July 25, 2024
Elderly and Disabled Assistive Devices Market

Global Elderly and Disabled Assistive Devices Market Is Estimated To Witness High Growth Owing To Increasing Government Initiatives and an Aging Population

The global Elderly and Disabled Assistive Devices Market is estimated to be valued at US$ 22.07 billion in 2021 and is expected to exhibit a CAGR of 5% over the forecast period 2022-2030, as highlighted in a new report published by Coherent Market Insights.

  1. A) Market Overview:

The Elderly and Disabled Assistive Devices Market comprises a wide range of products that aid the elderly and disabled population in their daily activities. These devices include wheelchairs, hearing aids, mobility scooters, medical beds, walking aids, and communication aids, among others. These assistive devices provide increased mobility, independence, and improved quality of life for the elderly and disabled individuals.

The growing aging population is one of the major drivers for the market, as the elderly population is more prone to disabilities and chronic conditions that require assistive devices. Furthermore, increasing government initiatives and policies aimed at providing better healthcare facilities and support for the elderly and disabled population are also fueling market growth.

  1. B) Market key trends:

One key trend in the Elderly and Disabled Assistive Devices Market is the technological advancements and innovations in these devices. Manufacturers are incorporating advanced features like remote monitoring, wireless connectivity, and smart sensors in their products to provide better user experience and improve the effectiveness of the devices. For example, advanced hearing aids now come with Bluetooth connectivity, allowing users to connect them to their smartphones or other devices.

  1. C) Porter’s Analysis:

Threat of new entrants: The market has high entry barriers due to the need for significant investment in research and development, regulatory approvals, and distribution networks. This reduces the threat of new entrants.

Bargaining power of buyers: Buyers have moderate bargaining power as there are several manufacturers and options available in the market. However, the specific needs and requirements of the elderly and disabled individuals may limit their bargaining power.

Bargaining power of suppliers: Suppliers have moderate bargaining power as there are multiple suppliers of raw materials and components for assistive devices. However, manufacturers can choose alternative suppliers if they face any issues or constraints with their current suppliers.

Threat of new substitutes: The threat of new substitutes is low as assistive devices are specifically designed to cater to the needs of the elderly and disabled population. These devices cannot be easily replaced by alternative solutions.

Competitive rivalry: The market is highly competitive with several players operating in the global Elderly and Disabled Assistive Devices Market. Companies are focusing on product differentiation, technological advancements, and strategic partnerships to gain a competitive edge.

  1. D) Key Takeaways:

  1. The global Elderly and Disabled Assistive Devices Market is expected to witness high growth, exhibiting a CAGR of 5% over the forecast period, due to increasing government initiatives and an aging population.
  2. North America is the fastest-growing and dominating region in the market due to the presence of a well-established healthcare infrastructure, favorable reimbursement policies, and high adoption of assistive devices.
  3. Key players operating in the global Elderly and Disabled Assistive Devices Market include Sunrise Medical LLC, GN ReSound Group, Sonova Holding AG, Starkey Hearing Technologies, and William Demant Holding A/S.

The Elderly and Disabled Assistive Devices Market is poised for significant growth due to the increasing aging population and the need for better healthcare and support for the elderly and disabled individuals. Technological advancements and innovations in assistive devices are expected to further drive market growth. North America holds the largest market share, while key players continue to focus on product differentiation and strategic partnerships to maintain their competitive position.