Elderly and disabled assistive devices consist of equipment utilized by the geriatric and disabled population for everyday activities including basic actions such as walking. Aging individuals are not capable of extensive day-to-day motion due to natural degeneration of the musculoskeletal system and thus need assistive devices for everyday functions. Likewise, disabled people also need these devices.
Albany, NY -- (SBWIRE) -- 05/19/2015 -- Increasing Geriatric Demographic to Boost Demand for Elderly and Disabled Assistive Devices
Increased government initiatives and assistance programs for the development of global elderly and disabled assistive devices market are the prime causal factors responsible for the growth of the market. This also aids availability of both elderly and disabled assistive devices to a larger consumer base.
Technological advancements have revolutionized the elderly and assistive devices market significantly. Technologically advanced and thus more capable devices are gaining acceptance among the target population, helping the overall market. For instance, the development of powered wheelchairs significantly saves on time and energy and provides tangible benefits over conventional wheelchairs. On similar lines, increasingly sophisticated cochlear aids have reduced the need to wear external hearing aids.
The increasing geriatric and disabled population worldwide is supporting the growth of the global elderly and disabled assistive devices market; global geriatric population is projected to be approximately 2 billion by 2050. The growth of the market, however, will decelerate owing to high prices of devices. For example, bone-anchored airing aids are priced at a hefty US$10,000 per device.
The elderly and disabled assistive devices market was valued at US$12.37 billion in 2012 and is expected to be valued at US$19.68 billion in 2019, growing at a CAGR of 6.9% between 2013 and 2019.
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Hearing Aids to Lead Product Segmentation of Global Assistive Devices Market
The global elderly and disabled assistive devices market is segregated into medical mobility aids and ambulatory devices, vision and reading aids, medical furniture and bathroom safety products, and hearing aids. In 2012, hearing aids held the largest share of the market on account of the large percent of the population suffering from impaired hearing and mobility problems. Hearing aids comprise receiver-in-the-air type, in-the-ear type aids, bone-anchored hearing aids, behind-the-ear aids, canal hearing aids, and cochlear implants.
As per WHO statistics, around 5% of the population in the world suffers from some form of hearing loss every year. Moreover, as stated by the U.S. National Institute of Deafness and Other Communication Disorders (NIDCD), the risk of hearing impairment is 10% higher in the elderly population.
Medical mobility aids and ambulatory devices, which are the second largest market segment, will exhibit the highest growth from 2013 to 2019, at a CAGR of 8%. The medical mobility aids and ambulatory devices segment comprises wheelchairs, cranes and crutches, walkers and rollators, medical scooters, door openers, and transfer lifts. Medical furniture and bathroom safety products consist of medical beds, ostomy products, commodes and showers, and bars and railings.
Regionally, the global elderly and disabled assistive devices market is divided into four broad segments, namely North America, Asia Pacific, Europe, and Rest of the World (RoW). On account of the presence of major manufacturers of elderly and disabled assistive devices in North America, the region will lead the market in the next few years, but Asia Pacific will exhibit the highest growth – at an 8.1%CAGR – due to increased government support programs and increasing geriatric population.
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