NEW YORK, Sept. 19, 2024 /PRNewswire/ — Report with market evolution powered by AI- The global elderly and disabled assistive solutions market size is estimated to grow by USD 15.60 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of almost 8.09% during the forecast period. Initiatives by governments and ngos is driving market growth, with a trend towards growing customization. However, issues faced in developing countries poses a challenge. Key market players include Blue Chip Medical Products Inc., Briggs Corp., Cochlear Ltd., Demant AS, DeVilbiss Healthcare GmbH, Electric Mobility Euro Ltd., Freedom Scientific Inc., GF Health Products Inc., GN Store Nord AS, Invacare Corp., LifeTec, MED EL Elektromedizinische Gerate GmbH, Ottobock SE and Co. KGaA, Permobil AB, Pride Mobility Products Corp., Siemens AG, Sonova AG, Starkey Laboratories Inc., Sunrise Medical LLC, and WS Audiology AS.
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Elderly And Disabled Assistive Solutions Market Scope |
|
Report Coverage |
Details |
Base year |
2023 |
Historic period |
2018 – 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 8.09% |
Market growth 2024-2028 |
USD 15606 million |
Market structure |
Fragmented |
YoY growth 2022-2023 (%) |
7.32 |
Regional analysis |
North America, Europe, Asia, and Rest of World (ROW) |
Performing market contribution |
North America at 38% |
Key countries |
US, Germany, Japan, UK, and France |
Key companies profiled |
Blue Chip Medical Products Inc., Briggs Corp., Cochlear Ltd., Demant AS, DeVilbiss Healthcare GmbH, Electric Mobility Euro Ltd., Freedom Scientific Inc., GF Health Products Inc., GN Store Nord AS, Invacare Corp., LifeTec, MED EL Elektromedizinische Gerate GmbH, Ottobock SE and Co. KGaA, Permobil AB, Pride Mobility Products Corp., Siemens AG, Sonova AG, Starkey Laboratories Inc., Sunrise Medical LLC, and WS Audiology AS |
Market Driver
The elderly and disabled assistive solutions market is witnessing significant advancements, with vendors prioritizing faster delivery processes and mass customization. Mass customization, which involves catering to consumers’ unique requirements, is becoming increasingly important. Technological advances, such as computer-aided designing, offer flexibility in add-on features and equipment. Vendors like Permobil AB and Sunrise Medical provide customization templates for consumers. The growing number of physically disabled individuals and rising awareness of their participation in events like the Paralympics fuel the demand for customized solutions, including swimming pool lifts, customized wheelchairs, and running leg implants. These trends are expected to boost sales and drive market growth during the forecast period.
The Elderly and Disabled Assistive Solutions market is experiencing significant growth due to the increasing prevalence of mobility impairment disorders from non-communicable diseases like Multiple Sclerosis, Stroke, and Paralysis, as well as non-fatal injuries from road traffic accidents. Mobility aids, such as walkers, canes, wheelchairs, and mobility scooters, are in high demand to improve quality of life. Advanced healthcare systems, including patient mechanical lifts and rehabilitative devices, are also popular solutions. Companies like Sonova Holding AG, AI Squared, and AudioNova provide cost-effective assistive technology, including hearing aids, visual aids, and cognitive aids. Retail stores offer a range of assistive devices, including bathroom safety equipment and crutches, to cater to the needs of the elderly and disabled population. Assistive technology innovations, such as AI-powered mobility scooters and computer software, are also trending. Amputation patients benefit from advanced prosthetic solutions. Overall, the market prioritizes affordable, effective, and user-friendly solutions to enhance the daily lives of those with mobility challenges.
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Market Challenges
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Segment Overview
This elderly and disabled assistive solutions market report extensively covers market segmentation by
1.1 Hearing devices- The elderly and disabled assistive solutions market, specifically the hearing aids and devices segment, presents a significant growth opportunity for vendors due to the increasing number of people with hearing impairments and related disorders. Hearing aids, such as binaural aids and BTE hearing aids, are gaining popularity with advancements in technology and industrial standards. Major vendors, including Cochlear Ltd., Invacare Corp., Sonova AG, and Demant AS, are introducing new, innovative products, like Phonak Lyric, to cater to consumer needs. Government support through health insurance and subsidies for cochlear implants is also driving market growth. However, challenges, such as short battery life and potential substitution with smart earbuds, may hinder market expansion during the forecast period. Vendors must address these concerns to ensure continued growth in the elderly and disabled assistive solutions market.
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Research Analysis
The Elderly and Disabled Assistive Solutions market encompasses a range of devices and technologies designed to improve quality of life for the elderly and disabled population. Rehabilitative devices, such as braces and prosthetics, help restore mobility and function after injuries or illnesses. Mobility aids like wheelchairs, scooters, canes, and walkers provide independence and ease of movement. Cognitive aids, including visual aids, hearing aids, and computer software, assist individuals with memory, perception, and communication challenges. Healthcare expenses for the elderly and disabled population are significant, making independent living alternatives essential. Assistive devices, such as bathroom safety equipment, hospital beds, and homecare solutions, enable individuals to live safely and comfortably in their own homes. The market caters to various disabilities, including those resulting from dementia, chronic diseases, and road traffic accidents. The geriatric population and individuals with disabilities benefit greatly from these solutions, enhancing their overall health results and promoting a sense of independence.
Market Research Overview
The Elderly and Disabled Assistive Solutions market encompasses a range of advanced healthcare systems and assistive devices designed to enhance the functioning of elderly and disabled individuals. These solutions include assistive technology such as AI-powered cognitive aids, computer software, and hardware systems, which help improve daily activities and enable independent living. Bathroom safety equipment, mobility aids like canes, crutches, and wheelchairs, and medical furniture are essential components of this market. Chronic diseases, disabilities, and mobility impairment disorders like cerebral palsy, multiple sclerosis, and paralysis are common reasons for the use of these assistive solutions. Noncommunicable diseases, such as dementia and stroke, also drive demand. The market caters to various disabilities, including hearing impairments with hearing aids and visual impairments with visual aids. Cost-effective solutions are crucial for the elderly and disabled population, leading to the development of joint ventures and mergers among market players. Homecare, hospitals, and retail stores offer these assistive devices, ensuring accessibility and affordability. Lifestyle changes due to aging or injuries, such as road traffic accidents and amputations, further fuel market growth. Rehabilitative devices, patient mechanical lifts, and mobility scooters are other essential solutions within this market, aiming to improve health results and overall quality of life.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
SOURCE Technavio
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