The elderly and disabled assistive devices market consists of various medical equipment and software that help elderly and disabled individuals overcome mobility challenges and live independently. Devices ranging from mobility aids like walkers and wheelchairs to monitoring solutions help improve quality of life. The global elderly and disabled assistive devices market is estimated to be valued at US$ 27.77 billion in 2024 and is expected to exhibit a CAGR of 5.2% over the forecast period of 2023 to 2030.

Key Takeaways

Key players operating in the elderly and disabled assistive devices are Sonova Holding AG, Bausch & Lomb, Inc., Permobil AB, Siemens Healthcare, Freedom Scientific, Inc. Key players are focusing on developing innovative products to expand their product portfolios and gain a competitive edge in the market.

The market provides numerous opportunities for players in areas including developing advanced technologies, expanding into emerging markets, and gaining approvals for new products. Growing demand for home healthcare is urging players to develop easy-to-use assistive devices for independent living.

Rising geriatric population worldwide is driving the global expansion of the elderly and disabled assistive devices market. Additionally, increasing cases of disabilities due to accidents or diseases and favourable government regulations are supplementing market growth in regions.

Market Drivers

The primary driver boosting the elderly and disabled assistive devices market is the rapid increase in the worldwide elderly population suffering from disabilities. According to the UN, the number of people aged 65 years and above is projected to grow from 727 million in 2020 to over 1.5 billion by 2050. The aged population is more susceptible to disabilities such as mobility issues, hearing impairment, vision loss etc. This is generating high demand for assistive solutions for fast recovery and quality of life. Furthermore, assistive devices help lower healthcare costs by facilitating independent living of elderly and disabled at home instead of costly nursing homes or hospitals.

PEST Analysis
Political: The governments across various regions are implementing regulations to improve healthcare infrastructure and promote inclusive development for the elderly and disabled population. Various countries are also framing policies to incentivize the production and adoption of assistive devices.
Economic: With growing aging population and rising incomes, the spending on healthcare and assistive devices is increasing globally. The demand is further fueled by increasing health awareness and medical reimbursement programs for elderly care.
Social: With higher life expectancy and growing nuclear family system, the need of assistive devices is rising. The social stigma around disabilities is also reducing, promoting the adoption of aids and accessories.
Technological: Advancements in materials, sensors, computing and connectivity are allowing development of smarter assistive solutions. Wearable and IoT-enabled devices are gaining traction. Technologies like AI, 3D printing and robotics offer immense potential.

The North American region accounts for the largest value share in the elderly and disabled assistive devices market currently due to growing geriatric population, high healthcare expenditure and presence of major players. Europe is another prominent regional market driven by favorable regulations and increasing focus on independent living solutions for elderly.

The Asia Pacific region is poised to register fastest growth during the forecast period led by large populations in India and China, rising incomes, expanding medical tourism and progressive government policies for elderly care. The adoption of assistive technology is also accelerating across Middle East and Latin America supported by economic development.