Rise in geriatric and disabled population, high disposable income of baby boomers, and rapid technological advancements in assistive devices have boosted the growth of the global elderly and disabled assistive devices market. However, high cost of medical devices and low reimbursement from medical insurers hamper the market growth. On the contrary, emerging untapped economies are expected to create lucrative opportunities in the near future.
According to the report published by Allied Market Research, the global elderly and disabled assistive devices market size was $23,009 million in 2018 and is anticipated to reach $35,599 million by 2026, registering a CAGR of 5.5% from 2019 to 2026. The report provides a detailed analysis of changing market dynamics, top segments, value chain, key investment pockets, regional scenario, and competitive landscape.
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Onkar Sumant, a Manager, Healthcare at Allied Market Research, stated, Increase in incidence of mobility impairment disorders and rise in geriatric population across the globe majorly drives the growth of the elderly and disabled assistive devices market. Moreover, surge in technological advancements pertaining to the development of more comfortable assistive devices further fuels the market growth.
Key Findings of the Elderly and Disabled Assistive Devices Market:
- The mobility aids devices segment contributed for nearly one-third share of the global elderly and disabled assistive devices market in 2018.
- Based on living aids devices, the hearing aids segment accounted for the majority of market share.
- On the basis of wheelchair, powered wheelchair segment is anticipated to grow at the fastest CAGR OF 7.1%.
- North America dominated the elderly and disabled assistive devices market in 2018.
North America dominates the market
The market across North America held the largest share in 2018, accounting for nearly half of the market, owing to high presence of more advanced healthcare and medical infrastructure. However, the market across the Asia-Pacific region is anticipated to manifest the fastest CAGR of 8.5% during the study period, owing to presence of high population base, rise in healthcare expenditure, and development in economies. The report provides analysis of the other regions including Europe and LAMEA.
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Major market players
The report provides detailed analysis of the key market players such as Drive Medical, AI Squared, Invacare, GN Resound Group, Pride Mobility Products Corporation, Nordic Capital (Sunrise Medical LLC), Sonova Holding AG, Siemens Ltd., William Demant Holding A/S, and Starkey hearing technologies. These companies have adopted various market strategies such as partnerships, collaborations, and mergers & acquisitions to maintain their foothold in the market.
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