ELDERLY AND DISABLED ASSISTIVE DEVICES MARKET ANALYSIS

Elderly And Disabled Assistive Devices Market Size and Trends

Global elderly and disabled assistive devices market is estimated to be valued at USD 28.10 Bn in 2024 and is expected to reach USD 47.11 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 7.7% from 2024 to 2031.

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Increasing aging population worldwide and high unmet needs of elderly and disabled population can boost demand for various assistive devices such as mobility equipment, medical furniture and bathroom safety equipment. Furthermore, rising incidence of road accidents and injuries resulting in permanent disabilities along with growing health awareness can boost adoption of these assistive devices. Technological advancements in assistive devices focused on user comfort and ease of use can also drive the market growth.

Rising Government Initiatives and Funding

Rising government initiatives and funding can drive the global elderly and disabled assistive devices market growth. Many governments around the world are focusing more resources on healthcare and assistive technologies for the aging population and people with disabilities. These are implementing various national policies, action plans and programs aimed at promoting the independence, inclusion and quality of life of their citizens who require assistive technologies. For instance, according to an report published by International Labour Organisation (ILO) in 2021, the European Union has made disability inclusion and accessibility a priority area under the 2020-2027 European Disability Strategy. The strategy commits to increasing the availability of affordable assistive technologies for consumers. It will allocate over €1.5 billion in funding towards related initiatives until 2027. Japan's national disability policy for 2020-2025 focuses on promoting R&D and adoption of innovative assistive devices. The Japanese government plans to invest over US$ 650 million in subsidies and public procurement of mobility aids, prosthetics and other devices during this period. This increase in government funding and support through policies drives more innovation and accessibility of assistive devices. Manufacturers now have greater incentives to develop novel and customized solutions targeting the specific mobility, communication and daily living needs of the elderly and disabled communities in different countries and regions. Rising awareness about such technology’s boosts demand. As per UN Population Division Data, the global population aged 65 years or over is projected to double from 727 million in 2020 to over 1.5 billion in 2050. This growing demographic will require expanded access to devices that can help them live independently for longer time. 

Rising Elderly Population

Elderly population, aged 65 years and above, is growing at an unprecedented rate. According to the data published by United Nations, the number of people aged 65 years or over is projected to increase from approximately 524 million in 2010 to nearly 1.5 billion in 2050 due to ongoing improvements in life expectancy and declining fertility levels. As people get older, these become more prone to age-related health issues as well as disabilities. Many people start facing difficulties in performing everyday activities such as walking, climbing stairs, bathing, dressing, eating and toileting. To help elderly individuals live independently and maintain a good quality of life, there has been huge demand for assistive devices and technologies suited for older users. Devices such as walkers, wheelchairs, prosthetics, hearing aids, medication dispensers are facilitating independent living. Home monitoring systems allowing remote patient monitoring are also gaining popularity. With ageing populations in both developed and developing nations continuing to expand dramatically, requirements for elderly assistive solutions show no signs of slowing down in the coming decades.