Elderly Care Robotic Devices is Fastest Growing Segment Fueling the Growth of Elderly and Disabled Assistive Devices Market

 

The elderly and disabled assistive devices market comprises products that help elderly and disabled population perform day to day activities. This includes mobility devices, medical furniture and bathroom safety devices among others.

The global Elderly and Disabled Assistive Devices Market is estimated to be valued at US$ 27.77 Bn or Mn in 2023 and is expected to exhibit a CAGR of 5.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
One of the major trends driving the elderly and disabled assistive devices market is the growing adoption of elderly care robotic devices. Robotic devices help caregivers easily move patients, deliver food and medicines and increase social engagement of elderly population. Devices like PARO, an interactive robotic seal, are used in elderly care facilities for therapy. Advancements in robotics and sensors have increased functionalities of these devices, making them more affordable and usable options for elderly care. This is expected to propel the demand for elderly care robotic devices over the forecast period.
Segment Analysis
The global elderly and disabled assistive devices market is segmented based on product and end user. Based on product, the market is segmented into mobility assistive devices, assistive furniture, bathroom safety equipment, and monitoring equipment. The mobility assistive devices segment dominated the market in 2022 due to the growing geriatric population suffering from disabilities like arthritis, osteoporosis, and other musculoskeletal disorders which are increasing the demand for mobility assistive devices like walkers, wheelchairs, scooters, and canes.

Key Takeaways
The global elderly and disabled assistive devices market is expected to witness high growth, exhibiting CAGR of 5.2% over the forecast period, due to increasing geriatric population and rising incidence of disabilities.

Regional analysis
North America dominated the global market in 2022 and is expected to maintain its dominance over the forecast period. This is attributed to advanced healthcare infrastructure and availability of technologies in the region. Asia Pacific is expected to exhibit the fastest growth during the analysis period owing to improving healthcare infrastructure and increasing affordability of devices in the region.

Key players
Key players operating in the elderly and disabled assistive devices market are Sonova Holding AG, Bausch & Lomb, Inc., Permobil AB, Siemens Healthcare, Freedom Scientific, Inc. Sonova Holding AG is a global leader in hearing care with business activities in over 130 countries. It offers hearing aids and wireless communication systems

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