WELLESLEY, Mass., Sept. 11, 2018 (GLOBE NEWSWIRE) -- Increasing incidences of orthopedic injuries and obesity, the expanding geriatric population and the rise in road accidents are factors driving growth of the market for assistive devices for special needs. A new BCC Research study projects that this market will reach $20.1 billion by 2023 and examines it by device type and geographic region.
Disabled or handicapped individuals use assistive devices to perform their daily activities and to increase their productivity. These devices help users with physiological or mental conditions to overcome limitations in their abilities to function in the workplace, home or other non-institutional settings. From an estimated $15.9 billion in 2018, this field is projected to undergo a five-year compound annual growth rate (CAGR) of 4.9%, according to BCC Research’s new report, Assistive Devices for Special Needs: Technologies and Global Markets.
Assistive devices have special features that fulfill the needs of the user. Examples of assistive devices include hearing aids, computer assistive devices, wheelchairs, crutches, walkers, canes, orthotic devices, prosthetic devices, smart scooters, sensory impairment devices, lift vests, voice recognition devices, screen enlargers and screen readers.
Key Findings by Device Type
- Sensory impairment devices captured the largest share of the market in 2017 and are expected to lead the market during the forecast period, given the high prevalence of sensory disabilities among individuals and hence the high use of sensory impairment devices.
- Movement and mobility devices represent the second largest market segment, with an anticipated CAGR of 4.6% from 2018 to 2023.
- Workplace adaptive devices are projected to achieve the highest CAGR (6.7%) during the analysis period.
“Research breakthroughs and increased recognition of expanding market opportunities are factors that are driving manufacturers of assistive devices for special needs, who have stepped up the development pace of innovative devices,” the report’s authors note. “In addition, the rise in awareness regarding the availability of various types of technologically advanced orthopedic devices provides lucrative growth opportunities to the market.”
North America to Maintain Its Dominance
North America held the biggest market share in 2017 (38.6%) due to its large volume of technological advances. The United States captured the most market share in 2017 (78.5%). Compared with Canada and Mexico, the United States has the highest population of disabled individuals. Europe was the second-leading region in the assistive devices market (generating $4.6 billion in 2017), and it is estimated that this figure will increase to $5.9 billion by 2023.
About BCC Research
BCC Research is a publisher of market research reports that provide organizations with intelligence to drive smart business decisions. By partnering with industry experts worldwide, BCC Research provides unbiased measurements and assessments of global markets covering major industrial and technology sectors, including emerging markets. For more information about BCC Research, please visit bccresearch.com. Follow BCC Research on Twitter at @BCCResearch.