Global elderly and disabled assistive devices market is estimated to witness high growth, owing to rising geriatric population and increasing incidences of disabilities
Global Elderly And Disabled Assistive Devices Market is estimated to be valued at USD 28.10 Bn in 2024, exhibiting a CAGR of 7.7% over the forecast period 2024-2031. Global elderly and disabled assistive devices market growth is driven by rapidly growing geriatric population and rising numbers of people suffering from disabilities. Furthermore, technological advancements in assistive devices along with rising accessibility and affordability boosts their adoption.
Market Dynamics:
Rising Geriatric Population: Global elderly population, aged 65 years or above, is growing at an unprecedented rate with people getting better access to healthcare and medical facilities. It is estimated that by 2050, one in six people in the world will be over age of 65 years. With aging comes physical limitations requiring assistive devices. This large base of elderly population can offer lucrative opportunities for assistive devices manufacturers and suppliers.
Incidences of Disabilities: Disability rates have been rising substantially in many countries due to increasing chronic health conditions as well as improvements in medical support for persons with disabilities. The global prevalence of disability is around 15% of the world's population as of 2019. Growing disability among people boosts demand for elderly and disabled assistive devices.
Increasing Aging Population Boosts Demand for Assistive Devices
Global elderly and disabled assistive devices market growth is driven by growing aging population worldwide. As life expectancy increases due to improved healthcare and standard of living, the number of elderly people aged 65 years and above is projected to grow significantly in most countries. According to the United Nations, the number of people aged 60 years or over is expected to double by 2050 and reach around 2 billion people. With age comes physical disabilities and loss of mobility. This rising aging demographic requires assistive devices like mobility aids, hearing aids, vision & magnifying aids and other medical assistance devices to live independently and improve their quality of life.
Growing Disability Rates Fuel Need for Assistive Technologies
Increasing rates of disability among people can drive the market growth. Disabilities can occur due to various reasons like aging, accidents, chronic health conditions, genetic factors, injuries or diseases. According to the WHO, around 15% of the global population lives with some form of disability. Growing prevalence of chronic diseases like diabetes, cancer, arthritis, and others contribute to disability. Assistive devices help people with disabilities to perform daily activities, communicate more effectively and participate in social life. Advancements in technologies have led to development of intelligent and connected assistive devices. Rising disability rates worldwide can boost demand for assistive devices like mobility aids, prosthetics & orthotics and hearing aids.
High Cost of Devices Acts as Restraint
Global elderly and disabled assistive devices market growth can be hampered by high cost of sophisticated assistive devices. Unlike basic assistive solutions, advanced electronic assistive devices incorporate latest technologies like artificial intelligence, robotics, sensors and powered components. This makes them highly expensive. The high R&D investment required to develop innovative assistive solutions leads to their steep price points. While such high-end devices deliver superior performance, functionality and user experience, their affordability becomes a major concern, especially in developing nations and for people from low-income sections of the society.
Lack of Awareness Hampers Market Penetration
Lack of awareness about availability and benefits of assistive devices, particularly in developing and underdeveloped regions can hamper the market growth. Many people are unaware of the various assistive solutions that exist and how these can improve their quality of living. Even for known devices, proper usage and maintenance knowledge is lacking. This lack of awareness is more common among rural populations, people with low education and users from low socio-economic backgrounds. Extensive educational and awareness programs need to be conducted to illuminate people about the use of assistive devices and the impact these can create in their lives.
Growing Telehealth and Telemedicine Offers Immense Potential
Rising adoption of telehealth and telemedicine technologies due to COVID-19 pandemic can offer market growth opportunities. Telehealth allows remote delivery of healthcare and medical consultation through digital means. It helps connect patients with caregivers, therapists and doctors without physical face-to-face meetings. This is highly beneficial for elderly and disabled people, especially those in rural areas or with limited mobility. Integration of assistive devices with telehealth apps on smartphones offers new opportunities. It facilitates remote rehabilitation, monitoring of vitals, video consultations, medication management and postoperative care. Growing investments in telehealth can boost demand for assistive solutions that support connected healthcare delivery.
Advancements in Robotics and AI to Push Innovations
Development of innovative assistive devices powered by latest robotics, artificial intelligence and machine learning technologies can offer growth opportunity. Robotics allow development of robotic prosthetics, exoskeletons and other devices for independent living and mobility. AI enables creation of smart assistive solutions like intelligent wheelchairs, robotic aids for disabled children and sensory aids for the blind. Continuous progress in fields like computer vision, natural language processing, sensors and predictive analytics will augment future assistive device capabilities.
Key Developments
- In January 2024, The Central government initiated PM Divyasha Kendras (PMDK) to reduce waiting times for assistive devices such as wheelchairs, prosthetics, hearing aids, and spectacles for low vision individuals. These one-stop centres will be established within All India Institute of Medical Sciences (AIIMS), beginning with collaborations at AIIMS Nagpur, Kalyani (West Bengal), Rishikesh, and Delhi in the near future.
- In December 2023, Steel Authority of India Limited (SAIL), a public sector enterprise, collaborated with the Artificial Limbs Manufacturing Corporation of India (ALIMCO) to distribute assistive devices to individuals with disabilities (divyangjans)
- In June 2023, Indian Institute of Technology Madras (IIT Madras) launched the National Center for Assistive Health Technologies, IIT Madras (NCAHT-IITM), in collaboration with the Indian Council for Medical Research (ICMR). This initiative aims to advance Research and Development in assistive technologies, which include rehabilitative devices for individuals with disabilities and the elderly.
Key Players: AI Squared, Drive Medical, GN Resound Group, Invacare, Nordic Capital, Pride Mobility Products Corporation, Siemens Ltd., Sonova Holding AG, Starkey hearing technologies, William Demant Holding A/S, GF Health Products, Inc., Magic Mobility Ltd., MEYRA GmbH, Audina Hearing Instruments, Inc., Handicare Group AB, Enabling Technologies
