February 24, 2024

Rising Geriatric Population Set To Boost Growth Of Elderly And Disabled Assistive Devices Market

Elderly and disabled assistive devices refer to products or equipment used by people with disabilities and elderly population to achieve better mobility and independence. Such devices include mobility aids and devices like wheelchairs, walking aids, hearing aids, magnifiers, prosthetic limbs, and bathroom safety accessories. With rising geriatric population who are prone to various disabilities, the demand for such assistive products is growing. These products improve quality of life and allow older adults to live independently for longer durations.

The global Elderly and Disabled Assistive Devices Market is estimated to be valued at US$ 27.77 Bn in 2023 and is expected to exhibit a CAGR of 5.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
One of the key trends in the market is growing adoption of wearable and wireless assistive devices due to technological advancements. Companies are developing smart assistive devices integrated with advanced features like GPS tracking, health monitoring, connectivity to caregivers, etc. For instance, smart hearing aids can connect to smartphones for receiving calls and music. Similarly, smart wheelchairs are integrated with sensors and cameras to avoid obstacles.
Rising geriatric population worldwide is another major trend fueling demand. According to UN estimates, the population aged 60 years and above will reach 2.1 billion by 2050 from 1 billion in 2019. This growing vulnerable population base widens the customer pool for assistive devices over the coming years.
here is the detailed Porter’s Analysis and Key Takeaways for the given market:

Porter’s Analysis
Threat of new entrants: The threat of new entrants in the elderly and disabled assistive devices market is moderate. High research and development cost, heavy capital investments and established brands in the market act as entry barriers for new players.

Bargaining power of buyers: The bargaining power of buyers is high in this market. Buyers have various options available and switching costs are low. This enables buyers to bargain for price discounts.

Bargaining power of suppliers: A few big suppliers dominate the supply market. However, the presence of many smaller suppliers balances out this power to some extent.

Threat of new substitutes: Substitutes like physiotherapy and medication pose low to moderate threat currently. However, with technological advancement new alternatives can emerge.

Competitive rivalry: The competitive rivalry in the market is high due to presence of numerous global and regional players. Players compete based on product features, reliability, pricing and customer service.

Key Takeaways
The global elderly and disabled assistive devices market is expected to witness high growth, exhibiting CAGR of 5.2% over the forecast period, due to increasing aging population and prevalence of disabilities.

The market size for 2023 is US$ 27.77 Bn. North America dominates the global market currently due to supportive government policies. However, Asia Pacific is expected to witness fastest growth during the forecast period with increasing healthcare expenditure and large elderly base in countries like China and India.

Key players operating in the elderly and disabled assistive devices market are Sonova Holding AG, Bausch & Lomb, Inc., Permobil AB, Siemens Healthcare, Freedom Scientific, Inc. These players are focusing on new product launches and mergers & acquisitions to strengthen their market presence.

*Note:

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