The Allied Market Research published a report on Disabled & Elderly Assistive Technologies Market 2021-2030, Interesting fact and figures (CAGR, Global Size, Shares and Revenue with Business Growth Support and Market Value and Volume with Supply Demand Scenario and Pipeline Projects). Global Disabled & Elderly Assistive Technologies Market was valued at $22,466 million in 2016, and is anticipated to reach at $37,610 million by 2023, registering a CAGR of 7.8% from 2017 to 2023.
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The disabled & elderly assistive technologies provides devices that help to overcome cognitive difficulties, impairments, and disabilities in disabled & geriatric population. These technologies improve health outcomes, assist in independent living, and reduce healthcare costs by lowering cost given to manual labors in assisting patients. The market has witnessed tremendous development in the assistive technologies and have evolved in terms of both performance and characteristics.
The global disabled & elderly assistive technologies market is driven by rise in geriatric & disabled population, lifestyle changes, availability of disabled & elderly assistive products, and rise in demand for assistive technologies due to the growth in trend of independent lifestyle. Furthermore, increase in number of assistive devices manufacturers investing in the R&D activities of these technologies further fuels the market growth.
The bone anchored hearing aids (BAHA) segment is expected to grow at the highest CAGR of 6.6%, owing to increase in demand for hearing aids and advancements in technology such as advent of miniature cosmetic hearing aids or canal hearing aids. The ostomy products segment accounted for a two-fifths share along with the highest revenue in 2016 in the global market, and is expected to maintain its dominance in the future.
The home care end user segment accounted for the highest revenue in 2016, accounting for more than half of the share of the global market, and is expected to maintain its dominance throughout the forecast period. This is due to the growth in demand for assistive technologies in home care to assist daily lifestyle activities. However, assisted living facilities are expected to grow rapidly throughout the forecast period.
The key players in the global disabled & elderly assistive technologies market include Sunrise Medical LLC., GN ReSound Group, Sonova Holding AG, Starkey Hearing Technologies, William Demant Holding A/S, Wintriss Engineering Corporation, Drive Medical Design and Manufacturing, Ai Squared, Invacare Corporation, Siemens Ltd., and Widex Ltd. The other prominent players in the value chain include Blue Chip Medical Products, Inc., Inclusive Technology Ltd., Liberator Ltd., and Permobil AB, Medline Industries, Inc., and Whirlpool Corporation.
Key Findings of the Disabled & Elderly Assistive Technologies Market Study:
- Mobility assistance is anticipated to grow at the highest rate during the analysis period.
- The U.S. was the major shareholder in the North America in 2016, accounting for the highest share.
- The bone anchored hearing aids segment accounted for the highest CAGR of 6.6% during the forecast period.
- China occupied two-ninths share of the total Asia-Pacific disabled & elderly assistive technologies market in 2016, registering a CAGR of 11.5% from 2017 to 2023.
- The home care end user segment dominated the market with about half the share of overall end user market in 2016.
- The mobility assistance market for wheelchairs is expected to exhibit steady growth registering a CAGR of 9.1% during the forecast period.
- In 2016, Asia-Pacific and LAMEA collectively accounted for about two-ninths share of the market, and is expected to continue this trend due to increase in adoption disabled & elderly assistive technologies, specifically in China, India, and the other developing economies. In addition, rise in adoption of assistive technologies due to the growth in demand from elderly & disabled population fuel the market in Asia-Pacific.
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