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Disabled and Elderly Assistive Technology Market

Disabled and Elderly Assistive Technology Market

Disabled and Elderly Assistive Technology Market Analysis By Product (Communication Aids, Mobility Assistance, Assistive Furniture, Bathroom Safety & Assistance and Other Products) By End-User and By Region – Global Market Insights 2022 to 2026

Disabled and Elderly Assistive Technology Market
FACT7601MR
  • Aug-2022
  • List of Tables : 25
  • List of Figures : 132
  • 170 Pages
  • Healthcare

Disabled and Elderly Assistive Technology Market Outlook (2022-2026)

The global disabled and elderly assistive technology market accounts for a total valuation of US$ 26 billion at present and is predicted to climb to US$ 32.5 billion by the end of 2026. Between 2022 and 2026, demand for disabled and elderly assistive technology across the world is estimated to increase at a CAGR of 5.8%.

The disabled and elderly assistive technology market in China is expected to reach US$ 2.2 billion by 2026, expanding at a high CAGR of around 8% across the forecast period.

Report Attributes

Details

Disabled and Elderly Assistive Technology Market Size (2022)

US$ 26 Billion

Projected Market Value (2026F)

US$ 32.5 Billion

Global Market Growth Rate (2022-2026)

5.8% CAGR

China Market Value (2026F)

US$ 2.2 Billion

United States Market Value (2022)

US$ 13.5 Billion

Japan Market Growth Rate (2022-2026)

4.5% CAGR

Key Companies Profiled

  • Blue Chip Medical Products Inc.
  • Drive Medical
  • GN Hearing A/S
  • Inclusive Technology Ltd.
  • Invacare Corporation
  • MED-EL
  • NORDIC CAPITAL (Sunrise Medical LLC)
  • Liberator Ltd.
  • Permobil AB
  • Exact Dynamics B.V.
  • Starkey Hearing Technologies
  • Tobii Dynavox
  • Jabbla B.V.B.A.
  • Widex A/S
  • Bausch & Lomb Inc.
  • WS Audiology
  • Medline Industries Inc.
  • Ottobeck SE & Co. KGaA

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Revenue Analysis of Disabled and Elderly Assistive Technology (2017-2021) in Comparison to Industry Growth Forecasts (2022-2026)

The world is witnessing a substantial rise in its geriatric population and this has led to high demand for elderly transition services and assistive devices as well. The disabled and elderly assistive technology market is expected to benefit from the increasing geriatric population over the coming years.

Incidence of road accidents has also been increasing on a global scale and this has resulted in a hike in disability among the general population, which, in turn, is projected to drive sales of assistive devices for the disabled.

Other factors such as rapid technological advancements, increasing healthcare expenditure, and rising prevalence of chronic diseases are also expected to favor disabled and elderly assistive technology market potential through 2026.

However, the disabled and elderly assistive technology market growth is expected to be hampered by the high costs of advanced assistive devices, lack of acceptance in low-income economies, and low reimbursement from health insurance providers.

This latest disabled and elderly assistive technology market analysis by Fact.MR, a market research and competitive intelligence provider, predicts market evolution at a CAGR of 5.8% from 2022 to 2026.

Disabled and elderly assistive technology market forecast by Fact.MR

Which Factors are Shaping the Disabled and Elderly Assistive Technology Market?

“Rising Popularity of Independent Lifestyle among the Elderly”

Over the past few years, lifestyle preferences have changed drastically on a global level and this has led to an increasing number of people adopting an independent lifestyle.

This has led to a high number of elderly people leading an independent lifestyle, which is expected to increase further across the forecast period. This is anticipated to increase the assistive living market size across the world and propel the demand for assistive devices for seniors through 2026.

The number of senior living technology companies is also increasing as they try to capitalize on the rising geriatric population across the world.

“High Costs of Advanced Devices Can Restrain Market Potential”

Assistive technology providers are focusing on launching innovative products that are integrated with advanced technologies to enhance their productivity and efficiency.

However, the integration of these advanced technologies is driving up the costs of these assistive devices and acting as a restraining factor for overall disabled and elderly assistive technology market growth.

An Adaptive Approach to Modern-day Research Needs

How are New Companies Carving a Space for Themselves in the Marketplace?

“Upcoming Market Players Focusing on Bagging Funding to Expand their Business Scope”

Aspiring market players are penetrating the market through novel offerings and are focusing on raising finance through funding rounds to bolster their business model and focus on expansion. New entrants can also make a mark for themselves by opting for innovative strategies that could disrupt the marketplace.

New disabled and elderly assistive technology companies can explore the untapped potential in countries where the geriatric population is rising.

  • Lottie, a London-based startup, focused on simplifying the process of finding good elderly care, announced that it has raised US$ 7.1 million for its platform. The platform allows elderly people to locate and identify the best living options available to them in the United Kingdom at a reasonable price.
  • Birdie, another London-based startup, has bagged US$ 30 million in a Series B funding round. The company provides elderly care agencies with software that helps them keep a track of their activities such as visits and monitoring. The start-up is expected to use the funding to expand in the complete European region.
  • Nobi, a Belgian start-up, known for its smart lamps that focus on fall detection and prevention for elderly people, announced that it had raised US$ 13 million in January 2022. The start-up is specifically aimed at the European aging population as of now.

How Will Demand for Disabled and Elderly Assistive Technologies Fare on a Regional Level?

“North America & Europe Expected to be Highly Opportune Markets”

North America disabled and elderly assistive technology market is expected to lead the global industry growth over the coming years. The growth in this region can be attributed to an increasing geriatric population and high healthcare expenditure. The rising prevalence of chronic diseases resulting in disability is also expected to favor disabled and elderly assistive technology demand in this region.

The Europe disabled and elderly assistive technology market is projected to provide highly rewarding opportunities owing to its rapidly increasing geriatric population and increasing load on its healthcare infrastructure.

Increasing patient pool in this region coupled with growing investments in the healthcare industry is expected to favor the demand for assistive technologies for the disabled and elderly.

Rising incidence of accidents, rapidly growing geriatric population, supportive government initiatives to strengthen healthcare infrastructure, and rising availability of assistive devices for the elderly are major factors that positively influence the disabled and elderly assistive technology market growth in the Asia Pacific region through 2026.

Japan is anticipated to be a market of prime focus in this region owing to the presence of a large patient pool of aging people and the demand for elderly adaptive equipment is expected to be high in the country throughout the forecast period.

The Japan disabled and elderly assistive technology market is expected to witness expansion at an approximate CAGR of 4.5% from 2022 to 2026.

Country-wise Insights

What Makes the U.S. an Investment-worthy Market?

“Rising Incidence of Disability among People Opening New Opportunities for Investments”

The United States disabled and elderly assistive technology market is anticipated to be driven by the rising incidence of disability owing to the increasing prevalence of chronic diseases, road accidents, etc.

Rising geriatric population in the country is also expected to drive disabled and elderly assistive technology market potential across the forecast period. At present, the U.S. disabled and elderly assistive technology market enjoys a valuation of US$ 13.5 billion.

High healthcare expenditure and rising awareness regarding assistive devices for the disabled and elderly are also expected to increase the market share of the assistive technology industry in this country over the coming years.

All of the aforementioned factors make the United States a highly rewarding and investment-worthy market for disabled and elderly assistive technology providers.

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Category-wise Insights

Which End User Drives High Demand for Disabled and Elderly Assistive Solutions?

“Hospitals Account for High Demand for Disabled and Elderly Assistive Technologies”

The disabled and elderly assistive technology market, based on end user, is segmented into hospitals, assisted living facilities, home care, elderly nursing homes, and other end users.

The hospitals segment is expected to account for a major market share across the forecast period. The rising number of road accidents, increasing incidence of musculoskeletal injuries, and rising rate of hospitalization are some of the prominent factors that are expected to favor the growth of this segment over the next four years.

Rising demand for mobility devices for seniors in hospitals is expected to further bolster disabled and elderly assistive technology market growth over the coming years.

The home care end-user segment is projected to witness growth at a high CAGR over the next four years. Rising popularity of home care is anticipated to supplement the demand for geriatric assistive devices, rehabilitative devices, assistive eating devices, etc.

Which Product is Expected Witness High Demand Growth Going Forward?

“Mobility Assistance Products Projected to Majorly Drive Market Expansion”

The disabled and elderly assistive technology market, based on product, is bifurcated into communication aids, mobility assistance, assistive furniture, bathroom safety & assistance, and other products.

The mobility assistance segment is projected to account for a significant market share throughout the forecast owing to the increasing incidence of disability due to chronic illnesses and accidents.

Adoption of technology to create novel mobility assistance devices by assistive technology organizations is also expected to favor the growth of this segment over the next four years. The mobility assistance segment is slated to rise at a CAGR of around 6% throughout the forecast period.

The communications aids segment is anticipated to account for an estimated total value of US$ 13 billion by the end of 2026.

Competitive Landscape :

Key manufacturers of assistive devices are focusing on launching innovative adaptive devices for the elderly to benefit from the growing geriatric population across the world.

  • In July 2022, Intuition Robotics, a human-robot interaction company based in Israel, announced the launch of its AI robotic companion. ElliQ is specially designed and created to interact and engage with elderly people to help them age independently yet not feel isolated.

Disabled and Elderly Assistive Technology Industry Research Segmentation

  • By Product :

    • Communication Aids
    • Mobility Assistance
    • Assistive Furniture
    • Bathroom Safety & Assistance
    • Other Products
  • By End User :

    • Hospitals
    • Assisted Living Facilities
    • Home Care
    • Elderly Nursing Homes
    • Other End Users
  • By Region :

    • North America
    • Latin America
    • Europe
    • East Asia
    • South Asia & Oceania
    • MEA

- FAQs -

In 2022, the global disabled and elderly assistive technology market is valued at US$ 26 billion.
By the end of 2026, the market for disabled and elderly assistive technologies is expected to reach US$ 32.5 billion.
Demand for disabled and elderly assistive technology is set to increase at 5.8% CAGR through 2026.
Demand for disabled and elderly assistive technologies in Japan is expected to rise at 4.5% CAGR.
By 2026, the communication aids segment is expected to be valued at US$ 13 billion.

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