Elderly and Disabled Assistive Devices Market to Expand at CAGR of 5.3% during Forecast Period, Notes TMR Study

-  Increase in government backing and attempts to guarantee the accessibility of these devices for a broad consumer population is likely to bolster the growth of the elderly and handicapped assistive devices market

-  Due to growth in senior population, the market in Asia Pacific is expected to develop at a rapid pace during the forecast period

ALBANY, N.Y., Jan. 25, 2022 /PRNewswire/ -- Transparency Market Research: The global elderly and disabled assistive devices market was valued at US$ 20.7 Bn in 2020 and is expected to attain valuation of US$ 31.6 Bn by the end of 2028. The market is estimated to rise at a CAGR of 5.3% during the forecast period, from 2021 to 2028. Manufacturers are likely to profit from the growing demand for technologically enhanced assistive gadgets among the aging and disabled populace. In the forthcoming years, the global elderly and disabled assistive devices market is likely to be driven by increasing presence of various companies in the market.

Toilet safety devices, wheelchairs, medical beds, vision and reading aids, mobility scooters, hearing aids, and other assistive equipment are quite popular among the disabled and elderly. These devices are highly beneficial to them, since they make daily tasks such as reading, walking, and listening much better and simpler for them. Consumers are increasingly looking for products that are efficient, dependable, and safe. In order to keep ahead of the growing competition in the global market, manufacturers are focused on product innovation utilizing advanced techniques. However, in certain developing nations, exorbitant costs and a lack of knowledge about assistive devices for the elderly are key restraints in the global elderly and disabled assistive devices market.

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Rise in government assistance and attempts to guarantee the supply of these devices for a wide consumer base are credited with the growth of the global elderly and disabled assistive devices market.

Key Findings of Market Report

• Due to its excellent features such as agility, flexibility, and comfort, and assistive devices are becoming increasingly popular among the elderly and disabled. This factor is estimated to present prospective revenue opportunities for manufacturers of assistive devices serving the elderly and disabled.
• In terms of revenue, the hearing aids category accounted for a considerable market share in 2021. This is due to the presence of an incredibly large number of individuals who suffer from hearing loss and the emergence of technologically improved devices such as bone-anchored hearing aids (BAHA) and cochlear implants.

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• The worldwide elderly and disabled assistive devices market is driven by increasing adoption of sophisticated technologies in the production of assistive devices for the elderly and disabled. Geriatric people benefit from the use of automated assistive devices, as they eliminate manual labor.
• The medical mobility aids and ambulatory devices category is predicted to grow at a high growth rate, owing to growth in elderly population and increase in government assistance in the form of subsidies and grants for the purchase of mobility equipment
• Governments in the U.K., Switzerland, and the U.S. provide funding to disabled people for the purchase of assistive devices, whereas the Canada Government permits disabled people to pay little or no tax at all

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Global Elderly and Disabled Assistive Devices Market: Growth Drivers

• The geriatric population is susceptible to a variety of physical impairments, including vision and hearing loss, as well as immobility. These limitations are likely to necessitate the use of assistive devices to carry out daily chores such as reading, moving, listening, etc.
• Software advancements in video magnifiers, Braille translators, and reading machines have expanded the range of applications and patient segments. For instance, the introduction of portable video magnifiers onto the market by several businesses has raised demand for these devices among visually challenged people who can afford them.

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Global Elderly and Disabled Assistive Devices Market: Key Players

Some of the key market players are

• Blue Chip Medical Products, Inc.
• William Demant Holding A/S
• Bausch & Lomb, Inc.
• Drive Medical Design and Manufacturing
• Sunrise Medical LLC
• Sonova Holding AG

Global Elderly and Disabled Assistive Devices Market: Segmentation

Type

• Medical Mobility Aids & Ambulatory Devices
• Medical Furniture & Bathroom Safety Products
• Hearing Aids
• Vision & Reading Aids

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