Elderly And Disabled Assistive Devices Market Key Insights 2024-2033: Growth Rate, Trends And Opportunities
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The elderly and disabled assistive devices market size has shown substantial growth in recent years, expected to rise from $24.61 billion in 2023 to $26.49 billion in 2024, at a compound annual growth rate (CAGR) of 7.6%. This growth in the historical context can be attributed to several factors, including the increasing prevalence of chronic health conditions, the rising life expectancy of individuals, a growing number of road accidents, an aging geriatric population, and the heightened prevalence of disabilities. In the upcoming years, the elderly and disabled assistive devices market is anticipated to experience continued strong growth, projected to reach $35.97 billion by 2028, with a CAGR of 7.9%. The growth drivers during this forecast period will include an increase in demand for assistive devices, a rising number of hospital admissions for treatments, escalating healthcare expenditure, a growing prevalence of mobility issues, and an increasing demand for home care services. Significant trends expected to emerge include the integration of smart technologies, innovations in communication devices, advancements in assistive devices, development of smart home devices, and breakthroughs in wearable technology.
The increasing number of people with disabilities is expected to contribute to the growth of the elderly and disabled assistive devices market. Disabilities can impair a person’s ability to perform everyday tasks or access essential resources, and this rise in disabilities is attributed to an aging population, chronic health conditions, and genetic factors. Assistive devices for elderly and disabled individuals not only enhance independence and quality of life but also reduce healthcare costs. In fact, according to an October 2021 report by PLOS, the number of people with disabilities in the U.S. is expected to rise by 60 million between 2020 and 2050. As a result, this growing number of disabilities will continue to drive the assistive devices market in 2023 and through 2024 and beyond.
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What Are The Key Trends That Influence Elderly And Disabled Assistive Devices Market Share Analysis?
Major companies in the elderly and disabled assistive devices market are forming collaborations to create integrated solutions that enhance mobility, independence, and quality of life for users. These strategic partnerships facilitate the development of innovative solutions addressing the complex needs of elderly and disabled individuals, resulting in more effective, accessible, and user-friendly products. For instance, in July 2023, University College London (UCL), a UK-based university, partnered with the Indian Institute of Technology, an India-based organization, to drive disability innovation through assistive technology, aiming to significantly enhance the quality of life for individuals with disabilities. This initiative focuses on leveraging advanced technologies and innovative solutions to tackle the unique challenges faced by disabled individuals, particularly in India. Additionally, in January 2024, the Central Government of India collaborated with the All India Institute of Medical Sciences (AIIMS), an India-based university, to provide assistive devices for individuals with disabilities. This initiative underscores the government’s commitment to improving the quality of life for persons with disabilities by ensuring access to essential aids and appliances.
Which Market Players Are Driving Growth In The Elderly And Disabled Assistive Devices Market?
Major companies operating in the elderly and disabled assistive devices market are Siemens AG, Bausch And Lomb Inc., Sonova Holding AG, William Demant Holding A/S, Starkey Hearing Technologies Limited, Invacare Corporation, NOVA Medical Inc., Permobil AB, Sunrise Medical LLC, Drive DeVilbiss Healthcare Limited, Pride Mobility Products Corporation, GF Health Products Inc., Handicare Group AB, Carex Health Brands Inc., AI Squared, Audina Hearing Instruments Inc., Blue Chip Medical Products Inc., New Century Products Co. Ltd, Kaye Products Inc., Magic Mobility Ltd.
How Is The Global Elderly And Disabled Assistive Devices Market Segmented?
The elderly and disabled assistive devicesmarket covered in this report is segmented –
1) By Device Types: Medical Mobility Aids And Ambulatory Devices, Medical Furniture And Bathroom Safety Products, Hearing Aids, Vision And Reading Aids
2) By Distribution Channel: Online Channels, Offline Channels
3) By End-User: Hospitals, Homecare Settings, Nursing Homes, Assisted Living Facilities, Other End-Users
Read The Full Elderly And Disabled Assistive Devices Market Report Here
The Elderly And Disabled Assistive Devices Global Market Report 2024 provides an overview of the elderly and disabled assistive devicesmarket for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The elderly and disabled assistive devices market forecast analyzes elderly and disabled assistive devices market size, elderly and disabled assistive devices market share, leading competitor and their market positions.
The Table Of Content For The Elderly And Disabled Assistive Devices Market Include
1. Elderly And Disabled Assistive Devices Market Executive Summary
2. Elderly And Disabled Assistive Devices Market Segments
3. Elderly And Disabled Assistive Devices Market Size And Template Market Growth Rate
4. Key Elderly And Disabled Assistive Devices Market Trends
5. Major Elderly And Disabled Assistive Devices Market Drivers
……
25. Key Mergers And Acquisitions In The Elderly And Disabled Assistive Devices Market
26. Top Elderly And Disabled Assistive Devices Companies
27. Elderly And Disabled Assistive Devices Market Opportunities And Strategies
28. Elderly And Disabled Assistive Devices Market, Conclusions And Recommendations
29. Appendix
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