Elderly and Disabled Assistive Solutions Market by Product, End-user, and Geography - Forecast and Analysis 2023-2027

Elderly and Disabled Assistive Solutions Market Forecast 2023-2027

The Global Elderly and Disabled Assistive Solutions Market size is projected to increase by USD 12.99 billion and the market share is estimated to grow at a CAGR of 7.3% between 2022 and 2027. In 2017, the size of the market was valued at USD 23.19 billion. Initiatives by governments and NGOs can lead to increased funding and support for programs and services aimed at improving the quality of life for disabled and aged people, driving demand for relevant products and services. The growing number of disabled and aged people, due to factors such as aging populations and the prevalence of chronic diseases, is increasing the need for mobility aids, assistive devices, and healthcare services tailored to their needs. Additionally, the growing number of road accidents resulting in serious injuries is driving demand for rehabilitation services and products that can help injured individuals regain mobility and independence.

Elderly and Disabled Assistive Solutions Market Market: Overview

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Market Segmentation

This market report extensively covers market segmentation by Product (hearing devices, mobility, and ambulatory devices, healthcare furniture and BSE, and vision and reading aids), End-user (hospital, home care setting, nursing homes, and assisted living facilities), and Geography (North America, Europe, Asia, and Rest of World (RoW)). It also includes an in-depth analysis of drivers, trends, and challenges. 

By Product

The market share growth by the hearing devices segment will be significant during the forecast period. Hearing aids and devices are a very important segment of the market, as they provide a high-growth opportunity for vendors. The growth of the hearing devices segment can be attributed to the global increase in the number of people with hearing impairment and related disorders due to factors such as noise pollution, genetics, and ageing. A rise in the adoption of binaural hearing aids has been witnessed among people with bilateral hearing loss.  Such factors are expected to drive the segment during the forecast period.

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The hearing devices segment was valued at USD 9.69 billion in 2017 and continue to grow by 2021. During the forecast period, BTE hearing aids are likely to gain popularity in the market over other hearing devices as they are ideal for most people with hearing problems. These hearing aids reduce the problem of feedback due to the greater distance between the receiver and the microphone. BTE hearing aids are also suitable for children as they not only fit easily into their ears but can also accommodate various earmold sizes to cater to the needs of growing children. This is expected to increase the market demand for BTE hearing aids during the forecast period.

By End-User

The hospital segment held a major market share in 2022. An increase in road accidents, an increase in musculoskeletal injuries, and an increase in hospitalizations are the important factors expected to drive the growth of this segment during the forecast period. The increasing demand for advanced medical services after treatment, especially in the case of accidents and surgeries, is leading to a rise in the number of rehabilitation centers. This is expected to increase the demand for mobility aids, such as elderly and disabled assistive solutions. Increasing demand for mobility aids for seniors in hospitals is expected to further drive the growth of the assistive technology market for elderly and disabled assistive solutions during the forecast period.

By Region

Get a glance at the market share of various regions View PDF Sample

North America is estimated to contribute 34% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The region has witnessed a growth in healthcare spending and advanced healthcare facilities and services such as intensive care, acute care, critical care, and long-term care. The market growth in the region is primarily attributed to the increasing healthcare investments in countries such as the US and Canada. This enables efficient supply chain management, leading to the timely availability of elderly and disabled assistive solutions to end-users in the market, which increases the adoption rate. The rise in the availability of such devices is expected to fuel market growth in North America during the forecast period.

Market Dynamics and Customer Landscape

The market is driven by the increasing demand for rehabilitative devices and mobility aids to enhance the quality of life and improve health results for individuals. These solutions provide independent living alternatives and help reduce healthcare expenses. Key products in this market include wheelchairs, scooters, canes, and other assistive devices. Advancements in technologies have led to the development of visual aids, hearing aids, and computer software and hardware systems tailored for the elderly and disabled. These solutions play a crucial role in supporting individuals with disabilities, including those with dementia, and ensuring their safety in environments such as hospitals and homecare settings. Our researchers analyzed the data with 2022 as the base year, along with the key trends, and challenges. A holistic analysis of drivers, trends, and challenges will help stakeholders in the value chain refine their marketing strategies to gain a competitive advantage.

Key Market Driver

The growing number of disabled and aged people needs solutions to carry out their everyday activities, such as walking, hearing, and reading, easily. Due to the increasing life expectancy, the elderly population (65 and above) is rapidly expanding, with a projected growth rate of over 2% from 2017 to 2050, as reported by The World Bank. Age-related changes in the inner ear elevate the risk of hearing loss, affecting approximately 35% of individuals aged 65 and above worldwide. Moreover, the elderly often require mobility equipment like walkers, wheelchairs, and BSE due to prevalent age-related disabilities.

Globally, six types of disabilities are common, including visual, hearing, ambulatory, cognitive, self-care, and independent living disabilities. In 2016, ambulatory disabilities were prevalent among the elderly population, with around 23 million people in the US affected in 2017. Individuals with ambulatory disabilities rely on mobility aids as they face challenges in movement, which can lead to physical and mental health issues. The escalating number of individuals with physical disabilities, particularly those with ambulatory disabilities, coupled with increased awareness of the benefits of assistive solutions, is driving demand in the global market.

Major Market Trends

The growth of medical tourism is an ongoing trend in the market. Many developing countries such as India, China, and Thailand offer high-quality treatment at a lower cost than developed nations. This factor has resulted in the influx of patients to these countries to avail of different healthcare services, thereby increasing the purchase of elderly and disabled assistive solutions from the destination countries. For instance, fertility care has been in high demand owing to the rise in the number of people with problems conceiving. The low-cost treatment availability in Asian countries such as India and China attracts more people to Asian countries. As a result, several people across the world are choosing cross-border treatment to obtain high-quality patient care at reduced costs. All these will positively impact the growth of the global market during the forecast period.

Significant Market Challenge 

Issues faced in developing countries are a major challenge in the market. Most of the major vendors providing elderly and disabled assistive solutions are based in the US and Europe. On average, these vendors have manufacturing or sales units in 3-5 countries. Hence, other countries need to import most of the assistive solutions from the nation that has the closest manufacturing or sales unit. Almost all the major countries in Asia, especially China, India, and Bangladesh, levy high import duties on this equipment. Asian countries have significantly high most-favored-nation (MFN) duty rates and also other additional charges such as special tax, landing charges, and countervailing duty, all of which make the import of these products extremely expensive. Thus, high import duties discourage institutional end-users such as hospitals from importing these instruments and also setting up research facilities in these countries, owing to the high costs involved.  Hence, these factors are expected to hinder market growth during the forecast period.

Key Market Customer Landscape

The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.

Global Market Customer Landscape

Elderly and Disabled Assistive Solutions Market Companies Overview

Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.

• Sonova AG- The company offers elderly and disabled assitive solutions such as Phonak, Unitron, Hansaton.
• Siemens AG- The company offers elderly and disabled assitive solutions such as Cockpit pro plus.
• Permobil AB-  The company offers elderly and disabled assitive solutions such as power wheelchairs, manual wheelchairs, seating and positioning, power assist.

The market report also includes detailed analyses of the competitive landscape of the market and information about 15 market players, including:

• 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
• Pride Mobility Products Corp.
• Starkey Laboratories Inc.
• Sunrise Medical LLC
• WS Audiology AS

Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.

Segment Overview

The market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027. 

• Product Outlook
  • Hearing devices
  • Mobility and ambulatory devices
  • Healthcare furniture and BSE
  • Vision and reading aids
• End-user Outlook 
  • Hospital
  • Home care setting
  • Nursing homes
  • Assisted living facilities
• Region Outlook 
  • North America
    • The U.S.
    • Canada
  • Europe
    • The U.K.
    • Germany
    • France
    • Rest of Europe
  • APAC
    • China
    • India
  • South America
    • Chile
    • Argentina
  • Middle East & Africa
    • Saudi Arabia
    • South Africa
    • Rest of the Middle East & Africa

Market Analyst Overview

The market addresses challenges faced by individuals with mobility impairment disorders through innovative products like mobility scooters and patient mechanical lifts. Conditions such as multiple sclerosis, stroke, and paralysis are catered to with technologically advanced assistive devices. This market also tackles the impact of non-communicable diseases and non-fatal injuries. Sonova Holding AG is a key player in this field, leveraging technological advancements to enhance the performance characteristics of the products. These solutions are increasingly available in retail stores, aiding those affected by mobility issues due to road traffic accidents and other causes.

The market offers cost-effective solutions and advanced healthcare systems to improve the quality of life for individuals with disabilities. Products like crutches, motility scooters, and bathroom safety equipment aid in daily activities and ensure bathroom safety. Companies like AI Squared, Drive Medical, and GN Resound Group are at the forefront of developing cognitive aids and hearings aids. With a focus on ergonomics and functioning, these solutions cater to the needs of the geriatric population and those with conditions like cerebral palsy. This market is particularly crucial in low and middle income countries, where the incidence of mobility impairment disorders is higher.

The market is driven by a growing need for living aids and medical furniture among the disabled population. Amputation and other disabilities necessitate technologies of medical devices and developmental strategies to improve health services and quality of life. This market sees significant contributions from manufacturers and joint ventures, emphasizing the importance of lifestyle changes and innovative assistive devices. Companies like AudioNova play a crucial role in meeting the demands of the market.

Elderly And Disabled Assistive Solutions Market Scope
Report Coverage	Details
Page number	170
Base year	2022
Historic period	2017-2021
Forecast period	2023-2027
Growth momentum & CAGR	Accelerate at a CAGR of 7.3%
Market growth 2023-2027	USD 12.99 billion
Market structure	USD Fragmented
YoY growth 2022-2023(%)	6.78
Regional analysis	North America, Europe, Asia, and Rest of World (ROW)
Performing market contribution	North America at 34%
Key countries	US, Germany, UK, France, and Japan
Competitive landscape	Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks
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 dynamics	Parent market analysis, Market Forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period
Customization purview	If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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What are the Key Data Covered in this Market Research Report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the market growth and forecasting of the market between 2023 and 2027
• Precise estimation of the size of the market size and its contribution to the parent market
• Accurate predictions about upcoming market trends and analysis and changes in consumer behavior
• Growth of the market industry across Europe, North America, APAC, South America, and Middle East and Africa
• Thorough market growth analysis of the market’s competitive landscape and detailed information about companies
• Comprehensive market analysis and report on the factors that will challenge the market research and growth of market companies

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