Elderly and Disabled Assistive Devices – Evolving from Luxury to Necessity
Reduced reliance on carers and a higher standard of life are two of the many benefits of today’s assistive technologies. Wheelchairs, hearing aids, vision aids, and specialized computer software and hardware systems are just some of the devices available to help the elderly and those with mobility or speech impairments. About 7.7 million new cases of dementia are reported annually, as stated in an article posted in the Assistive Technology Blog (ATB) in September 2016. By 2050, an estimated 135.5 Mn people will have dementia worldwide. Clocks and reminders, , activity monitors, fall detectors, intercoms, and computer assists are all helpful for dementia patients.
The worldwide market for aids for the aged and the disabled was worth US$16,141.4 m in the year 2018, and it is anticipated to grow at a CAGR of 7.7 % over the forecast period (2019 – 2027).
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Market for aids for the elderly and those with disabilities continues to expand as the global elderly population continues to rise.
According to the U.S. Census Bureau’s report “An Aging World: 2015,” the proportion of the world’s population that is 65 and older is projected to rise from 8.5% in 2015 to 12% in 2030. It is predicted that the population ageing rate will be highest in Asia and Latin America. The market for aids for the elderly and the disabled is estimated to be particularly lucrative in Asia and Latin America.
Governmental and non-profit initiatives are improving the outlook for the market of assistive devices for the elderly and disabled.
According to data released by the WHO, only 5–15% of the population in low and middle-income countries have access to assistive devices for the elderly and disabled (WHO). The World Health Organization (WHO) and its network of partner organizations are increasing the availability of adaptive technology for the elderly and people with disabilities so that they can better meet the needs of their clientele. Several examples of these sorts of projects are:
- Seminars, workshops, and meetings at the national and regional levels
- Making a catalogue of accessible assistive technologies and devices
- Establishing standards of practice
- Aiding in the formulation of national policies and programs concerning aides for the disabled, with a particular eye towards training and educating the workforce
Further, World Health Organization based their global disability action plan for 2014-2021 on discussions at the 66th World Health Assembly in 2013. With this strategy, WHO hopes to increase opportunities for participation in health programs, provide more people with access to rehabilitation,, assistive technology, habilitation, assistance, and support services, and fund more studies on these topics. Such international efforts are indirectly boosting the use of assistive technology and inspiring manufacturers to create novel assistive devices for the elderly and the disabled.
The global market for assistive devices for the elderly and disabled is becoming increasingly competitive as regional players enter the market.
Due in large part to the entry of regional players offering low-cost products, competition in the global elderly and disabled assistive devices market is fierce. Because of this, industry leaders like Sonova Holding AG are taking steps to expand their presence around the world through both organic growth and strategic acquisitions.
In September 2016, Dutch hearing aid maker AudioNova was purchased by Swiss company Sonova Holding AG. With the addition of these stores, Sonova was able to double its footprint across Europe. By increasing their store count, Sonova Holding AG is adopting a vertically integrated business model that allows them to provide individualized solutions to their clientele.
Competition in the global market for assistive devices for the elderly and disabled is expected to increase as established players strengthen their distribution networks.
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Elderly and Disabled Assistive Devices Market – Competitive Landscape
Main companies participating in the elderly and disabled assistive devices market are: Sunrise Medical LLC, GN ReSound Group, Sonova Holding AG, Starkey Hearing Technologies, and William Demant Holding A/S and other prominent players.
Table of Content
Chapter 1 Industry Overview
1.3 Research Scope
1.4 Market Analysis by Regions
1.5 Elderly and Disabled Assistive Devices Market Size Analysis from 2023 to 2030
11.6 COVID-19 Outbreak: Elderly and Disabled Assistive Devices Industry Impact
Chapter 2 Global Elderly and Disabled Assistive Devices Competition by Types, Applications, and Top Regions and Countries
2.1 Global Elderly and Disabled Assistive Devices (Volume and Value) by Type
2.3 Global Elderly and Disabled Assistive Devices (Volume and Value) by Regions
Chapter 3 Production Market Analysis
3.1 Global Production Market Analysis
3.2 Regional Production Market Analysis
Chapter 4 Global Elderly and Disabled Assistive Devices Sales, Consumption, Export, Import by Regions (2017-2023)
Chapter 5 North America Elderly and Disabled Assistive Devices Market Analysis
Chapter 6 East Asia Elderly and Disabled Assistive Devices Market Analysis
Chapter 7 Europe Elderly and Disabled Assistive Devices Market Analysis
Chapter 8 South Asia Elderly and Disabled Assistive Devices Market Analysis
Chapter 9 Southeast Asia Elderly and Disabled Assistive Devices Market Analysis
Chapter 10 Middle East Elderly and Disabled Assistive Devices Market Analysis
Chapter 11 Africa Elderly and Disabled Assistive Devices Market Analysis
Chapter 12 Oceania Elderly and Disabled Assistive Devices Market Analysis
Chapter 13 South America Elderly and Disabled Assistive Devices Market Analysis
Chapter 14 Company Profiles and Key Figures in Elderly and Disabled Assistive Devices Business
Chapter 15 Global Elderly and Disabled Assistive Devices Market Forecast (2023-2030)
Chapter 16 Conclusions
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