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Global Elderly and Disabled Assistive Devices Market to reach USD 43.75 billion by the end of 2030.

Global Elderly and Disabled Assistive Devices Market Size study & Forecast, by Type (Living Aids, Mobility Aids Devices, Bathroom Safety Equipment and Medical Furniture) and Regional Analysis, 2023-2030

Product Code: HLSMDE-61609705
Publish Date: 20-05-2023
Page: 200

Global Elderly and Disabled Assistive Devices Market is valued at approximately USD 28.51 billion in 2022 and is anticipated to grow with a healthy growth rate of more than 5.5% over the forecast period 2023-2030. Elderly and disabled assistive devices are devices designed to help elderly and disabled individuals maintain their independence and improve their quality of life. These devices can range from simple devices such as canes, walkers, and hearing aids to more complex devices such as powered wheelchairs, home automation systems, and communication aids. The Elderly and Disabled Assistive Devices market is expanding because of factors such as growth in the geriatric and disabled population and the high disposable income of baby boomers.

As growth in the geriatric and disabled population is propelling the market growth. According to the World Health Organization, report 2023, 1.3 billion individuals worldwide are severely disabled. 1 in 6 of us, or 16% of the world’s population, is represented by this. Thus, the high prevalence of people with disability is propelling the market growth.. According to the World Bank Group, the world’s old population was 727 million in 2020, and it is predicted to treble over the next three decades, reaching 1.5 billion in 2050. In addition, Governments around the world are implementing various initiatives to support the elderly and disabled population, including funding for research and development of assistive devices, and subsidies for purchasing these products which is further boosting the market growth. Along with these, Technological advancements in assistive devices are creating lucrative growth in the market. However, the high cost of Elderly and Disabled Assistive Devices stifles market growth throughout the forecast period of 2023-2030.

The key regions considered for the Global Elderly and Disabled Assistive Devices Market study includes Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. North America dominated the market in 2022 owing to the dominance of key market players and the region’s increasing disease prevalence. Asia Pacific is expected to grow with the highest CAGR during the forecast period, owing to factors such as rising geriatric and target populations, an increase in the number of collaborations for devices development, geographic expansion of key players, and active participation of government and nonprofit organizations in the market space.

Major market player included in this report are:
AI Squared Inc.
Drive Medical
GN Resound Group
Invacare Corporation
Nordic Capital
Pride Mobility Products Corporation
Siemens Ltd.
Sonova Holding AG
Starkey hearing technologies
William Demant Holding A/S

Recent Developments in the Market:
Ø In February 2020, GN ReSound announced the launch of ReSound ENZO Q and ReSound LiNX Quattro technology, new ReSound hearing solutions based on a potent chip architecture that offers great sound quality, connection, and customer support to people with all types of hearing loss.

Global Elderly and Disabled Assistive Devices Market Report Scope:
ü Historical Data – 2020 – 2021
ü Base Year for Estimation – 2022
ü Forecast period – 2023-2030
ü Report Coverage – Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
ü Segments Covered – Type, Region
ü Regional Scope – North America; Europe; Asia Pacific; Latin America; Middle East & Africa
ü Customization Scope – Free report customization (equivalent up to 8 analyst’s working hours) with purchase. Addition or alteration to country, regional & segment scope*

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.

The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and Type offerings of key players. The detailed segments and sub-segment of the market are explained below:

By Type:
Living Aids
Mobility Aids Devices
Bathroom Safety Equipment
Medical furniture

By Region:

North America
U.S.
Canada

Europe
UK
Germany
France
Spain
Italy
ROE

Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC

Latin America
Brazil
Mexico

Middle East & Africa
Saudi Arabia
South Africa
Rest of Middle East & Africa

Chapter 1. Executive Summary
1.1. Market Snapshot
1.2. Global & Segmental Market Estimates & Forecasts, 2020-2030 (USD Billion)
1.2.1. Elderly and Disabled Assistive Devices Market, by Region, 2020-2030 (USD Billion)
1.2.2. Elderly and Disabled Assistive Devices Market, by Type, 2020-2030 (USD Billion)
1.3. Key Trends
1.4. Estimation Methodology
1.5. Research Assumption
Chapter 2. Global Elderly and Disabled Assistive Devices Market Definition and Scope
2.1. Objective of the Study
2.2. Market Definition & Scope
2.2.1. Industry Evolution
2.2.2. Scope of the Study
2.3. Years Considered for the Study
2.4. Currency Conversion Rates
Chapter 3. Global Elderly and Disabled Assistive Devices Market Dynamics
3.1. Elderly and Disabled Assistive Devices Market Impact Analysis (2020-2030)
3.1.1. Market Drivers
3.1.1.1. Growth in geriatric and disabled population
3.1.1.2. High disposable income of baby boomers
3.1.2. Market Challenges
3.1.2.1. High Cost of Elderly and Disabled Assistive Devices
3.1.3. Market Opportunities
3.1.3.1. Technological advancements in assistive devices
3.1.3.2. Rising government funding for research and development of assistive devices
Chapter 4. Global Elderly and Disabled Assistive Devices Market Industry Analysis
4.1. Porter’s 5 Force Model
4.1.1. Bargaining Power of Suppliers
4.1.2. Bargaining Power of Buyers
4.1.3. Threat of New Entrants
4.1.4. Threat of Substitutes
4.1.5. Competitive Rivalry
4.2. Porter’s 5 Force Impact Analysis
4.3. PEST Analysis
4.3.1. Political
4.3.2. Economical
4.3.3. Social
4.3.4. Technological
4.3.5. Environmental
4.3.6. Legal
4.4. Top investment opportunity
4.5. Top winning strategies
4.6. COVID-19 Impact Analysis
4.7. Disruptive Trends
4.8. Industry Expert Perspective
4.9. Analyst Recommendation & Conclusion
Chapter 5. Global Elderly and Disabled Assistive Devices Market, by Type
5.1. Market Snapshot
5.2. Global Elderly and Disabled Assistive Devices Market by Type, Performance – Potential Analysis
5.3. Global Elderly and Disabled Assistive Devices Market Estimates & Forecasts by Type 2020-2030 (USD Billion)
5.4. Elderly and Disabled Assistive Devices Market, Sub Segment Analysis
5.4.1. Living Aids
5.4.2. Mobility Aids Devices
5.4.3. Bathroom Safety Equipment
5.4.4. Medical furniture
Chapter 6. Global Elderly and Disabled Assistive Devices Market, Regional Analysis
6.1. Top Leading Countries
6.2. Top Emerging Countries
6.3. Elderly and Disabled Assistive Devices Market, Regional Market Snapshot
6.4. North America Elderly and Disabled Assistive Devices Market
6.4.1. U.S. Elderly and Disabled Assistive Devices Market
6.4.1.1. Type breakdown estimates & forecasts, 2020-2030
6.4.2. Canada Elderly and Disabled Assistive Devices Market
6.5. Europe Elderly and Disabled Assistive Devices Market Snapshot
6.5.1. U.K. Elderly and Disabled Assistive Devices Market
6.5.2. Germany Elderly and Disabled Assistive Devices Market
6.5.3. France Elderly and Disabled Assistive Devices Market
6.5.4. Spain Elderly and Disabled Assistive Devices Market
6.5.5. Italy Elderly and Disabled Assistive Devices Market
6.5.6. Rest of Europe Elderly and Disabled Assistive Devices Market
6.6. Asia-Pacific Elderly and Disabled Assistive Devices Market Snapshot
6.6.1. China Elderly and Disabled Assistive Devices Market
6.6.2. India Elderly and Disabled Assistive Devices Market
6.6.3. Japan Elderly and Disabled Assistive Devices Market
6.6.4. Australia Elderly and Disabled Assistive Devices Market
6.6.5. South Korea Elderly and Disabled Assistive Devices Market
6.6.6. Rest of Asia Pacific Elderly and Disabled Assistive Devices Market
6.7. Latin America Elderly and Disabled Assistive Devices Market Snapshot
6.7.1. Brazil Elderly and Disabled Assistive Devices Market
6.7.2. Mexico Elderly and Disabled Assistive Devices Market
6.8. Middle East & Africa Elderly and Disabled Assistive Devices Market
6.8.1. Saudi Arabia Elderly and Disabled Assistive Devices Market
6.8.2. South Africa Elderly and Disabled Assistive Devices Market
6.8.3. Rest of Middle East & Africa Elderly and Disabled Assistive Devices Market

Chapter 7. Competitive Intelligence
7.1. Key Company SWOT Analysis
7.1.1. Company 1
7.1.2. Company 2
7.1.3. Company 3
7.2. Top Market Strategies
7.3. Company Profiles
7.3.1. AI Squared Inc.
7.3.1.1. Key Information
7.3.1.2. Overview
7.3.1.3. Financial (Subject to Data Availability)
7.3.1.4. Product Summary
7.3.1.5. Recent Developments
7.3.2. Drive Medical
7.3.3. GN Resound Group
7.3.4. Invacare Corporation
7.3.5. Nordic Capital
7.3.6. Pride Mobility Products Corporation
7.3.7. Siemens Ltd.
7.3.8. Sonova Holding AG
7.3.9. Starkey hearing technologies
7.3.10. William Demant Holding A/S
Chapter 8. Research Process
8.1. Research Process
8.1.1. Data Mining
8.1.2. Analysis
8.1.3. Market Estimation
8.1.4. Validation
8.1.5. Publishing
8.2. Research Attributes
8.3. Research Assumption

At Bizwit Research and Consultancy, we employ a thorough and iterative research methodology with the goal of minimizing discrepancies, ensuring the provision of highly accurate estimates and predictions over the forecast period. Our approach involves a combination of bottom-up and top-down strategies to effectively segment and estimate quantitative aspects of the market, utilizing our proprietary data & AI tools. Our Proprietary Tools allow us for the creation of customized models specific to the research objectives. This enables us to develop tailored statistical models and forecasting algorithms to estimate market trends, future growth, or consumer behavior. The customization enhances the accuracy and relevance of the research findings.
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Critical elements of methodology employed for all our studies include:
Data Collection:
To determine the appropriate methods of data collection based on the research objectives, we consider both primary and secondary sources. Primary data collection involves gathering information directly from various industry experts in core and related fields, original equipment manufacturers (OEMs), vendors, suppliers, technology developers, alliances, and organizations. These sources encompass all segments of the value chain within the specific industry. Through in-depth interviews, we engage with key industry participants, subject-matter experts, C-level executives of major market players, industry consultants, and other relevant experts. This allows us to obtain and validate critical qualitative and quantitative information while evaluating market prospects. AI and Big Data are instrumental in our primary research, providing us with powerful tools to collect, analyze, and derive insights from data efficiently. These technologies contribute to the advancement of research methodologies, enabling us to make data-driven decisions and uncover valuable findings.
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Data Analysis:
Our team of experts carefully examine the gathered data using suitable statistical techniques and qualitative analysis methods. For quantitative analysis, we employ descriptive statistics, regression analysis, and other advanced statistical methods, depending on the characteristics of the data. This analysis may also incorporate the utilization of AI tools and big data analysis techniques to extract meaningful insights.
To ensure the accuracy and reliability of our findings, we extensively leverage data science techniques, which help us minimize discrepancies and uncertainties in our analysis. We employ Data Science to clean and preprocess the data, ensuring its quality and reliability. This involves handling missing data, removing outliers, standardizing variables, and transforming data into suitable formats for analysis. The application of data science techniques enhances our accuracy, efficiency, and depth of analysis, enabling us to stay competitive in dynamic market environments.
Market Size Estimation:
Our proprietary data tools play a crucial role in deriving our market estimates and forecasts. Each study involves the creation of a unique and customized model. The model incorporates the gathered information on market dynamics, technology landscape, application development, and pricing trends. AI techniques, such as machine learning and deep learning, aid us to analyze patterns within the data to identify correlations, trends, and relationships. By recognizing patterns in consumer behavior, purchasing habits, or market dynamics, our AI algorithms aid us in more precise estimations of market size. These factors are simultaneously analyzed within the model, allowing for a comprehensive assessment. To quantify their impact over the forecast period, correlation, regression, and time series analysis are employed.
To estimate and validate the market size, we employ both top-down and bottom-up approaches. The preference is given to a bottom-up approach, where key regional markets are analyzed as separate entities. This data is then integrated to obtain global estimates. This approach is crucial as it provides a deep understanding of the industry and helps minimize errors.
In our forecasting process, we consider various parameters such as economic tools, technological analysis, industry experience, and domain expertise. By taking all these factors into account, we strive to produce accurate and reliable market forecasts. When forecasting, we take into consideration several parameters, which include:
Market driving trends and favorable economic conditions
Restraints and challenges that are expected to be encountered during the forecast period.
Anticipated opportunities for growth and development
Technological advancements and projected developments in the market
Consumer spending trends and dynamics
Shifts in consumer preferences and behaviors.
The current state of raw materials and trends in supply versus pricing
Regulatory landscape and expected changes or developments.
The existing capacity in the market and any expected additions or expansions up to the end of the forecast period.
To assess the market impact of these parameters, we assign weights to each one and utilize weighted average analysis. This process allows us to quantify their influence on the market and derive an expected growth rate for the forecasted period. By considering these various factors and applying a weighted analysis approach, we strive to provide accurate and reliable market forecasts.
Insight Generation & Report Presentation:
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