Global Disabled and Elderly Assistive Technologies Market Expected to Grow at 7.5% by 2029.
Individuals with disability include those who have mental, physical or sensory impairments, which may disrupt full and effective participation in everyday activities. Some disabilities or physical shortcomings are unique to senior citizens and catering to such requirements and related assistance provision is termed as elderly-care or eldercare. This broad spectrum of both eldercare and disabled assistance comprises a blend of assistive devices and services. This study exclusively analyzes the key devices employed for deploying elderly and disabled care and rehabilitation. Disabled individuals including the elderly are at a higher risk in emergency and disaster conditions.
Assistive technology products are designed to provide additional accessibility to individuals who have physical or cognitive difficulties, impairments, and disabilities. When selecting assistive technology products, it is crucial to find products that are compatible with the computer operating system and programs on the particular computer being used. The disabled & elderly assistive technologies market comprises of various products such as mobility assistance, assistive furniture, bathroom safety and assistive products, communication aids, incontinence and ostomy products, activity monitors and location monitors. The end users of disabled & elderly assistive technologies are home care, hospitals and nursing homes, and assisted living facilities. The geographical segmentation of global disabled & elderly assistive technologies market comprises North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa further segmented into key countries with highest potential in disabled & elderly assistive technologies market.
The major factors driving disabled & elderly assistive technologies market are high disposable income of baby boomers, rising demand for disabled and elderly assistive technologies, high adoption rate of novel technologies and supportive reimbursement policies. On the other hand, the expansion of the market may be inhibited in the coming years due to rising product prices. According to National Institute on Aging, in 2010, an estimated 524 million people were aged 65 or older—8% of the world’s population. By 2050, this number is expected to nearly triple to about 1.5 billion, representing 16% of the world’s population. Although more developed countries have the oldest population profiles, the vast majority of older people—and the most rapidly aging populations—are in less developed countries. Between 2010 and 2050, the number of older people in less developed countries is projected to increase more than 250%, compared with a 71% increase in developed countries. Market experts suggest, this remarkable phenomenon is being driven by declines in fertility and improvements in longevity. With fewer children entering the population and people living longer, older people are making up an increasing share of the total population.
Communication Aids Product segment anticipated to maintain its lead
For the purpose of this study, the global disabled & elderly assistive technologies market is represented by key product categories namely, mobility assistance, assistive furniture, bathroom safety & assistive products, communication aids, incontinence, and ostomy products, activity monitors, and location monitors. Among these communication aids product segment was observed as the largest segment and is anticipated to maintain its lead during the forecast period 2021 - 2024. The key factors assisting the growth of communication aids product segment are high prevalence of hearing loss, rising aging population and technological advancements. High potential growths in emerging markets have opened an array of opportunities for the market.
Hospitals and Nursing Home segment accounted for a major share
Hospitals and nursing home segment accounted for a major share of 40.70% in the disabled & elderly assistive technologies market. Reimbursement through hospitals plays a critical role in allowing the dominance of this segment in the developed markets. Moreover, hospital care forms the first channel for use of assistive devices for disabled patients and they are thereafter forwarded to either home care or assisted living facilities. However, home care segment is expected to be the fastest-growing market at a CAGR of 7.8% during the forecast period 2021 – 2029 due to its increasing demand and favorable reimbursement scenario.
Asia-Pacific and Latin America is expected to project highest growth
North America is the largest regional market for disabled & elderly assistive technologies at a market share of 40.43% in 2020. Since most of the major manufacturers of these technologies are based in the U.S. On the other hand, Europe is expected to be the second largest regional market for disabled & elderly assistive technologies. Asia-Pacific and Latin America is expected to project highest growth throughout the forecast period owing to the increasing government support and significant rise in geriatric population. However, currently countries such as Japan, China, Brazil, Australia and South Korea are observed to be the greatest trendsetters in these regions. The Asia-Pacific disabled & elderly assistive technologies market is expected to grow at a CAGR of 8.6% from 2021-2029.
The key players in the disabled & elderly assistive technologies market are :
Historical & Forecast Period
This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
Research Methodology
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Disabled and Elderly Assistive Technologies market are as follows:
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.
| ATTRIBUTE | DETAILS |
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| Research Period | 2022-2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Year | 2022 |
| Unit | USD Million |
| Segmentation | |
Products
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End-Users
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Region Segment (2022-2032; US$ Million)
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Key questions answered in this report
