Advancements in assistive technologies and interdisciplinary approaches combining biotechnology, nanotechnology, information & communications technologies, and cognitive sciences have revolutionized the medical devices sector. This has led to the sizeable market growth as the key players are constantly working on the R&D activities of their next-generation assistive technologies products that is anticipated to generate a momentum that drive the growth of this market.
Portland, OR -- (SBWIRE) -- 08/16/2017 -- According to a new report published by Allied Market Research, titled, Disabled & Elderly Assistive Technologies Market by Product Type and End User: Global Opportunity Analysis and Industry Forecast, 2017-2023," the global disabled & elderly assistive technologies market was valued at $22,466 million in 2016, and is projected to reach at $37,610 million by 2023, growing at a CAGR of 7.8% from 2017 to 2023. The communication aids segment accounted for nearly one-third share of the global market in 2016.
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The disabled & elderly assistive technologies provides devices that help to overcome cognitive difficulties, impairments, and disabilities in disabled & geriatric population. These technologies improve health outcomes, assist in independent living, and reduce healthcare costs by lowering cost given to manual labors in assisting patients. The market has witnessed tremendous development in the assistive technologies and have evolved in terms of both performance and characteristics. Furthermore, disabled & elderly assistive devices provide devices for the population who are not self-dependent.
The global disabled & elderly assistive technologies market is driven by rise in geriatric & disabled population, lifestyle changes, availability of disabled & elderly assistive products, and rise in demand for assistive technologies due to the growth in trend of independent lifestyle. Furthermore, increase in number of assistive devices manufacturers investing in the R&D activities of these technologies further fuels the market growth. However, high cost of few sophisticated products, low level of acceptance for few products, and low reimbursement from medical insurers restrain the market growth. Conversely, increase in proactiveness of people and rise in value to better health conditions are anticipated to provide lucrative growth opportunities for the market growth.
The communication aids segment accounted for the highest share of about one-third in the global market in 2016. This is attributed to the advancements in technology and rise in disabled & geriatric population, requiring vision, speech and hearing assistance. However, the mobility assistance segment is expected to register high CAGR of 8.9% throughout the forecast period.
The mobility scooters segment generated about one-third share in 2016, and is expected to generate the highest share during the forecast period. This is owing to the high demand for mobile vehicles by physically disabled patient and rise in number of road accidents.
The bone anchored hearing aids (BAHA) segment is expected to grow at the highest CAGR of 6.6%, owing to increase in demand for hearing aids and advancements in technology such as advent of miniature cosmetic hearing aids or canal hearing aids. The ostomy products segment accounted for a two-fifths share along with the highest revenue in 2016 in the global market, and is expected to maintain its dominance in the future.
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The home care end user segment accounted for the highest revenue in 2016, accounting for more than half of the share of the global market, and is expected to maintain its dominance throughout the forecast period. This is due to the growth in demand for assistive technologies in home care to assist daily lifestyle activities. However, assisted living facilities are expected to grow rapidly throughout the forecast period.
Key Findings of the Disabled & Elderly Assistive Technologies Market Study:
- Mobility assistance is anticipated to grow at the highest rate during the analysis period.
- The U.S. was the major shareholder in the North America in 2016, accounting for the highest share.
- The bone anchored hearing aids segment accounted for the highest CAGR of 6.6% during the forecast period.
- China occupied two-ninths share of the total Asia-Pacific disabled & elderly assistive technologies market in 2016, registering a CAGR of 11.5% from 2017 to 2023.
- The home care end user segment dominated the market with about half the share of overall end user market in 2016.
- The mobility assistance market for wheelchairs is expected to exhibit steady growth registering a CAGR of 9.1% during the forecast period.
In 2016, Asia-Pacific and LAMEA collectively accounted for about two-ninths share of the market, and is expected to continue this trend due to increase in adoption disabled & elderly assistive technologies, specifically in China, India, and the other developing economies. In addition, rise in adoption of assistive technologies due to the growth in demand from elderly & disabled population fuel the market in Asia-Pacific.
The key players in the global disabled & elderly assistive technologies market include Sunrise Medical LLC., GN ReSound Group, Sonova Holding AG, Starkey Hearing Technologies, William Demant Holding A/S, Wintriss Engineering Corporation, Drive Medical Design and Manufacturing, Ai Squared, Invacare Corporation, Siemens Ltd., and Widex Ltd. The other prominent players in the value chain include Blue Chip Medical Products, Inc., Inclusive Technology Ltd., Liberator Ltd., and Permobil AB, Medline Industries, Inc., and Whirlpool Corporation.