Increasing global geriatric population, rapidly rising number of people suffering from disabilities, and investments in R&D activities for development of advanced assistive devices are some key factors expected to drive market growth
According to Emergen Research, the global elder care services & assistive devices market size was USD 672.25 Billion in 2019 and is expected to reach USD 1,020.00 Billion by 2027 and register a revenue CAGR of 5.3% during the forecast period, 2021-2028.
Market Dynamics:
Assistive technology is any equipment, device, gadget, or gizmo that help individuals to live a life independently. Individuals with disabilities can interact and stay connected with others regardless of their disabilities. This technology covers a wide range of devices and aids, including screen readers, GPS Trackers, accessible mobile phones, communication aids, telecare, and memory aids. According to World Health Organization’s (WHO) 2018 report, more than 2 billion people will require at least one assistive product by 2030, with many elder population needing two or more owing to rapid rise in non-communicable diseases.
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Telemedicine is gaining popularity in the elder care services and assistive devices market because it allows medical practitioners to obtain a full and in-depth study at elders’ health status from a distance. This technology allows doctors to monitor patients and have live face-to-face conversations with them in order to deliver better care in fewer visits. In addition, growing popularity of in-home healthcare, rise in health consciousness, increasing investment in research activities for development of advanced assistive devices and growing awareness among individuals regarding the usage of assistive devices are some factors expected to boost market revenue growth over the forecast period.
However, high cost of elderly services and assistive products and low reimbursement from medical insurers are some factors expected to restrain market growth to a certain extent over the forecast period. In addition, the thought of digital monitoring and activity surveillance can make some individuals nervous or uneasy and some assistive technology, such as motion sensors, does not actively record or send information to anyone and these are some other factors that can limit adoption of these devices and further restrain market growth going ahead.
COVID-19 Impact Analysis
- Social distancing and restrictions severely disrupted businesses and operations
- Lockdowns caused disruptions in transportation and logistics
- Impacted manufacturing activities and mining operations globally
- Took a toll on economy of various countries
- Caused sudden and drastic downturn in economic activity
- Disrupted agriculture, fisheries, dairy, and other sectors
- Caused loss of employment and financial crisis
- Supply impacts were further compounded owing to reduced disposable income
- Emergence of variants continue to cause concerns and impact normal routines
Services Segment Revenue to Expand at a Rapid CAGR:
Services segment is expected to register a rapid revenue CAGR over the forecast period attributed to numerous advantages offered by homecare services due to advancements in digitalization such as one-on-one attention, personalized care, independence, comfort, cost-effectiveness, and family involvement.
Hospitals Segment to Register Significant Revenue Growth:
Hospitals segment is expected to register significant revenue growth over the forecast period due to increasing number of patients suffering from disabilities, rising cognizance about healthcare facilities, and better access to technologically advanced devices. Further, various types of assistive gadgets have been used in hospitals, most of which involve Artificial Intelligence (AI) and Machine Learning (ML) technology which has made lives easier.
North America to Account for Largest Revenue Share:
North America is expected to account for largest revenue share in the global market over the forecast period due to ongoing technological advancements on assistive devices, growing government emphasis on safety of geriatric patients, and rising level of disposable income. In addition, government subsidies to increase accessibility of disabled assistive devices and new technology innovations are some other factors expected to contribute to market growth in the region.
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Major Companies in the Market Include:
- Invacare Corporation
- Ai Squared
- Siemens Healthineers
- Sonova Holding AG
- Cochlear Limited
- Brookdale Senior Living
- Extendicare Inc.
- Genesis HealthCare
- Pride Mobility Products Corporation
- GN Resound Group
For the purpose of this report, Emergen Research has segmented the global elder care services & assistive devices market based on offering, end-use, and region:
Offering Outlook (Revenue, USD Billion; 2017–2027)
- Services
- Home Healthcare
- Adult Day Services
- Institutional Care
- Assisted Devices
- Mobile Assistance Devices
- Wheelchairs
- Mobility Scooters
- Others
- Living Aids
- Hearing Aids
- Vision & Speech Aids
- Assistive Furniture
- Assistive Beds
- Door Openers
- Riser Reclining Chairs
- Others
- Bathroom Safety Equipment
- Shower Rooms
- Commode Chairs
- Ostomy Devices
- Bars, Grips & Rails
- Others
- Mobile Assistance Devices
End-Use Outlook (Revenue, USD Billion; 2017–2027)
- Hospitals
- Homecare Settings
- Nursing Homes
- Rehabilitation Centers
- Others
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Regional Outlook (Revenue, USD Billion; 2017–2027)
- North America
- S.
- Canada
- Mexico
- Europe
- Germany
- France
- K.
- Italy
- Spain
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- A.E.
- South Africa
- Turkey
- Rest of MEA
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