Wilmington, Delaware, United States, Jan. 12, 2024 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global elderly and disabled assistive devices market is estimated to flourish at a CAGR of 5.3% from 2021 to 2028. Transparency Market Research projects that the overall sales revenue for elderly and disabled assistive devices is estimated to reach US$ 31.6 billion by the end of 2028.
Social and cultural shifts are emerging as influential drivers, fostering a more inclusive environment for assistive devices. Changing societal attitudes and a growing emphasis on inclusivity are driving the market. Collaborations between industries, such as fashion and design, are contributing to the evolution of aesthetically pleasing and user-friendly assistive devices, reducing stigma and increasing acceptance among users.
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Environmental sustainability has also become a pivotal driver. Manufacturers are increasingly focusing on eco-friendly materials, energy-efficient designs, and recyclable components, aligning with a broader global trend toward sustainability. This trend not only appeals to environmentally conscious consumers but also addresses the long-term impact on the planet.
The rising importance of caregiver support is a significant yet overlooked driver. Innovations in assistive devices that ease the burden on caregivers, such as advanced lifting equipment or remote monitoring systems, are gaining traction. The recognition of caregivers' needs and the development of devices that enhance their capabilities are fostering a more holistic approach to assistive care.
Key Findings of the Market Report
- Medical mobility aids and ambulatory devices segment leads the elderly and disabled assistive devices market due to increasing demand for accessibility aids.
- North America emerges as the leading region in the elderly and disabled assistive devices market due to its advanced healthcare infrastructure.
Elderly and Disabled Assistive Devices Market Growth Drivers & Trends
- Constant innovation in assistive technologies like smart devices, AI, and IoT enhances functionality and accessibility for the elderly and disabled.
- Increasing global demographics of aging individuals propel demand for mobility aids, hearing aids, and other assistive devices.
- Supportive policies, funding, and reimbursement schemes worldwide foster market growth and accessibility to assistive technologies.
- Rising demand for personalized and tailored solutions drives the development of custom-made assistive devices, catering to specific individual needs.
- Integration of assistive devices with telehealth services and remote monitoring solutions expands access to care and improves healthcare outcomes for elderly and disabled populations.
Global Elderly and Disabled Assistive Devices Market: Regional Profile
- In North America, technological advancements and a significant aging population drive market growth. The region benefits from established healthcare systems and robust reimbursement frameworks, fostering innovation by key players like Invacare Corporation and Sunrise Medical.
- Europe boasts a mature market, characterized by stringent regulatory standards encouraging quality devices. Companies like Ottobock and GN Hearing thrive in this landscape due to a rapidly aging population and heightened focus on accessibility.
- Asia Pacific demonstrates immense growth potential with a burgeoning aging population and improving healthcare access. Rising disposable incomes and increasing awareness of assistive technologies create opportunities for market leaders to expand. Local players, alongside global giants like Sonova, penetrate this diverse market, catering to unique needs across culturally diverse populations.
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Product Portfolio
- Sonova Holding AG pioneers innovative hearing care solutions, offering a diverse portfolio of cutting-edge hearing aids and wireless communication systems. With a commitment to enhancing lives through sound, Sonova leverages advanced technology and personalized approaches, empowering individuals to connect and thrive.
- Bausch & Lomb Inc. is a renowned leader in eye health, delivering top-tier vision care products. From contact lenses to surgical equipment, their portfolio encompasses premium eye care solutions. With a legacy of excellence spanning centuries, Bausch & Lomb prioritizes vision wellness for global communities.
- Permobil AB is a trailblazer in advanced mobility solutions, creating innovative power wheelchairs and seating systems. Their portfolio focuses on enhancing mobility and independence for individuals with disabilities. Through cutting-edge technology and ergonomic designs, Permobil empowers users to navigate the world with confidence and ease.
Elderly and Disabled Assistive Devices Market: Competitive Landscape
The elderly and disabled assistive devices market is witnessing dynamic competition fueled by technological advancements and a growing focus on enhancing the quality of life for aging and disabled populations. Prominent players like Invacare Corporation, Sunrise Medical, and Ottobock are leading innovators, offering a wide range of mobility aids, including wheelchairs, scooters, and walkers.
Companies like Sonova, GN Hearing, and William Demant Holdings dominate the hearing aid segment. Emerging startups and regional players specializing in specialized assistive technologies, fostering a robust environment for innovation and accessibility across diverse demographics, further intensify the competitive landscape. Some prominent manufacturers are as follows:
- Sonova Holding AG
- Bausch & Lomb Inc.
- Permobil AB
- Siemens Healthcare
- Freedom Scientific Inc.
- William Demant Holding A/S
- Invacare Corporation
- Sunrise Medical LLC
- GN ReSound Group
- Ai Squared
- Blue Chip Medical Products Inc.
- Drive Medical Design and Manufacturing
Elderly and Disabled Assistive Devices Market: Key Segments
By Type
- Medical Mobility Aids and Ambulatory Devices
- Wheelchairs
- Mobility Scooters
- Cranes and Crutches
- Walkers and Rollators
- Transfer Lifts
- Door Openers
- Others
- Medical Furniture and Bathroom Safety Products
- Medical Beds
- Commodes & Showers Chairs
- Ostomy Products
- Bars and Railings
- Others
- Hearing Aids
- Receiver in the Ears Designs
- Behind-the-Ear (BTE) Aids
- In the ear Aids
- Canal Hearing Aids
- Bone Anchored hearing Aids
- Cochlear Implants
- Vision and Reading Aids
- Video Magnifier
- Braille Translator
- Reading Machines
- Others (Books, Kitchen Appliances)
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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