At 5.8% CAGR, Disabled And Elderly Assistive Technology Market Size to Hit USD 60.84 Bn, Globally by 2028 | Industry Trends, Share, Growth Rate, Value, Analysis & Forecast Report By Zion Market Research
NEW YORK, June 23, 2022 /PRNewswire/ -- As per Zion Market Research study, The global disabled and elderly assistive technology market is forecasted to reach USD 60.84 billion by 2028, from USD 44.01 billion in 2021 growing at a 5.8% CAGR during the forecast period.
Key Industry Insights & Finding of the Disabled And Elderly Assistive Technology Market Reports:
- As per the analysis shared by our research analyst, the Disabled And Elderly Assistive Technology Market is expected to grow annually at a CAGR of around 5.8 % (2022-2028).
- Through the primary research, it was established that the Disabled And Elderly Assistive Technology Market was valued approximately USD 44.01 Billion in 2021 and is projected to reach to roughly USD 60.84 Billion by 2028.
- North America led the market, with the greatest market revenue, and this trend is likely to continue during the forecast period.
- This is a result of an increase in demand for assistive equipment, an increase in the senior population, and the government's increased attention on patient safety in North America region.
- Increase in health expenditures and advancements in healthcare infrastructure, Asia-Pacific is expected to rise at the fastest rate in the global elderly and disabled assistive technology market during the forecast period.
Zion Market Research published the latest report titled as "Disabled And Elderly Assistive Technology Market By Product (Mobility Assistance Aids, Assistive Furniture, Bathroom Safety & Assistive Products, Communication Aids, And Others), By End-Users (Hospitals, Adult Day Care Centers, Individuals & Others), And By Region - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2022 – 2028." into their research database.
Disabled And Elderly Assistive Technology Market : Overview
Assistive technologies for handicapped and elderly people refer to the use of gadgets and software to help disabled and elderly people reduce their reliance on caregivers and improve lives of people. Devices and technology solutions are examples of assistive technologies. Conventional impairment gadgets including hearing aids, wheelchairs, and vision aids, as well as sophisticated solutions that help handicapped people live more positive lives by giving them greater control, security, and social involvement, are examples of gadgets.
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Disabled And Elderly Assistive Technology Market : Growth Drivers
- Evolution of assistive technologies and increases awareness to drive market growth.
The rising awareness among the general public about the benefits that these products offer such as improved safety, increased independence, and more comfortable life is a growth factor for this market. The availability of various types of assistive devices in different applications (hospitals, nursing homes) has also led to increasing demand for these products globally which will be another positive driving force over the forecast period.
The growth of the market can be attributed to an increasingly aging population, higher prevalence of disabilities among seniors as well as rising number of accidents.
Disabled And Elderly Assistive Technology Market : Restraints
- Low reimbursement from medical insurers restrains the growth of market.
Insurance companies provide medical insurance, but these do not include reimbursement for assistive devices. In case of an accident, or adult imparity, the temporary medical expenses are provided by the companies. But the main expense occurs in the aftermath that includes the regular use of assistive devices. This causes financial constraints for patients, and thus several potential customers do not invest in such devices causing an obstacle for the growth of the disabled and elderly assistive technology market.
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Global Disabled And Elderly Assistive Technology Market : Opportunities
- Growth of independent lifestyle to provide opportunities for market growth.
The international demand for disabled and elderly assistive technologies is driven by an increase in the number of the elderly population & disabled people, changes in lifestyle, the availability of disabled & elderly assistive products, and a rising demand for assistive devices due to the growing trend of living independently. Furthermore, R&D operations for these technologies are increasing continuously. People have increased awareness and increased value for improved medical conditions, which are expected to give profitable growth prospects for the industry.
Global Disabled And Elderly Assistive Technology Market : Challenges
- Costly assistive technology to pose major challenges for market expansion
The rising price of medical devices along with the surging low compensation from medical insurers are the key points likely to challenge the expansion of the global market during the forecast period.
Global Disabled And Elderly Assistive Technology Market : Segmentation
- The global market is divided on the basis of technology, end-user, and region.
Based on the product type, the global elderly and disabled assistive technology market is divided into mobility assistance aids, assistive furniture, bathroom safety & assistive products, communication aids, and others. Mobility assistance aids segment dominated the market in 2021 and expected to remain dominant over the forecast period
Based on end-user, the market is categorized into hospitals, adult daycare centers, individuals & others. Hospitals have a significant market share due to the increasing number of patients.
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List of Key Players of Disabled And Elderly Assistive Technology Market :
- Pride Mobility Products Corporation
- AI Squared
- Drive Medical
- Siemens Ltd
- Whirlpool Corporation
- GN Resound Group
Key questions answered in this report:
- What are the growth rate forecast and market size for Disabled And Elderly Assistive Technology Market ?
- What are the key driving factors propelling the Disabled And Elderly Assistive Technology Market forward?
- What are the most important companies in the Disabled And Elderly Assistive Technology Market Industry?
- What segments does the Disabled And Elderly Assistive Technology Market cover?
- How can I receive a free copy of the Disabled And Elderly Assistive Technology Market sample report and company profiles?
Market size value in 2021
USD 44.01 Billion
Revenue forecast in 2028
USD 60.84 Billion
CAGR of almost 5.8 % 2022-2028
2016 - 2021
2022 - 2028
By Product Type, By Application, and By End Use
Value (USD Billion), and Volume (Units)
Revenue in USD million/billion and CAGR from 2022 to 2028
North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World
U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others
Pride Mobility Products Corporation,AI Squared,Invacare,Drive Medical,Siemens Ltd,Whirlpool Corporation,GN Resound Group
Market growth drivers, restraints, opportunities, Porter's five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis.
- In September 2016, a Netherlands-located hearing aid producer, AudioNova, was acquired by Sonova Holding AG. This purchase assisted Sonova to reinforce its mark in Europe, by increasing the number of retail stores by twofold.
- In November 2019, an innovative Senior Care technology for the inhabitants at the flagship Manhattan Community of Welltower was launched through a partnership between Sunrise Senior Living Inc. and Royal Philips. The association shall have a robust service portfolio globally.
- In May 2022, the first Centre for Technology Intervention for the Elderly and Disabled (CTIED) of India was inaugurated at National Institute of Technology Srinagar.
- Asia Pacific to lead global market due to increased expenditure in healthcare infrastructure.
In 2021, North America led the market, with the greatest market revenue, and this trend is likely to continue during the forecast period. This is a result of an increase in demand for assistive equipment, an increase in the senior population, and the government's increased attention on patient safety in this region. Moreover, technological developments and developed sales channels are also helping in the market's regional growth.
Due to an increase in health expenditures and advancements in healthcare infrastructure, Asia-Pacific is expected to rise at the fastest rate in the global elderly and disabled assistive technology market during the forecast period.
Global Disabled And Elderly Assistive Technology Market is segmented as follows:
Disabled And Elderly Assistive Technology Market : By Product Outlook (2022-2028)
- Mobility Assistance Aids
- Assistive Furniture
- Bathroom Safety and Assistive Products
- Communication Aids
Disabled And Elderly Assistive Technology Market : By End-User Outlook (2022-2028)
- Adult Day Care Centers
Disabled And Elderly Assistive Technology Market : By Region Outlook (2022-2028)
- The U.S.
- The UK
- Rest of Europe
- South Korea
- Southeast Asia
- Rest of Asia Pacific
- Rest of Latin America
Middle East & Africa
- South Africa
- Rest of Middle East & Africa
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