Albany, NY -- (SBWIRE) -- 11/24/2017 -- A recently published research study on the global elderly and disabled assistive devices market by Transparency Market Research (TMR) estimated the market to rise at a CAGR of 6.90% over the period from 2013 to 2019 and reach a value of US$19.6 bn by the end of the forecast period. The market study, titled "Elderly and Disabled Assistive Devices Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019," states that in 2012 the worldwide market for elderly and disabled assistive devices reached a value of US$12.3 bn.
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The geriatric population is rapidly growing across the world. Almost 95% of the global geriatric population need assistance for moving and doing their daily work. Apart from this, the disabled patients' pool worldwide is also expanding at an alarming speed, thanks to the increasing incidence of accidents in the global arena. Elderly and disabled assistive devices are specially designed devices that can compensate for their disability to a certain extent, thereby improving the quality of life of these people.
According to the research report, the worldwide increase in the geriatric as well as the disabled population is the main factor behind the growing demand for elderly and disabled assistive devices around the world. The technical advancements in these devices are also boosting this market significantly.
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The report studies the global elderly and disabled assistive devices on the basis of the type of device and the regional distribution of this market. Based on the type of device, the market has been categorized into vision and reading aids, hearing aids, medical furniture and bathroom safety products, and medical mobility aids and ambulatory devices.
On account of a large pool of patients suffering from hearing impairment, the demand for hearing aid devices was the highest in 2012. The second position in the overall market was occupied by the medical mobility aids and ambulatory devices that year. This segment, however, is likely to exhibit the highest growth in terms of demand during the forecast period, states the study.
Regionally, the report classifies the worldwide elderly and disabled assistive devices market into Asia Pacific, North America, Europe, and the Rest of the world. Among these, North America emerged as the leading elderly and disabled assistive devices market in 2012. However, Asia Pacific is estimated to report the fastest CAGR of more than 6.0% over the forecast period.
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A huge base of the geriatric as well as the disabled population in Asia Pacific, together with the rising government funding and the increasing disposable income of people, is anticipated to propel the elderly and disabled assistive devices market in this region, notes the study.
Bausch & Lomb Inc., Sonova Holding AG, Blue Chip Medical Products Inc., Ai Squared, Drive Medical Design And Manufacturing, GN Resound Group, Freedom Scientific Inc., Invacare Corp., Siemens Healthcare, Permobil AB, William Demant Holding A/S, Sunrise Medical LLC, and Wintriss Engineering Corp. are the major manufacturers of elderly and disabled assistive devices mentioned in this research report.
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