Disabled and Elderly Assistive Technology Market (Product - Activity Monitors, Assistive Furniture, Bathroom Safety and Assistive Products, Communication Aids, Location Monitors, Medical Mobility Aids and Ambulatory Devices, and Others; End-User - Assisted Living Facilities, Hospitals and Nursing Homes, and Home Care): Global Industry Analysis, Trends, Size, Share and Forecasts to 2024. The global disabled and elderly assistive technology market is projected to grow at a CAGR of 6.9% over the forecast period of 2018-2024.
Pune, India -- (SBWIRE) -- 05/06/2019 -- Our latest research report entitled Disabled and Elderly Assistive Technology Market (by product (activity monitors, assistive furniture, bathroom safety, assistive products, location monitors, medical mobility aids, ambulatory devices), end-user (assisted living facilities, hospitals, home care)) provides complete and deep insights into the market dynamics and growth of disabled and elderly assistive technology. Latest information on market risks, industry chain structure disabled, and elderly assistive technology cost structure and opportunities are offered in this report. The past, present and forecast market information will lead to investment feasibility by studying the essential disabled and elderly assistive technology growth factors. The global disabled and elderly assistive technology market is projected to grow at a CAGR of 6.9% over the forecast period of 2018-2024.
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Disabled and Elderly Assistive Technology Market: Industry Insights
The technologies and devices designed for people with disabilities or the elderly population that is used to perform activities of daily life are known as disabled and elderly assistive technology. These include visual aids, hearing aids, cognitive aids and mobility aids such as wheelchairs, scooters, walkers, canes, crutches, prosthetic devices, and orthotic devices.
Disabled and Elderly Assistive Technology Market: Driver and Restraints
The global trends in aging populations and the higher risk of disability in older people are primarily driving the disabled and elderly assistive technology market. More than 46 percent of the older population have disabilities and more than 250 million older people experience moderate to severe disability. Assistive technologies reduce institutional barriers and help them to participate equally in all aspects of life. In addition, the rise in a number of accidents and several chronic non-communicable diseases are likely to boost the disabled and elderly assistive technology market. Furthermore, poor lifestyle and low physical activities that lead to obesity are anticipated to favor market growth.
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Disabled and Elderly Assistive Technology Market: Segmentation
The report on global disabled and elderly assistive technology market is bifurcated into the product, and end-user. Based on product, the market is classified into activity monitors, assistive furniture, bathroom safety and assistive products, communication aids, location monitors, medical mobility aids, and ambulatory devices, and Others. The end-user segment is further bifurcated into assisted living facilities, hospitals and nursing homes, and home care. The home care segment is anticipated to hold the major market share among the end users. The increasing elderly population, growing disposable income and rising demand for assistive technologies are driving the growth of the home care segment. However, assisted living facilities is expected to grow at the fastest rate over the forecast period.
Disabled and Elderly Assistive Technology Market: Regional Insights
North America dominates the disabled and elderly assistive technology market. High disposable income, a rising aging population, access to insurances and higher availability of the assistive technology devices are the factors contributing to the growth of North America disabled and elderly assistive technology market. In addition, the presence of major assistive device manufacturers in this region can further increase the revenue opportunity in this region. Moreover, people in the North America region have high spending capacity that favors the growth of the market. The Asia Pacific is projected to grow at the fastest rate due to rising income, growing awareness about assistive technologies and increasing in geriatric population over the forecast period.
Disabled and Elderly Assistive Technology Market: Competitive Landscape
The disabled and elderly assistive technology market is highly fragmented. The major market players in this market include Wintriss Engineering, William Demant Holding A/S, Sonova, Permobil, Bausch & Lomb Incorporated, BLUE CHIP MEDICAL, Ai Squared, Freedom Scientific, Inc., Medical Depot, Inc., and GN Store Nord A/S among others. The companies in this market are focusing on the development of new products and innovation in existing products. In Oct 2018, mobile has developed Single Person Transport Design an innovative electric-powered, personal-mobility device to help boost the level of self-motivation of the elderly.
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- Continuous Growth in Geriatric and Disabled Population Worldwide.
- Growing Families' Concern about Assistance and Safety of Elderly People.
- Low Awareness About Modern Assistive Technology Among Consumers.
- The High Cost of The Product.
- Government Support and Help from Charitable Organizations for Adoption of Assistive and Safety Products.