Assistive Devices for Vulnerable Groups Market: Current Analysis and Forecast (2022-2028)

Report Description

The Assistive Devices for Vulnerable Groups Market was valued USD 2.5 Billion and expected to grow with a CAGR of 5.5% during the forecast period (2022-2028). The rising incidences of neurological and orthopaedic ailments are expected to boost market growth. For instance, according to Neurological Alliance, 2019 report, there were an estimated 14.7 million neurological cases, equating to at least 1 in 6 people living with one or more neurological conditions. This would augment the demand for assistive devices as it helps individuals in managing daily tasks. Furthermore, the increase in the prevalence of non-communicable chronic diseases such as arthritis, cancer, diabetes, cardiovascular diseases, multiple sclerosis etc. is the prominent factor that spur the demand for the various disabled assistive devices across the globe.

Some of the major players operating in the market include Pride Mobility Products Corp., Sonova., Invacare Corporation., Medical Depot, Inc., Starkey Laboratories, Inc., GN Hearing, Sunrise Medical, Demant A/S, Permobil, WS Audiology A/S.

Insights Presented in the Report

“Amongst service types, the mobility aid segment held a dominating share of the market in 2021”

By 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.

 “Amongst end-users, the hospital segment held the majority share of the market in 2021”

By 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.

 “North America dominated the assistive devices for vulnerable groups service market in 2021”

North America dominated the assistive devices for vulnerable groups market in 2021. This is due to the presence of major players within the region, and investments by private companies in research & development. Furthermore, the market is driven by the rise in the geriatric population and the increased prevalence of chronic diseases within the region. For instance, according to the U.S. Census Bureau, more than 56 million adults ages 65 and older live in the United States, accounting for about 16.9% of the nation’s population. Moreover, favorable government initiatives and an increase in healthcare expenditure are propelling the market growth. For instance, according to the Centre for Medicare & Medicaid Services (CMS), the national health expenditure (NHE) grew 2.7% to $4.3 trillion in 2021, or $12,914 per person, and accounted for 18.3% of the Gross Domestic Product (GDP). 

Assistive devices for vulnerable groups Service Market Report Coverage

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
• The report presents a quick review of overall industry performance at one glance.
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.

Customization Options:

The global assistive devices for vulnerable groups’ market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.

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Research Methodology

Research Methodology for the Assistive Devices for Vulnerable Groups Market Analysis (2022-2028)

Analyzing the historical market, estimating the current market, and forecasting the future market of the global assistive devices for vulnerable groups market were the three major steps undertaken to create and analyze the adoption of assistive devices for vulnerable groups in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global assistive devices for vulnerable groups market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of the assistive devices for vulnerable groups market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the assistive devices for vulnerable groups market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as service type and end-users. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of assistive devices for vulnerable groups market. Further, we conducted factor analysis using dependent and independent variables such as service type and end-users of the assistive devices for vulnerable groups market. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the assistive devices for vulnerable groups service market sector across the globe.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global assistive devices for vulnerable groups market, and market shares of the segments. All the required percentage shares split and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2028 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of revenue (USD) and the adoption rate of the assistive devices for vulnerable groups service market across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the global assistive devices for vulnerable groups service market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global assistive devices for vulnerable groups’ market. data was split into several segments & sub-segments post studying various parameters and trends in the areas of the service types and end-users in the global assistance devices for vulnerable groups service market.

The main objective of the Global Assistance Devices for vulnerable groups Service Market Study

The current & future market trends of the global assistive devices for vulnerable groups market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of the assistive devices for vulnerable groups market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
• Segments in the study include areas of the service type and end-users
• Define and analysis of the regulatory framework for the assistive devices for vulnerable groups industry
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviours of the industry
• Analyze the current and forecast market size of the assistive devices for vulnerable groups market for the major region
• Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World
• Company profiles of the assistive devices for vulnerable groups market and the growth strategies adopted by the market players to sustain in the fast-growing market
• Deep dive regional level analysis of the industry

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