April 18, 2024

Elderly Care Assistive Devices Market Set for 5.2% Growth by Boosting Accessibility and Independence

The elderly care assistive devices market comprises medical equipment such as mobility aids, bathroom safety devices, and monitoring devices that help elderly and disabled individuals with their daily activities in a convenient manner. Mobility devices such as wheelchairs, walkers, and canes assist patients with limited mobility. Moreover, devices such as medical alert systems and emergency response systems ensure safety and independence of aged individuals living alone. The growing elderly population and increasing cases of age-related disabilities have boosted demand for such assistive solutions.

The Global elderly care assistive devices market is estimated to be valued at US$ 27.77 Bn in 2024 and is expected to exhibit a CAGR of 5.2% over the forecast period from 2023 to 2030.

Key Takeaways

Key players operating in the elderly care assistive devices are Sonova Holding AG, Bausch & Lomb, Inc., Permobil AB, Siemens Healthcare, Freedom Scientific, Inc. The major players are focusing on new product launches and partnerships to gain more market share.

Rising prevalence of chronic health conditions among the elderly population coupled with growing cases of age-related disabilities is fueling demand for assistive devices. As per WHO, the number of people aged 65 years and above is projected to reach 1.5 billion by 2050 globally.

Asia Pacific region is witnessing rapid expansion of the elderly care assistive devices market due to rising geriatric population, improving healthcare infrastructure and increasing medical expenditure in major countries like China and India. In addition, presence of leading players and growing awareness are supporting the market growth in the region.

Market Key Trends

The global elderly care assistive devices market is driven by the rising trend of home healthcare owing to cost-efficient solutions and comfort of patients. Home healthcare monitors health conditions remotely through connected devices and alarms, thereby assisting elderly patients to live independently. According to a survey, nearly 80% of elderly patients prefer home healthcare over nursing homes or prolonged hospitalization.

Technological advancements are another key trend shaping the market. Leading players are focusing on development of smart assistive devices integrated with IoT, AI, and remote patient monitoring capabilities. For instance, smart wheelchairs can be operated through voice commands and remotely monitored position through GPS. Such innovations are enhancing safety, comfort, and mobility for elderly patients.

Porter’s Analysis
Threat of new entrants: Low capital requirements and high technical expertise barriers make it difficult for new companies to enter the market. Bargaining power of buyers: Many assistive device buyers are individual consumers or institutions which limits their buying power against large device manufacturers. Bargaining power of suppliers: Device components can be sourced from various suppliers reducing their influence over manufacturers and OEMs. Threat of new substitutes: While technology is improving, no close substitutes currently exist for assistive devices supporting elderly and disabled. Competitive rivalry: Intense competition exists between large global players investing in new technologies and custom products for different regions and cultures.

Geographical Regions
North America currently accounts for the largest share of the global elderly and disabled assistive devices market in terms of value owing to supportive reimbursement policies and high healthcare spending in countries like the US and Canada.

The Asia Pacific region is projected to witness the fastest growth during the forecast period driven by expanding medical infrastructure, rising disposable income and growing senior population countries like China, India and Japan. Penetration of assistive technologies is lower in emerging nations offering significant growth opportunities.

*Note:

  1. Source: Coherent Market Insights, Public sources, Desk research
  2. We have leveraged AI tools to mine information and compile it