Elderly and Disabled Assistive Devices Market Technology, Industry Size, Share, Growth, Top Companies Analysis Till 2026
Pune, Maharashtra, India, December 17 2020 (Wiredrelease) Allied Analytics –:UPDATE AVAILABLE ON-DEMAND
The global elderly and disabled assistive devices market size was valued at $23,009 million in 2018 and is anticipated to reach $35,599 million by 2026, registering a CAGR of 5.5% from 2019 to 2026. The high demand for mobile vehicles by the physically disabled patient and rise in the number of road accidents fuel the demand for mobility scooters to meet the need of day-to-day life.
Increase in geriatric and disabled population, emerging untapped economies, rapid technological advancements in assistive devices, and high disposable income of baby boomers are expected to propel the growth of the global elderly and disabled assistive devices market.
Rise in geriatric and disabled population, high disposable income of baby boomers, and rapid technological advancements in assistive devices have boosted the growth of the global elderly and disabled assistive devices market. However, high cost of medical devices and low reimbursement from medical insurers hamper the market growth. On the contrary, emerging untapped economies are expected to create lucrative opportunities in the near future.
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Based on hearing aids segment, the bone anchored hearing aids (BAHA) segment is expected to grow at the highest CAGR of 7.7% during the forecast period. This is due to increase in demand for hearing aids and technological advancements such as the advent of miniature cosmetic hearing aids or canal hearing aids.
High costs for a few advanced devices, low acceptability for a few types, and low reimbursement from medical insurers are the factors that restrict the growth of the market. Moreover, the fact that individuals are becoming more proactive these days and becoming health conscious is expected to provide lucrative growth opportunities for the market growth. The mobility aids devices segment accounted for the largest share of around 30.3% share of the total market in 2018 and is anticipated to grow at the fastest CAGR of 6.5%. This is owing to the technological advancements and rise in disabled and geriatric population, requiring vision and speech & hearing assistance.
North America dominates the market
The market across North America held the largest share in 2018, accounting for nearly half of the market, owing to high presence of more advanced healthcare and medical infrastructure. However, the market across the Asia-Pacific region is anticipated to manifest the fastest CAGR of 8.5% during the study period, owing to presence of high population base, rise in healthcare expenditure, and development in economies. The report provides analysis of the other regions including Europe and LAMEA.
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Major market players
The report provides detailed analysis of the key market players such as Drive Medical, AI Squared, Invacare, GN Resound Group, Pride Mobility Products Corporation, Nordic Capital (Sunrise Medical LLC), Sonova Holding AG, Siemens Ltd., William Demant Holding A/S, and Starkey hearing technologies. These companies have adopted various market strategies such as partnerships, collaborations, and mergers & acquisitions to maintain their foothold in the market.
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