The Elderly and Disabled Assistive Devices market comprises medical equipment such as mobility devices including wheelchairs, walkers, rollators and scooters along with assistive listening devices aiming to support individuals facing mobility and hearing difficulties. These assistive devices offer independence and improve quality of life to the elderly and disabled. The global ageing population has been on the rise with over 700 million individuals aged 65 years and above expected by 2025. This rising geriatric population base prone to disabilities will drive the need for assistive devices over the coming years.

The Global Elderly and Disabled 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 2023 to 2030.

Key Takeaways
Key players operating in the Elderly and Disabled Assistive Devices are Sonova Holding AG, Bausch & Lomb, Inc., Permobil AB, Siemens Healthcare, Freedom Scientific, Inc. The key players are focusing on new product launches and strategic partnerships to strengthen their market position.

The growing demand for assistive solutions can be attributed to the significant rise in disabilities worldwide due to increasing cases of accident, disease, age-related health issues or military operations. It is estimated that over 1 billion people globally experience some form of disability.

Technological advancements are playing a crucial role in developing innovative assistive devices such as sensor-enabled smart devices, artificial intelligence enabled systems for rehabilitation and robotic solutions. Smartphone-enabled assistive devices allow remote monitoring offering convenience.

Market Trends
Portable and wearable devices: There is a growing demand for lightweight, compact and affordable portable and wearable assistive devices to offer flexibility. Devices such as hearing aids, fall detectors, glucose monitors are being made small and wearable.

Integration of smart technologies: Assistive devices are being integrated with smart technologies such as IoT, AI, sensor networks and cloud computing. This is enhancing functionality, ease of use and remote monitoring capabilities.

Market Opportunities
Untapped emerging markets: While the developed nations have a robust assistive devices market, there exist significant opportunities in emerging economies of Asia Pacific and Latin America owing to rising healthcare expenditure and disability rates in these regions.

Rising government support: Favorable regulations and reimbursement schemes by various governments aimed at improving access to assistive solutions for the elderly and disabled will create new opportunities.

Impact of COVID-19 on Elderly and Disabled Assistive Devices market growth

The COVID-19 pandemic has had a significant impact on the elderly and disabled assistive devices market. During the initial outbreak and lockdowns, the demand for assistive devices witnessed a decline as hospitals focused their resources on COVID-19 patients and elective procedures were postponed. For instance, the sales of prosthetics and orthotics declined by 15-20% in 2020 compared to pre-pandemic levels. However, with rising awareness about the need of assistive devices for independent living among elders and disabled, the demand is recovering now.

The pandemic has highlighted the importance of assistive technologies for high-risk groups to safely interact with others while practicing social distancing. This has boosted investments from governments as well as private players in innovations and advancements in areas such as robotic rehabilitation devices, mobility aids, remote patient monitoring solutions etc. For example, smart walkers integrated with IoT sensors are gaining popularity for preventing falls and ensuring social distancing. With rapid ageing of population worldwide, the demand for assistive devices is expected to grow steadily in the post-pandemic era as these help improve quality of life and allow independent ageing.

Geographical regions with highest value concentration in Elderly and Disabled Assistive Devices market

North America dominates the elderly and disabled assistive devices market, accounting for over 35% of the global market value. This can be mainly attributed to the presence of major players and rising healthcare expenditures in countries like the US and Canada. For example, the US Medicare program provides coverage for a wide range of assistive devices prescribed by physicians, driving their adoption. Europe is another lucrative market owing to favourable regulations and increasing focus on home healthcare in countries such as Germany, France and the UK.

Asia Pacific is projected to be the fastest growing region during the forecast period for elderly and disabled assistive devices market. This can be accredited to rapidly expanding geriatric population, growing per capita incomes, rising prevalence of chronic diseases and improving awareness about independent living assistive solutions in nations such as China, India and Japan. Additionally, developments in local manufacturing capabilities and implementation of supportive government policies are expected to boost the regional market.
_________________________________________________________________________