhancing their ability to perform daily tasks independently. It includes mobility aids, assistive furniture, bathroom safety devices, and communication aids. They are widely used to assist in mobility, safe bathroom usage, day-to-day communication, reading, house chores, exercising, food preparation, and medication management. Elderly and disabled assistive devices increase independence, improve self-confidence, enhance safety, improve quality of life, minimize strain on caregivers, and allow greater participation in social activities.

The improving awareness about assistive devices and their benefits owing to educational initiatives and public campaigns is fueling the market growth. In addition, the implementation of supportive initiatives by several governments across the globe to improve the quality of life for the geriatric and disabled by providing subsidies and tax incentives for purchasing assistive devices is contributing to the market growth. Furthermore, the shifting trends towards independent living among the elderly and disabled population are facilitating product demand to enable greater autonomy and self-sufficiency. Moreover, the widespread product adoption owing to the increasing demand for home healthcare is boosting the market growth. Other factors, including the growing expenditure capacities of consumers, increasing investment in developing advanced products, and escalating healthcare expenditure, are anticipated to drive the market growth.

Elderly and Disabled Assistive Devices Market Trends/Drivers:

The rapidly shifting demographics

The demographic shift towards a geriatric population worldwide is one of the significant factors driving the market growth. In line with this, the rising geriatric population prone to chronic diseases and disabilities that impair their daily functions is supporting the market growth. Moreover, various conditions, such as arthritis, dementia, diabetes, cardiovascular diseases (CVDs), and respiratory disorders prevalent among the geriatric population often necessitate the use of assistive devices for mobility and daily living activities. These devices significantly improve their independence, contributing to enhanced quality of life and emotional well-being.

The rising prevalence of disabilities

Disabilities, both congenital and acquired, contribute significantly to the burgeoning demand for assistive devices. The number of disabled individuals is increasing considerably due to population growth and the increase in chronic health conditions. Disabilities can range from physical impairments, such as spinal cord injuries, amputations, or paralysis, to cognitive impairments, such as autism or intellectual disability. Assistive devices provide a means for individuals with these disabilities to perform functions that might otherwise be difficult or impossible. They enhance mobility, communication, and overall functioning, enabling disabled individuals to participate more fully in social and economic activities. The rise in disability incidence is, therefore, directly proportional to the escalating demand for elderly and disabled assistive devices.

The rapid technological advancements

The recent technological advancements in assistive devices, such as smart home technologies that support independent living, advanced prosthetics, and visual aids that incorporate artificial intelligence (AI) and the Internet of Things (IoT) technologies, are propelling the market growth. Along with this, the introduction of advanced hearing aids that are equipped with Bluetooth connectivity and facilitate direct streaming of phone calls, music, or other audio from a user's smartphone is contributing to the market growth. Along with this, the development of cutting-edge wheelchair designs, which incorporate features such as stair-climbing abilities, automated navigation, and terrain adaptation, is positively influencing the market growth.

Elderly and Disabled Assistive Devices Industry Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the global elderly and disabled assistive devices market report, along with forecasts at the global, regional and country levels from 2024-2032. Our report has categorized the market based on service type and end user.

Breakup by Service Type:

• Mobility Aids Devices
  • Wheelchairs
  • Mobility Scooters
  • Cranes and Crutches
  • Walkers and Rollators
  • Transfer Lifts
  • Door Openers
  • Others
• Living Aids Devices
  • Reading and Vision Aids
  • Hearing Aids
• Medical Furniture
  • Medical Beds
  • Medical Furniture Accessories
  • Door Openers
  • Others
• Bathroom Safety Devices
  • Commodes
  • Bars, Grips, and Rails
  • Shower Chairs
  • Ostomy Products
     

Mobility aid devices dominates the market.

The report has provided a detailed breakup and analysis of the elderly and disabled assistive devices market based on the service type. This includes mobility aids devices (wheelchairs, mobility scooters, cranes and crutches, walkers and rollators, transfer lifts, door openers, and others), living aids devices (reading and vision aids, hearing aids), medical furniture (medical beds, medical furniture accessories, door openers, and others), and bathroom safety devices (commodes, bars, grips, and rails, shower chairs, and ostomy products). According to the report, mobility aid devices represented the largest market segment.

Mobility aids devices are dominating the market as they directly address the issue of limited mobility, which is one of the most prevalent problems faced by the elderly and disabled population. Mobility aids devices, such as wheelchairs, scooters, canes, crutches, walkers, and stair-lifts, offer a practical solution that facilitates movement and enhances independence. Furthermore, the rising geriatric population, which is highly susceptible to mobility issues due to muscle degeneration, is acting as another growth-inducing factor. Along with this, the escalating prevalence of conditions, such as arthritis, osteoporosis, and Parkinson's, which impair mobility, is contributing to the market growth. Moreover, recent technological advancements have made mobility aids devices more user-friendly, safe, and efficient, which is further bolstering the market growth. Apart from this, the implementation of supportive policies by social groups and governments to promote inclusion and accessibility for disabled and elderly individuals is favoring the market growth.

Breakup by End User:

• Hospitals
• Nursing Homes
• Assisted Living Facilities
• Homecare
   

Hospitals dominate the market.

The report has provided a detailed breakup and analysis of the elderly and disabled assistive devices market based on the end user. This includes hospitals, nursing homes, assisted living facilities, and homecare. According to the report, hospitals represented the largest market segment.

Hospitals dominate the market as they are the primary point of care for the elderly and people with disabilities. Hospitals tend to be the largest consumers of assistive devices to support patient care and serious health conditions that often require intensive, and professional medical intervention. Furthermore, hospitals are better equipped to invest in high-cost, technologically advanced assistive devices, such as powered wheelchairs, patient lift slings, and electric beds, which improve the quality of care. The high patient turnover allows hospitals to achieve cost efficiencies in device utilization that might not be feasible for individual users or smaller health facilities. Apart from this, they play a significant role in rehabilitation services, where the use of assistive devices is paramount. Patients recovering from surgery, strokes, or injuries often need these devices to help regain their mobility and independence.

Breakup by Region:

• North America
  • United States
  • Canada
• Asia-Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
• Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Russia
  • Others
• Latin America
  • Brazil
  • Mexico
  • Others
• Middle East and Africa
   

North America exhibits a clear dominance in the market, accounting for the largest elderly and disabled assistive devices market share

The report has also provided a comprehensive analysis of all the major regional markets, which includes North America (the United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and Others); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and Others); Latin America (Brazil, Mexico, and Others); and the Middle East and Africa. According to the report, North America accounted for the largest market share.

North America is dominating the market due to the presence of a significant elderly population that is suffering from physical and cognitive challenges. Furthermore, the region has a strong healthcare infrastructure characterized by leading healthcare institutions, ample healthcare funding, and insurance coverage, which is contributing to the market growth. Additionally, the implementation of favorable reimbursement policies by regional governments which cover assistive devices, thus boosting their affordability and adoption, is acting as another growth-inducing factor. Moreover, North America has several key players in the assistive devices market that are actively engaged in developing new and improved products. Apart from this, the escalating awareness about disability rights and the push for inclusivity is promoting the usage of assistive devices. Besides this, North America's high standard of living and rising disposable income enables a broader portion of the population to afford assistive devices.

Competitive Landscape:

The key players in the elderly and disabled assistive devices market are consistently investing in research and development (R&D) to introduce innovative and more efficient products that have superior sound quality, robust connectivity options, and rechargeability. Furthermore, top companies are incorporating cutting-edge technologies in their products to stay relevant in the market and meet rising consumer demands. Additionally, several market players are forming partnerships to expand their portfolios and reach a broader market. They are also making strategic acquisitions to diversify their products and strengthen their market presence. Along with this, companies are expanding their operations into new regions and countries by setting up manufacturing units, sales offices, and service centers to tap into new markets.

The report has provided a comprehensive analysis of the competitive landscape in the global elderly and disabled assistive devices market. Detailed profiles of all major companies have also been provided. Some of the key players in the market include:

• Carex Health Brands Inc.
• Demant A/S
• GF Health Products Inc.
• GN Hearing A/S
• Invacare Corporation
• Kaye Products Inc.
• Medical Depot Inc.
• NOVA Medical Products
• Pride Mobility Products Corporation
• Sonova Holding AG
• Starkey Hearing Technologies
• Sunrise Medical Inc.

Recent Developments:

• In June 2021, Demant A/S announced the establishment of a new facility to expand the production and regionalized distribution of hearing aids.
• In August 2022, GF Health Products Inc. introduced its Pure Tilt-in-space wheelchair, which is designed to provide optimal comfort and ensure safety.
• In April 2020, GN Hearing A/S launched ReSound Assist Live, a telehealth solution designed to provide at-home access to hearing aids and care.

Elderly and disabled assistive devices Market Report Scope:

Key Benefits for Stakeholders:

• IMARC’s report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the elderly and disabled assistive devices market from 2018-2032.
• The research study provides the latest information on the market drivers, challenges, and opportunities in the global elderly and disabled assistive devices market.
• The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
• Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the elderly and disabled assistive devices industry and its attractiveness.
• Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.