ELDERLY AND DISABLED ASSISTIVE DEVICES MARKET ANALYSIS

The high cost of assistive devices can hamper the global elderly and disabled assistive devices market growth. The advanced assistive devices that help senior citizens and people with disabilities to live independently are often very expensive. This makes such devices unaffordable for a large section of the elderly and disabled population who have limited or fixed income. For instance, according to the data from WHO, around 70% of the elderly population in developing nations rely solely on pensions and social security benefits for their monetary needs. However, the average pension or social security amounts are barely sufficient to cover basic amenities and medical needs. Therefore, affording expensive assistive devices like smart wheelchairs, advanced prosthetics, hearing aid, and other which are priced anywhere between US$ 5000 to US$ 30000 is simply not feasible for most of the elderly people in these nations. This hampers adoption of assistive devices market in developing countries.

Market Opportunities: Increasing Mobility Limitations among Elderly Population

Increasing mobility limitations among elderly population can offer significant opportunity for global elderly and disabled assistive devices market growth. As per the data from World Health Organization (WHO), the global population aged 65 years and above is projected to increase from 703 million in 2019 to 1.5 billion in 2050. As mobility and autonomy decreases with age, there will be high need for assistive devices. Mobility limitations impose severe restrictions in daily activities of elderly like walking, climbing stairs, sitting and standing. With advanced age, disabilities like arthritis, osteoporosis and loss of muscles become more common. As per UN Department of Economic and Social Affairs report, age related mobility difficulties impact over 110 million elderly worldwide currently. Moreover, increased life expectancy has also led to rise in lifestyle diseases aggravating mobility problems.

For example, diabetes and obesity raise chances of loss of sensation in feet increasing fall risks. Thus, mobility assistive devices like walkers, wheelchairs, smart canes and crutches that aid independent movement witness huge demand. Moreover, innovative devices integrating latest technologies can also gain popularity. For instance, powered devices offer enhanced convenience over conventional products. Those with in-built sensors and location tracking provide safety to aged people living or moving alone. Growing awareness about maintaining active lifestyle among elderly and supportive government policies further encourage adoption.