Elderly and Disabled Assistive Devices Market (By Service Type: Mobility Aids Devices, Living Aids Devices, Medical Furniture, Bathroom Safety Devices; By End User: Hospitals, Nursing Homes, Assisted Living Facilities, Homecare) - Global Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2022 – 2030


The global elderly and disabled assistive devices market size was valued at US$ 22.07 billion in 2021 and is expected to hit US$ 34.18 billion by 2030 and poised to grow at a compound annual growth rate (CAGR) of 5% from 2022 to 2030.

Elderly and Disabled Assistive Devices Market Size 2021 to 2030

Growth Factors

The manufacturers of the elderly and disabled assistive devices are expected to gain huge profits owing to the surging demand for the technologically advanced assistive devices across the globe. The rapidly growing geriatric population across the globe and the growing disabilities owing to various diseases and aging is expected to be the primary driver of the global elderly and disabled assistive devices market. The surging number of the manufacturers in the elderly and disabled assistive devices market, owing to the lucrative market opportunities is driving the global market. The elderly and disabled assistive devices such as mobility scooters, hearing aids, wheelchairs, vision and reading aids, and bathroom safety devices are some of the highly demanded products among the disabled and geriatric people. These devices helps the user in their daily activities such as walking, reading, listening, and bathing. The growing focus of the manufacturers in the development of disabled assistive devices using latest technologies and rising investments towards improving the ergonomics of the devices are the major factors that are expected to drive the growth of the global elderly and disabled assistive devices.

According to the United Nations, the global geriatric population is expected to reach at 2 billion by 2050. The improved access to the advanced healthcare facilities has increased the life expectancy of the people. As per the World Health Organization (WHO), everyone will be permanently or temporarily disable at some point in their life, especially those who would survive to old age is expected to witness challenges in functioning. According to the WHO, around 15% of the global population lives with some form of disabilities and around 2% to 4% of them experiences exponential difficulties in functioning in their day-to-day lives. The growing prevalence of various chronic diseases such as cancer, diabetes, arthritis, and cardiovascular diseases are some of the major factors that affects disabilities. Moreover, the road traffic accidents, occupational injuries, falls, conflicts, and violence are some of the top recognized contributors to the number of disabilities. Therefore, the rising prevalence of disabilities across the globe owing to the aforementioned reasons is expected to drive the growth of the global elderly and disabled assistive devices market.

Report Scope of the Elderly and Disabled Assistive Devices Market

Report Coverage Details
Market Size by 2030 USD 34.18 Billion
Growth Rate from 2022 to 2030

CAGR of 5%

Largest Market North America
Fastest Growing Market Asia Pacifc
Base Year 2021
Forecast Period 2022 to 2030
Segments Covered Service Type, End User, Geography
Companies Mentioned AI Squared, Drive Medical, GN Resound Group, Invacare, Nordic Capital, Pride Mobility Products Corporation, Siemens Ltd., Sonova Holding AG, Starkey hearing technologies, William Demant Holding A/S

 

Type Insights

Based on the type, the mobility aids segment dominated the global elderly and disabled assistive devices market in 2020. The surging number of disabilities owing to various diseases and aging population has boosted the demand for the mobility aids across the globe. Moreover, the rising investments by the market players in adoption of the technological advancements in the devices have significantly driven the growth of this segment. Further, the rising number of road traffic accidents and growing disabilities pertaining to it is fueling the growth of the mobility aids devices. According to the WHO, between 20 and 50 million higher number of people suffer non-fatal injuries due to road traffic accidents and this injury results in disability. These factors have resulted in the dominance of this segment in the past years.

On the other hand, the bathroom safety is estimated to be the most opportunistic segment during the forecast period. This is attributed to the rising focus towards the improvement of the quality of life of the disabled and the old age population. The surging technological advancements have encouraged the development of various advanced assistive devices that eases the daily functioning of the disabled people.

End User Insights

Based on the end user, the hospitals segment dominated the global elderly and disabled assistive devices market in 2020. This is attributed to the increased number of road accidents and rising number of hospital admissions for the treatment of various diseases like paralysis, cerebral palsy, stroke, amputation, and multiple sclerosis. These diseases are the major contributors to the growth of the elderly and disabled assistive devices market. Moreover, the huge demand for the wheel chairs and other mobility devices for the mobility of the patients in hospital premises has fueled the growth of this segment.

On the other hand, the homecare is expected to be the fastest-growing segment during the forecast period. The rising adoption of the disabled assistive devices in home is driving the growth of this segment. Moreover, the permanent disabilities due to aging and various other factors are driving the market growth. The rising healthcare expenditure and increasing awareness regarding the availability of various advanced devices is augmenting the segment’s growth.

Region Insights

North America was the leading market in 2020. This is simply attributed to the presence of huge geriatric population and surging prevalence of various chronic diseases such as cancer, diabetes, and CVDs, which are considered a major cause of disability. According to the US Census Bureau, there were around 54.1 million geriatric people in US in 2019, aged 65 years or above. This number is expected to reach at 95 million 2050. Moreover, the increased healthcare expenditure, high disposable income, and increased awareness regarding various advanced devices are some of the prominent factors that has augmented the growth of the elder and disabled assistive devices market in North America.

Elderly and Disabled Assistive Devices Market Share, By Region, 2020 (%)

Asia Pacific is expected to be the fastest-growing market during the forecast period. This is mainly de to the rapidly growing geriatric population, rising prevalence of various non-communicable diseases, and rising prevalence of road traffic accidents. According to the United Nations, about 80% of the global geriatric population will be living in the low and middle income countries. Moreover, around 93% of the global road traffic accidents occur in low and middle income countries, as per the WHO. The surging penetration of the advanced healthcare systems and the rising accessibility to the advanced care is fueling the market growth in Asia Pacific region. The easy availability of the disabled assistive devices coupled with rising healthcare expenditure is propelling the growth of the Asia Pacific elderly and disabled assistive devices market.

Key Company Insights

The elderly and disabled assistive devices market is moderately fragmented with the presence of several top market players. These market players are investing heavily in the value-added services to gain competitive advantage and gain market share. Furthermore, these market players are engaging in various developmental strategies such as product launches, partnerships, joint ventures, and mergers to exploit the prevailing market opportunities.

Some of the prominent players in the global elderly and disabled assistive devices market include:

  • AI Squared
  • Drive Medical
  • GN Resound Group
  • Invacare
  • Nordic Capital
  • Pride Mobility Products Corporation
  • Siemens Ltd.
  • Sonova Holding AG
  • Starkey hearing technologies
  • William Demant Holding A/S

Segments Covered in the Report

By Service Type

  • Mobility Aids Devices
    • Wheelchairs
    • Mobility Scooters
    • Cranes & Crutches
    • Walkers & Rollators
    • Transfer Lifts
    • Door Openers
    • Others (Cushions, Pillow, and Back Support)
  • Living Aids Devices
    • Reading and Vision Aids
      • Video Magnifiers
      • Braille Translators
      • Reading Machines
      • Others (Books and Kitchen Appliances)
    • Hearing Aids
      • Receiver-in-the-Ear (RITE) Aids
      • Behind-the-Ear (BTE) Aids
      • In-the-Ear (ITE) Aids
      • Canal Hearing Aids
      • Bone Anchored Hearing Aids (BAHA)
      • Cochlear Implants
  • Medical Furniture
    • Medical Beds
    • Medical Furniture Accessories
    • Door Openers
    • Others
  • Bathroom Safety Devices
    • Commodes
    • Bars, Grips, and Rails
    • Shower Chairs
    • Ostomy Products

By End User

  • Hospitals
  • Nursing Homes
  • Assisted Living Facilities
  • Homecare

By Geography

  • North America
    • U.S.
    • Canada
  • Europe
    • U.K.
    • Germany
    • France
  • Asia-Pacific
    • China
    • India
    • Japan
    • South Korea
    • Malaysia
    • Philippines
  • Latin America
    • Brazil
    • Rest of Latin America
  • Middle East & Africa (MEA)
    • GCC
    • North Africa
    • South Africa
    • Rest of the Middle East & Africa

Frequently Asked Questions

What is the current size of elderly and disabled assistive devices market?
According to Precedence Research, the global elderly and disabled assistive devices market size was reached at US$ 22.07 billion in 2021 and is anticipated to rake US$ 34.18 billion by 2030.
The global elderly and disabled assistive devices market is expanding growth at a CAGR of 5% from 2022 to 2030.
The major players operating in the elderly and disabled assistive devices market are AI Squared, Drive Medical, GN Resound Group, Invacare, Nordic Capital, Pride Mobility Products Corporation, Siemens Ltd., Sonova Holding AG, Starkey hearing technologies, William Demant Holding A/S.
The global elderly and disabled assistive devices market is primarily driven by the surging prevalence of disability owing to various diseases and injuries, and the rapidly growing geriatric population across the globe.
North America dominated the global elderly and disabled assistive devices market in 2020 and will lead the market in near future.

PROCEED TO BUY

   USD 4500
   USD 7000
   USD 9000

ASK FOR SAMPLE

No cookie-cutter, only authentic analysis – take the 1st step to become an Precedence Research client

Get a Sample