Global Disabled And Elderly Assistive Technology Market Is Projected To Achieve Revenue Growth Of USD 60.84 Billion By 2028

21-Jun-2022 | Zion Market Research

The global disabled and elderly assistive technology market is forecasted to reach USD 60.84 billion by 2028, from USD 44.01 billion in 2021 growing at a 5.8% CAGR during the forecast period. Assistive technologies for elderly and disabled people refer to the use of software and devices to help elderly and disabled people reduce their reliance on caregivers and enhance their quality of life. Assistive technologies consist of technology solutions and devices. Classical disability devices such as visual aids, wheelchairs, and hearing aids as well as sophisticated solutions help disabled people live more positive lives by giving them greater social involvement, security, and control. In addition to this, the aids are necessary for those who have poor motor function and balance to safely stand and sit. For example, positioning equipment is necessary to guarantee that body pressure is distributed evenly without impacting movement.

The global disabled and elderly assistive technology market is fueled by an increase in the number of geriatric & disabled people, lifestyle changes, the availability of disabled & elderly assistive products, and the rising demand for assistive technologies given the growing trend of living independently. Furthermore, the market grows as a result of a rise in the number of assistive device makers spending on R&D operations for these technologies. Further, assistive gadgets can now be coupled to healthcare networks, which is facilitating the transition to home-based treatment. Furthermore, assistive gadgets are becoming smarter, and in the event of an unfavorable incident, they can immediately send alerts to emergency responders and/or caregivers. All such factors are fostering the market growth. However, the market expansion is hampered by the heavy price of a few advanced devices, low adoption of these products in emerging markets, and inadequate reimbursement from medical insurers. People's increased proactiveness and benefit incurred for better health conditions, on the other hand, are expected to give attractive growth prospects for the disabled and elderly assistive technology market during the forecast period.

The global elderly and disabled assistive technology market was driven by the adoption of improved technology in the construction of adapted equipment for the old age and handicapped population during the COVID-19 pandemic. Geriatrics benefited from automated assistance devices because they eliminate manual labor. Further, the healthcare mobility aids and portable devices industry is predicted to grow rapidly as a result of increased federal assistance in the form of financial assistance for the purchase of mobility equipment.

The global market is divided on the basis of technology, end-user, and region. Based on the product type, the global elderly and disabled assistive technology market is divided into mobility assistance aids, assistive furniture, bathroom safety & assistive products, communication aids, and others. Based on end-user, the market is categorized into hospitals, adult day care centers, individuals & others.

North America is predicted to rule the global disabled and elderly assistive technology market. Factors such as the government's increased attention on patient care, the increase in the aging population, and the increased need for assistive equipment in this region are propelling the growth of the market. Due to rising healthcare expenditure & improvements in healthcare infrastructure, rising disposable income, and increased awareness among people about the availability & use of assistive devices such as hearing aids, vision aids, and powered wheelchairs, Asia Pacific is expected to be the fastest-growing region in terms of growth in the disabled and elderly assistive technology market.

The key players in the global elderly and disabled assistive technology market that have a strong grip over the market are Pride Mobility Products Corp, AI Squared, Invacare, Drive Medical, Siemens Ltd., Whirlpool Corp, and GN Resound Group

Recent Developments:

  • In September 2016, a Netherlands-located hearing aid producer, AudioNova, was acquired by Sonova Holding AG. This purchase assisted Sonova to reinforce its mark in Europe, by increasing the number of retail stores by twofold.
  • In November 2019, an innovative Senior Care technology for the inhabitants at the flagship Manhattan Community of Welltower was launched through a partnership between Sunrise Senior Living Inc. and Royal Philips. The association shall have a robust service portfolio globally.
  • In May 2022, the first Centre for Technology Intervention for the Elderly and Disabled (CTIED) of India was inaugurated at National Institute of Technology Srinagar.

Browse the full Disabled And Elderly Assistive Technology Market By Product (Mobility Assistance Aids, Assistive Furniture, Bathroom Safety & Assistive Products, Communication Aids, And Others), By End-Users (Hospitals, Adult Day Care Centers, Individuals & Others), And By Region - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2022 – 2028. Report at https://www.zionmarketresearch.com/report/disabled-elderly-assistive-technology-market

By Product

  • Mobility Assistance Aids
  • Assistive Furniture
  • Bathroom Safety and Assistive Products
  • Communication Aids
  • Others

By End-User

  • Hospitals
  • Adult Day Care Centers
  • Individuals 
  • Others

By Region

  • North America
    • The U.S.
    • Canada
  • Europe
    • France
    • The UK
    • Spain
    • Germany
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Southeast Asia
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC
    • South Africa
    • Rest of Middle East & Africa

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