Disabled And Elderly Assistive Technology Market Overview: Market Size, Major Drivers And Trends
The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033
The disabled and elderly assistive technology market size has grown strongly in recent years, increasing from $39.63 billion in 2023 to $42.58 billion in 2024, with a compound annual growth rate (CAGR) of 7.5%. This growth during the historic period can be attributed to a rise in research and development activities, government initiatives, high disposable income, rapidly shifting demographics, and an increasing aging population. The market is expected to continue its strong growth, projected to reach $57.07 billion in 2028, at a CAGR of 7.6%. Factors driving growth in the forecast period include rising demand for assistive technologies, increased need for advanced assistive solutions, a surge in the prevalence of disabilities, evolution in assistive technology, growing awareness, and a rising geriatric and disabled population. Key trends expected to emerge during this period include advanced healthcare facilities, growth in independent living opportunities, technological advancements, integration of AI, and the introduction of innovative and cost-effective assistive technologies.
The rising employment-population ratio for individuals with disabilities is set to propel the growth of the disabled and elderly assistive technology market. This trend is driven by improved accessibility, inclusive hiring practices, and better support programs. Assistive technologies empower individuals with disabilities to perform job tasks more effectively and independently, increasing their employability and access to diverse job opportunities. For instance, in February 2024, the U.S. Bureau of Labor Statistics reported that the employment-population ratio for individuals with disabilities increased by 1.2 percentage points in 2023, reaching 22.5%. This rise in employment opportunities for people with disabilities is driving the demand for assistive technologies.
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What Are The Key Trends That Influence Disabled And Elderly Assistive Technology Market Share Analysis?
Major companies in the disabled and elderly assistive technology market are prioritizing technological advancements, such as AI-powered hearing aids and other assistive devices, to gain traction in the market. These hearing aids utilize artificial intelligence to enhance sound quality, adapt to various environments, and provide personalized hearing experiences. For instance, in January 2024, Starkey, a U.S.-based hearing aid manufacturer, launched the Genesis AI hearing aids in Australia and New Zealand. These devices feature real-time environmental adaptation, advanced noise reduction, and seamless connectivity with smart devices, offering users clearer sound and improved communication capabilities. This innovation demonstrates how the integration of AI in hearing aids significantly improves accessibility and user experience, addressing the specific requirements of individuals with hearing impairments.
Which Market Players Are Driving Growth In The Disabled And Elderly Assistive Technology Market?
Major companies operating in the disabled and elderly assistive technology market are Siemens Healthineers AG, Whirlpool Corporation, Medline Industries LP, Bausch Health Companies Inc., Sonova Holding AG, Demant A/S, GN Store Nord A/S, Otto Bock HealthCare GmbH, Cochlear Ltd, Starkey Laboratories Inc., Invacare Holdings Corp, MED-EL Medical Electronics, Permobil Inc., Sunrise Medical LLC, Pride Mobility Products Corp., Tobii Dynavox LLC, Nordic Capital Limited (NCL), Freedom Scientific Inc., Liberator Ltd., Jabbla UK Ltd., Wintriss Engineering, Blue Chip Medical Products Inc., Medical Depot Inc., Inclusive Technology Ltd, Exact Dynamics B.V.
How Is The Global Disabled And Elderly Assistive Technology Market Segmented?
The disabled and elderly assistive technologymarket covered in this report is segmented –
1) By Product Type: Medical Mobility Aids And Ambulatory Devices, Assistive Furniture, Bathroom Safety And Assistive Products, Communication Aids, Activity Monitors, Location Monitors, Other Product Types
2) By Distribution Channel: Online, Offline
3) By End-User Type: Hospitals, Elderly Nursing Homes, Homecare, Other End-Users
Read The Full Disabled And Elderly Assistive Technology Market Report Here
The Disabled And Elderly Assistive Technology Global Market Report 2024 provides an overview of the disabled and elderly assistive technologymarket for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The disabled and elderly assistive technology market forecast analyzes disabled and elderly assistive technology market size, disabled and elderly assistive technology market share, leading competitor and their market positions.
The Table Of Content For The Disabled And Elderly Assistive Technology Market Include
1. Disabled And Elderly Assistive Technology Market Executive Summary
2. Disabled And Elderly Assistive Technology Market Segments
3. Disabled And Elderly Assistive Technology Market Size And Template Market Growth Rate
4. Key Disabled And Elderly Assistive Technology Market Trends
5. Major Disabled And Elderly Assistive Technology Market Drivers
……
25. Key Mergers And Acquisitions In The Disabled And Elderly Assistive Technology Market
26. Top Disabled And Elderly Assistive Technology Companies
27. Disabled And Elderly Assistive Technology Market Opportunities And Strategies
28. Disabled And Elderly Assistive Technology Market, Conclusions And Recommendations
29. Appendix
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