Disabled & Elderly Assistive Device Market by Type (Mobility Impairments, Hearing Impairments, Visual Impairments, Cognitive Impairments, and Self-Care), and End User (Hospitals, Elderly Nursing Homes, Home Care, and Other End Users) – Global Opportunity

The Disabled & Elderly Assistive Device Market size was valued at USD 28.02 billion in 2023, and is predicted to reach USD 70.05 billion by 2030, with a CAGR of 12.9% during the forecast period, 2024–2030.

The disabled and elderly assistive device refers to a wide range of products and services designed to support the aging population and individuals with disabilities in maintaining their autonomy and improving their quality of life. This market covers medical furniture, hearing aids, mobility aids and living aids, that are crucial for managing chronic conditions and ensuring safety.

The aging population is driving demand for assistive devices such as mobility aids and vision enhancements. The increasing life expectancy and age-related conditions require these devices to maintain autonomy and quality of life. As per the World Health Organization (WHO), the global population aged 60+ reached 1.4 billion in 2020 and is projected to reach 2.1 billion by 2050, with the 80+ population tripling to 426 million.

However, the high cost of disabled & elderly assistive device creates significant barriers for people in developing and underdeveloped countries, particularly those with low or fixed incomes, preventing access to essential tools that improve quality of life. Factors including high import costs, inadequate government support, and lack of affordable financing options exacerbate this problem.

On the contrary, the integration of artificial intelligence (AI) into disabled & elderly assistive device represents a transformative leap towards a future where these devices are not only more advanced but also more personalized and accessible than ever before. In 2024, NUS researchers launched AI-powered eye for visually impaired people to see objects properly. Moreover, in February 2024 Orcam launched MyEye 3 Pro that aims to elevate the quality of life for visually impaired individuals by introducing several new features such as improved text recognition, enhanced face recognition, and smart magnifier with AI assistant.

Segment Overview
The global disabled and elderly assistive device industry is segmented on the basis of type, end user, and region.
 By type, the market is divided into mobility impairments, hearing impairments, visual impairments, cognitive impairments, and self-care.
 By end user, the market is segmented 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 Analysis
Europe holds the dominant share in terms of disabled & elderly assistive device market
Europe holds the dominant share in the disabled & elderly assistive device market primarily due to its aging population. As the number of individuals aged 65-79 in the UK is projected to reach over 10 million within 40 years, and France's population over 85 is expected to reach 5 million by 2060, the need for assistive devices to maintain independence and quality of life is rapidly expanding. From mobility aids to sensory enhancements, the European assistive tech market is rapidly growing to meet these evolving needs across the region.

Moreover, the increasing disability rate across Europe is a significant driver for the growing demand in the assistive device market. As the population ages and chronic conditions rise, there is a growing need for technologies that assist with mobility, sensory impairments, and other disability-related challenges. According to Eurostat, the percentage of people with a disability is highest in Denmark (36.1%), Finland (33.9%), and the Netherlands (32.3%), while Spain (30.4%) and Germany (30.3%) also have high rates. Assistive devices aim to improve quality of life for individuals with disabilities by ensuring widespread access and affordability, thereby promoting greater societal inclusion and well-being.

Key Market Players
The key players in the global disabled & elderly assistive device market include:
• William Demant Holding A/S
• Ottobock SE & Co. KGaA
• WS Audiology A/S
• Sonova Holding AG
• GN Store Nord A/S
• Cochlear Ltd.
• Starkey Hearing Technologies
• Invacare Corporation
• MED-EL Medical Electronics
• Permobil AB

Recent Developments
June 2024
Ottobock UK launched an innovative powered wheelchair, Juvo B7, designed to support users with complex positioning and mobility needs. It comes with advanced features to enhance comfort, functionality, and independence for individuals requiring specialized assistance.

June 2024
WS Audiology announced the establishment of an Audiological Research Laboratory in Singapore, furthering its commitment to advancing hearing healthcare through research and innovation. This new facility focusses on conducting cutting-edge research in audiology, and aims to develop and enhance hearing aid technologies.

June 2024
MED-EL Medical Electronics partnered with Microsoft to enhance communication technology for people with hearing loss. The partnership aims to develop advanced accessibility tools for users of hearing devices such as cochlear implants.

May 2024
Jabra a subsidiary GN Audio launched advanced hearing aid, the Enhance Select 500. The product features compact ""Micro RIE"" design and includes SoundScape technology for improved speech clarity and advanced Bluetooth LE Audio.

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.