Disabled & Elderly Assistive Technologies Market Poised for Growth: Expected to Reach USD 49 Billion by 2030

 

According to Next Move Strategy Consulting, the global Disabled & Elderly Assistive Technologies Market, is set for significant growth, with projections to reach USD 50 billion by 2030. This robust expansion is expected to occur at a compound annual growth rate (CAGR) of 7% by 2030.

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Market Overview

Disabled & elderly assistive technologies are essential devices that help improve the quality of life for individuals facing physical or cognitive impairments. These technologies include mobility aids, hearing and vision devices, bathroom safety products, and assistive furniture, all designed to promote independence and well-being. For example, walkers, wheelchairs, hearing aids, and voice-controlled devices are instrumental in improving mobility and functionality for elderly and disabled individuals, enabling them to perform daily activities with greater ease.

Market Dynamics and Trends

The disabled & elderly assistive technologies market is driven by the increasing global population of elderly individuals and those living with disabilities. The United Nations projects that the global population of individuals aged 80 years or older will triple from 137 million in 2017 to 425 million by 2050, which is expected to significantly propel market growth.

Government initiatives, such as the World Health Organization’s Priority Assistive Products List (APL) introduced in September 2020, are further supporting the adoption of assistive devices. Additionally, rising private investments and the growing awareness around disability and elderly care are providing further momentum.

However, challenges such as high product costs and low adoption rates for certain devices may slow the market's growth. Despite these obstacles, the increasing trend towards independent living, along with the rising focus on health and wellness, presents abundant opportunities for growth in this sector.

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Market Segmentation

The market can be segmented based on product type, end user, and geography:

• Product Type:
• Mobility Assistance Aids: Wheelchairs, mobility scooters, walkers, crutches, patient lifts, and others.
• Assistive Furniture: Medical beds, riser reclining chairs, railings, door openers, and others.
• Bathroom Safety & Assistive Products: Commode chairs, shower chairs, ostomy products, and others.
• Communication Aids: Hearing aids (various types), speech and writing therapy devices, vision aids, and reading devices.
• End User:
• Hospitals
• Elderly nursing homes
• Homecare
• Others
• Geography:
• North America (U.S., Canada, Mexico)
• Europe (Germany, UK, France, Italy, Rest of Europe)
• Asia-Pacific (China, Japan, India, Australia, Rest of APAC)
• Rest of the World (Brazil, South Africa, Saudi Arabia, and other countries)

Geographical Analysis

North America currently leads in the adoption of assistive technologies, driven by high disposable incomes and government reimbursement programs encouraging purchases. Meanwhile, the Asia-Pacific region is anticipated to experience sustained growth due to an aging population, government support, and improving healthcare infrastructure, all of which contribute to increasing demand for assistive devices.

Competitive Landscape

The disabled & elderly assistive technologies market is highly competitive, with numerous key players driving innovation and market expansion. Major market players include Drive Medical, Invacare Corporation, Sunrise Medical LLC, Sonova Holding AG, Starkey Hearing Technologies, and Pride Mobility Products Corporation. Recent innovations, such as Sunrise Medical LLC’s Education in Motion (EIM) platform and Permobil AB’s ROHO Hybrid Select cushion, reflect the industry’s commitment to advancing assistive technologies for those in need.

Key Benefits

• Comprehensive quantitative analysis and market projections from 2022 to 2030.
• Insight into current and emerging trends that will help identify investment opportunities.
• Detailed information on key drivers, restraints, and opportunities shaping the market.
• Competitive analysis of top market players and their market shares.
• In-depth SWOT analysis and Porter's Five Forces model for a thorough understanding of market dynamics.
• A value chain analysis providing a clear picture of the roles investors play in the market.

Conclusion

The disabled & elderly assistive technologies market is on a promising trajectory, driven by an aging global population, technological advancements, and supportive government policies. As the need for independence and quality of life rises, both the market and the innovative solutions it offers are expected to grow exponentially over the next decade.

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For more information, please contact:

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