#disabilityaid

The Elderly and Disabled Assistive Devices Market includes medical equipment that is used to aid the disabled and elderly population to live independently. This includes mobility devices such as wheelchairs and scooters which help provide freedom of movement for those unable to walk. Other assistive devices include hearing aids, prosthetics and orthotics that help compensate for lost senses and limb mobility. The devices also include emergency response systems and monitoring devices for the safety of the elderly population. The global elderly population is rising rapidly due to increased life expectancy and declining birth rates. According to the United Nations, the number of people over the age of 60 years is projected to grow to nearly 2.1 billion by 2050 from 703 million currently. This rising elderly population base especially in developed nations is driving the demand for assistive devices that help provide independence and comfort to the aging population.

The Global Elderly and Disabled Assistive Devices Market is estimated to be valued at US$ 27.77 Bn in 2024 and is expected to exhibit a CAGR of 5.2% over the forecast period from 2023 to 2030.

Key Takeaways

Key players operating in the Elderly and Disabled Assistive Devices are Sonova Holding AG, Bausch & Lomb, Inc., Permobil AB, Siemens Healthcare, Freedom Scientific, Inc. Major players are focusing on new product launches, mergers and acquisitions to strengthen their market presence. For instance, in 2022 Permobil acquired US based auto chair manufacturer, Invacare.

The growing elderly population globally is driving the demand for assistive devices that help provide independence and mobility. As per the UN, the number of people over 60 years will reach up to 2.1 billion by 2050 from 703 million currently. This growing geriatric population base requires assistive devices for mobility, daily tasks and emergency response.

Geographically, North America dominated the elderly and disabled assistive devices market in 2020 owing to favorable reimbursement policies. However, Asia Pacific is expected to witness highest growth during the forecast period owing to increasing healthcare spending and burgeoning geriatric population.

Market Drivers

The rising incidence of disabilities globally due to increasing road accidents, chronic diseases and improved survival rates is a key growth driver for the elderly and disabled assistive devices market. According to WHO, over 1 billion people worldwide live with some form of disability. This growing disabled population requires assistive devices like wheelchairs, walkers and prosthetics to perform their daily activities. Moreover, favorable government regulations in the US and Europe regarding usage and insurance coverage of assistive technologies have encouraged adoption of these devices.

The current geopolitical tensions and uncertainties pose challenges for the elderly and disabled assistive devices market's global expansion efforts over the coming years. Regional conflicts and economic sanctions have disrupted supply chains and manufacturing hubs in certain parts of the world. This has led to delays and increased costs of developing and delivering assistive solutions to those who need them. To navigate such a dynamic external environment, companies must focus on building resilience within their operations. Diversifying supplier and manufacturing networks across different geographies can help mitigate over-dependency and single-point failures. Partnerships and alliances also offer opportunities to cooperate and strengthen cooperation even during politically challenging times.

Looking ahead, the market must increasingly localize operations to cater to regional preferences and address specific cultural needs of elderly populations. Customizing products based on local lifestyle habits, languages, affordability levels etc. can boost access and adoption. Governments too need to incentivize localized production through tax benefits and financing support. Collaborating with local healthcare providers also ensure last-mile connectivity and awareness. Overall, a flexible, adaptive approach balancing global expertise with local relevance will be key for sustained growth amid geopolitical headwinds.