Assistive Devices for Vulnerable Groups

Assistive Devices for Vulnerable Groups

Assistive devices are designed to perform daily activities or tasks for individuals with disabilities, injuries, or chronic medical conditions. These devices can be used to support a person's mobility, communication, cognition, or self-care, and can range from simple aids like canes or hearing aids to more complex devices like wheelchairs or home medical equipment.

The global assistive devices for vulnerable groups market is projected to expand significantly with a CAGR of ~5.5. The assistive device helps to support both the geriatric and disabled populations and makes life convenient and independent. The rising prevalence of chronic diseases among the geriatric population is driving the market for assistive devices for vulnerable groups. For instance, World Health Organisation (WHO) 2022 report, states that by 2050, the world’s population of people aged 60 years and older will double (2.1 billion). The number of persons aged 80 years or older is expected to triple between 2020 and 2050 to reach 426 million. Furthermore, the Centre For Disease Prevention and Control states that The prevalence of doctor-diagnosed arthritis is expected to increase in the coming decades. By 2040, an estimated 78.4 million adults aged 18 years and older (25.9% of the projected adult population) will have doctor-diagnosed arthritis. Moreover, advancements in technology, shifting patient preference towards a new device, government initiatives and increasing healthcare expenditure are the driving factor for the market during the forecasting period.

• Based on service type, the market is segmented into mobility aids, living aids, medical furniture and bathroom safety devices. Amongst this, the mobility aids segment is expected to witness significant growth during the forecasting period. This is due to the advancement in technology in mobility aids and the rise in no. of elderly and disabled groups requiring assistive devices. Additionally, the increased mobility-impaired disorders such as paralysis, amputation, multiple sclerosis etc. requiring mobility assistive devices accelerate the growth of this segment.
• Based on end-users, the market is segmented into hospitals, nursing homes, assisted living, and home care. Amongst these the hospitals, segment would experience significant growth during the forecasting period. This is due to the increasing incidents of road accidents globally and the increasing pool of patients in hospitals is fueling the growth of this segment.
• For a better understanding of the market adoption of assistive devices for vulnerable groups, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, and the Rest of North America), Europe (UK, Germany, France, Italy, Spain and Rest of Europe), Asia-Pacific (China, Japan, India, and Rest of Asia-Pacific), Rest of World. The Asia Pacific assistive devices for vulnerable groups market is expected to grow with a higher CAGR rate in 2021 due to the supporting government initiatives, rising healthcare expenditure, and increasing geriatric population that has augmented the prevalence of non-communicable chronic diseases. Additionally, the rising no. of road accidents is expected to drive growth in this region. For instance, according to the WHO, poor and medium-income nations account for around 93 per cent of all traffic accidents. These elements are mainly attributed towards the growth of the assistive devices for vulnerable groups market in North America over the forecasted period.
• Some of the major players operating in the market include Pride Mobility Products Corp., Sonova., Invacare Corporation., Medical Depot, Inc., Starkey Laboratories, Inc., GN Hearing, Sunrise Medical, Demant A/S, Permobil, WS Audiology A/S