The Rising Geriatric & Disabled Population and Increased Prevalence of Chronic diseases Would Propel the Growth of the Assistive Devices Market
- Vikas Kumar
- July 13, 2023
- HEALTHCARE, NEWS
- 0 Comments
The global assistive devices for vulnerable groups market is projected to expand significantly with a CAGR of ~5.5. The assistive device helps to support both the geriatric and disabled populations and makes life convenient and independent. The rising prevalence of chronic diseases among the geriatric population is driving the market for assistive devices for vulnerable groups.
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For instance, World Health Organisation (WHO) 2022 report, states that by 2050, the world’s population of people aged 60 years and older will double (2.1 billion). The number of persons aged 80 years or older is expected to triple between 2020 and 2050 to reach 426 million. Furthermore, according to the Centre for Disease Prevention and Control states that the prevalence of doctor-diagnosed arthritis is expected to increase in the coming decades. By the year 2040, an estimated 78.4 million adults aged 18 years and older (25.9% of the projected total adult population) will have doctor-diagnosed arthritis. Moreover, Government initiatives undertaken for increasing accessibility of these mobility devices is driving the elderly and disabled assistive devices market. For instance, the U.S., National Council on Disability runs an awareness program. This group is committed to disability policy leadership. They consider various programs, assist individuals in their daily lives, and help with employment issues, housing, and transportation.
Moreover, with advancements in technology, shifting patient preference towards a new device and increasing healthcare expenditure are the driving factor for the market during the forecasting period.
FIG. 1 Assistive Devices for Vulnerable Groups Revenue (2020-2028)- USD Mn
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Based on service type, the market is segmented into mobility aids, living aids, medical furniture and bathroom safety devices. The mobility aids segment is expected to witness significant growth during the forecasting period. This is attributed to the surge in advancement in mobility assistive devices technology and the rise in the disabled and elderly population requiring mobility assistance. For instance, according to World Health Organization (WHO) more than 7 million community-dwelling American use mobility devices such as walkers, and canes etc, amongst this two-thirds of the population are over the age of 65 years. Furthermore, according to the Control for Disease and Control Prevention (CDCP), a 2023 report states that around 11.1 % of U.S. adults have mobility disabilities with serious difficulty walking or climbing stairs. Thus with advancements in mobile device technology, the rising population of geriatric and disabled populations requiring mobility assistance would augment the growth of the market.
Based on end-users, the market is segmented into hospitals, nursing homes, assisted living, and home care. Amongst these hospitals, the segment would experience significant growth during the forecasting period. Many healthcare assistive devices are developed in collaboration with hospitals and healthcare professionals. Hospitals provide valuable feedback on the use and effectiveness of devices, which can inform future product development and marketing strategies. Furthermore, hospitals are subject to strict regulations and standards when it comes to the safety and quality of medical devices. This means that they are more likely to purchase devices from established and reputable manufacturers, which again drives the market.
Global Assistive devices for vulnerable groups Market Segmentation
Market Insight, by Service type
o Mobility Aids
o Living Aids
o Medical Furniture
o Bathroom Safety Devices
Market Insights, by End-User
o Hospitals
o Nursing Homes
o Assisted Living
o Homecare
Market Insight, by Region
· North America
o U.S.
o Canada
o Rest of North America
· Europe
o UK
o Germany
o France
o Italy
o Spain
o Rest of Europe
· APAC
o China
o Japan
o India
o Rest of APAC
· Rest of the World
Top Company Profiles
o Pride Mobility Products Corp.
o Sonova.
o Invacare Corporation.
o Medical depot, Inc.
o Starkey Laboratories, Inc.
o GN Hearing,
o Sunrise Medical
o Demant A/S
o Permobil
o WS Audiology A/S