Elderly and disabled assistive devices are used to aid patients or consumers who have disabilities or chronic diseases. This includes products and equipment such as wheelchairs, mobility scooters, medical beds, bathroom safety devices, reading devices, hearing aids and others which help elderly and disabled people live independently and perform daily tasks. With rising chronic diseases and aging population globally, the demand for these devices is growing significantly.

The elderly and disabled assistive devices market is estimated to be valued at US$ 27.77 Bn in 2023 and is expected to exhibit a CAGR of 5.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:
Increasing geriatric population: One of the key factors driving growth of the elderly and disabled assistive devices market is rising geriatric population globally. According to world health organization, number of people aged 65 years and above is projected to reach 1.5 billion by 2050 from 703 million in 2019. Chronic diseases increase with age which fuels demand for assistive devices.
Another factor influencing the market growth is growing number of disabled population. Disability prevalence is on the rise primarily due to accidents, lifestyle diseases and genetic factors. Assistive devices help physically and mentally disabled individuals to improve quality of life and perform daily chores easily.

SWOT ANALYSIS

Strength:
- Meeting an important unmet need for the elderly and disabled.
- Wide range of products available to support mobility and independence.
- Growing demand due to aging population driving market growth.

Weakness:
- High costs of advanced assistive devices limit adoption.
- Lack of awareness about availability of assistive technologies.

Opportunity:
- Untapped markets in developing regions present major growth opportunities.
- Advancements in IoT and AI can enable innovative assistive solutions.

Threats:
- Reimbursement policies vary greatly across regions and countries.
- Intense competition from local and regional assistive device manufacturers.


KEY TAKEAWAYS

The global Elderly and Disabled Assistive Devices Market is expected to witness high growth, exhibiting CAGR of 5.2% over the forecast period, due to increasing aging population globally. Growing prevalence of disabilities is also fueling demand for assistive devices to support independent living.

Regional analysis

North America dominates the global market currently, owing to supportive regulatory environment and availability of advanced assistive technologies. Asia Pacific is expected to exhibit fastest growth, with CAGR of over 6%, driven by large geriatric population, growing medical capabilities, and increased adoption. China, Japan and India will be major revenue generators for the APAC Elderly and Disabled Assistive Devices Market.

Key players

Key players operating in the Elderly and Disabled Assistive Devices market are Sonova Holding AG, Bausch & Lomb, Inc., Permobil AB, Siemens Healthcare, Freedom Scientific, Inc. Sonova Holding and Permobil lead the mobility aids segment with wide product portfolios for walkers, wheelchairs and scooters. Bausch & Lomb and Siemens Healthcare have strong positions in personal emergency response systems and diagnostic equipment markets. Freedom Scientific focuses on assistive technologies for visual impairments.