Disabled & Elderly Assistive Device Market by Type (Living Aids, Hearing Aids, Mobility Aids, Medical Furniture, and Bathroom Safety Equipment), and by End User (Hospitals, Elderly Nursing Homes, Home Care, and Other End Users) – Global Opportunity Analysis and Industry Forecast, 2024–2030
Disabled & Elderly Assistive Device Market
Domain – ICT & Media
Sub Domain – Hardware/Software & IT Services
The disabled & elderly assistive device market size was valued at USD 27.77 billion in 2023, and is predicted to reach USD 39.69 billion by 2030, with a CAGR of 5.2% during the forecast period, 2024–2030.
Assistive technology helps disabled and elderly people perform everyday tasks, such as getting dressed, eating, and communicating with ease. It can address a wide range of physical, sensory, cognitive, and developmental challenges, promoting inclusivity. The growing elderly population, projected to reach 16% by 2050 and 24% by 2100, presents a significant growth opportunity for the disabled & elderly assistive device market.
The rising prevalence of chronic diseases among the world population is one of the prominent factors propelling the growth of the disabled & elderly assistive device market. According to the International Diabetes Federation, Diabetes is a major health problem worldwide, with over 537 million adults living with the condition in 2021. This number is expected to grow to 643 million by 2030 and 783 million by 2045.
However, the high cost and low awareness of assistive technology in developing and underdeveloped countries make it difficult for the elderly population to afford these advanced devices. This factor restrains the market growth. On the contrary, the integration of advanced technologies such as IoT and wearable devices to provide real-time data and insights to support them in staying independent and safer is expected to create ample growth opportunities for the market in the coming years. For instance, Medical Guardian, a leading provider of medical alert systems, launched a new smartwatch called the MGMove. It is designed for disabled and older adults who want a stylish and easy-to-use way to stay safe and connected.
Segment OverviewThe global disabled & elderly assistive device industry is segmented on the basis of type, end user, and region.
By product, the market is classified into living aids, hearing aids, mobility aids, medical furniture, and bathroom safety equipment.
By end user, the market is categorized into hospitals, elderly nursing homes, home care, and other end users.
By region, the market is segmented into North America, Europe, Asia-Pacific, and the rest of the world (RoW).
Regional AnalysisNorth America holds the dominant market share
Rising cases of chronic disease, including heart disease, cancer, and diabetes, and high awareness among consumers, especially in the U.S. and Canada, drive the disabled & elderly assistive device market share in this region. According to the American Cancer Society (ACS), Cancer is the second most common cause of death in the U.S., after heart disease. In 2022, around 1.9 million people were diagnosed with cancer, and over 609,000 people died from the disease. In addition, increasing awareness of the importance of health and fitness in this region is boosting the demand for the market. According to the U.S. News & World Report survey conducted in 2023, over half of adults aged above 55 use assistive technology, such as mobile health apps and fitness trackers, to stay healthy.
Key Market Players
The key players in the global disabled & elderly assistive device market include:• Invacare Corporation
• Sunrise Medical LLC
• Bausch & Lomb, Inc.
• Permobil AB
• Siemens Healthcare
• Freedom Scientific, Inc.
• William Demant Holding A/S
• Starkey Hearing Technologies
• GN ReSound Group
• Ai Squared
• Blue Chip Medical Products, Inc.
• MED-EL
• Liberator Ltd.
• Drive Medical Design
• Manufacturing, Exact Dynamics B.V.
Recent Developments
May 2023Abode Systems integrated Google Nest products into its platform that allows users to control their Nest devices, such as thermostats, cameras, and doorbells, using the Abode app. This is a significant development for people with disabilities and older people, as it will make it easier for them to control their homes using voice commands or gestures.
November 2022Labrador Systems is deploying its Retriever Pro robots to a handful of early customers. The Retriever Pro is a mobile robot that assists older adults with tasks such as fetching groceries, picking up medications, and providing companionship.
July 2022Sunrise Medical launched Quickie Access, an innovative mobility solution that enhances accessibility and improves the quality of life for individuals with mobility challenges.
August 2021Invacare Corporation launched the Invacare AVIVA STORM RX, a cutting-edge rear-wheel drive power wheelchair designed to enhance mobility for individuals with specific needs. This innovative offering reflects Invacare's commitment to providing advanced solutions that empower individuals and improve their overall quality of life.
KEY BENEFITS• The report provides quantitative analysis and estimations of the disabled & elderly assistive device market from 2024 to 2030. This analysis assists in identifying the prevailing market opportunities to capitalize on.
• The study comprises a detailed analysis of the disabled & elderly assistive device market trends, including the current and future trends to depict the prevalent investment pockets in the market.
• The information related to key drivers, restraints, and opportunities and their impact on the disabled & elderly assistive device market is provided in the report.
• The competitive analysis of the market players along with their market share in the disabled & elderly assistive device market is provided in the report.
• The SWOT analysis and Porter’s Five Forces model are elaborated in the study.
• The value chain analysis in the market study provides a clear picture of the roles of stakeholders.