The
Global Elderly and Disabled Assistive Devices Market was valued at US$ 14,109.1
million in 2015 and is projected to expand at a CAGR of 7.4% during the
forecast period (2016–2024), according to a new report published by Coherent
Market Insights. Rapidly aging population in Asia and Latin America is a major
factor propelling demand for elderly and disabled assist devices.
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Asia
and Latin America are expected to witness rapid growth in population aged 65
years and above through 2030. The share of elderly population in Asia is
expected to increase form 7.9% in 2015 to 12.1% in 2030, as per the report ‘An
Aging World: 2015’ by the U.S. Census Bureau. Also, increasing prevalence of
chronic and acute diseases adds to the growing demand for
technologically-advanced assistive devices for elderly and disabled population.
Assistive devices such as wheelchairs, mobility scooters, walkers and
rollators, and hearing and vision aids reduces dependence on others to carry
out daily activities and improves quality of life of elderly and disabled
patients.
The
World Health Organization (WHO) has prepared a comprehensive global disability
action plan for 2014 – 2021. As per this plan, WHO intends to improve access to
health services and programs, extend rehabilitation, assistive technology,
assistance and support services, and support research on disability and related
services. Assistive device manufacturers in the elderly and disabled assist
devices market, especially in emerging economies are expected to benefit considerably
through this plan.
Manufacturers
in the elderly and disabled assist devices market are reaching out directly to
consumers to increase their sales. Sonova Holding AG follows
vertically-integrated business, wherein it also markets products through its
retail stores, thus reaching out to customers and offering them customized
solutions. The company acquired AudioNova in September 2016—a Netherlands-based
hearing aid manufacturer—with an aim to double its presence in Europe in terms
of retail stores.
Melvin
ApS launched a robot called Melvin, which aids elderly and disabled people in
the toilet. The robot was launched at the RoboBusiness Europe 2016 exhibition.
Similarly, Vital Connect, Inc.is developing wearable health sensors that can
detect body temperature, heart rate, detect falls and other such incidents in
elderly and disabled patients. Such technological developments to increase
individual independence and convenience is projected to lead to manifold growth
of elderly and disabled assistive devices market in the near future.
To know the latest
trends and insights prevalent in the elderly and disabled assist devices
market, click the link below : https://www.coherentmarketinsights.com/market-insight/elderly-and-disabled-assistive-devices-market-82
Key takeaways of the market:
·
The global elderly and disabled assist devices
market is expected to expand at a CAGR of 7.4% during the forecast period.
Increasing demand for elderly and disabled assist devices is mainly attributed
to the factors such as convenience provided by automotive assistive devices to
the growing elderly and disabled population
·
Demand for vision and reading aids is analyzed
to increase rapidly during the forecast period, owing to increasing incidence
of vision impairment among the geriatric populace
·
Hearing aids segment dominates the global
elderly and disabled assist devices market (in terms of revenue) and is
expected to reach US$ 7,083.5 million by 2017 end. Increasing market
penetration, growing average discretionary income, and improved access to
hearing aids is driving revenue growth of this segment. Furthermore, baby boomers
population is expected to drive growth for hearing aids over the following
decade, according to William Demant Holding Group.
·
North America dominated the global elderly and
disabled assist devices market in 2015. However, the market for elderly and
disabled assistive devices in Asia Pacific is projected to expand significantly
at a CAGR of 8.7% during the forecast period (2016–2024)
·
Intense competition is witnessed among the
leading players including Sunrise Medical LLC, GN ReSound Group, Sonova Holding
AG, Starkey Hearing Technologies, and William Demant Holding A/S.
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