Global Elderly and Disabled Assistive Devices Treatment Market
Elderly and Disabled Assistive Devices Market: Increase in the prevalence of neurological disorders such as dementia, a rise in the number of accident cases, growing global geriatric population, technological advancements in various elderly and disabled assistive devices, and availability of the varied products are anticipated to propel the elderly and disabled assistive devices market over the forecast period. Furthermore, rise in funding from the government and other NGO organizations for the distribution of assistive products, favourable reimbursement policies, an increase in healthcare expenditure might fuel the elderly and disabled assistive devices market growth. However, a high cost of the assistive devices, product recalls, and poor acceptance of some products might hinder the growth of Elderly and Disabled Assistive Devices Market over the forecast timeframe.
Elderly and disabled assistive devices are used by the ageing people or disabled people who are dependant on others for day to day activities. The assistive devices help in enhancing the reading, listening, moving, and other daily activities. Different types of assistive devices are available for different functions which makes the life independent and comfortable. Most commonly used elderly and disabled assistive devices include visual and hearing aids, wheelchairs, and computerized hardware and software system for improving daily activities independently.
Elderly and Disabled Assistive Devices Market segmented on the basis of device type, technology, and distribution channels
Based on the device type, Elderly and Disabled Assistive Devices Market segmented into the following:
- Bathroom safety & Medical furniture devices
- Hearing aids
- Ostomy products
- Vision and reading aids
- Medical beds
- Shower chairs and commodes
- Bars and railings
- Mobility aids & Medical ambulatory devices
- Mobility scooters
- Walkers & Rollators
- Transfer lifts
- Door openers
- Cranes and crutches
Based on the technology, Elderly and Disabled Assistive Devices Market segmented into the following:
- Battery powered assistive device
- Electrical assistive devices
- Human-powered assistive devices
- Software-based assistive devices
Based on the end user, Elderly and Disabled Assistive Devices Market segmented into the following:
- Ambulatory surgical centres
Elderly and Disabled Assistive Devices Market is growing at a significant CAGR owing to rise in technological advancements and innovation of novel devices which reduce strain to the patients. An upsurge in global geriatric population (according to U.S. Census Bureau, the global ageing population above 65 years is 8.5% in 2015 and is expected to reach 12% in 2030) an increase in the disability cases due to accidents are anticipated to fuel the elderly and disabled assistive devices market. New product launches with novel technologies, patent filings, and product launchings are the strategies followed by the companies for increasing their revenue in elderly and disabled assistive devices market. For instance, In August 2015, Advanced Bionics (Sonova Holding AG) received the FDA approval for Naida Ci Q 90 and Q30, a cochlear implant system with improved battery life and reduce the size.
Geographically, Elderly and Disabled Assistive Devices Market segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America has a significant share in elderly and disabled assistive devices market attributed to increase in the disposable income, favourable reimbursement scenario, technological advancements in the devices, an increase in the geriatric population (according to U.S. Department of Health and Human Services 2014, more than 46.2 Mn people are with 65 years or more age). In Europe, high adoption of assistive devices, collaboration and acquisitions between the companies, an increase in the healthcare expenditure are fuelling the growth of elderly and disabled assistive devices market. However, Asia Pacific has a lucrative growth owing to increase in the geriatric population in India, China, and Japan, low cost for the products, government reimbursement policies, an increase in the accident cases.
Some of the players in Elderly and Disabled Assistive Devices Market are Sunrise Medical LLC (U.S.), Sonova Holding AG (Germany), Ai Squared (U.S.),Blue Chip Medical (U.S.), Bausch & Lomb, Inc. (U.S.), GN Hearing (Denmark), Permobil AB (Permobil International AG) (Sweden), Siemens Healthneers (Germany), Wintriss Engineering Corporation (U.S.), and Invacare Corporation (U.S.) to name a few.
- In August 2017, Permobil diversified its elderly and disabled assistive portfolio in New Zealand by acquiring Durable Medical Equipment
- In June 2016, Sonova Holding AG launched Phonak brand which is a next-generation platform for lithium-ion rechargeable hearing aid
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