The global elderly and disabled assistive devices market is quite fragmented in nature and hence the competition amongst the players in this market will rise. Companies such as Sonova Holding AG, Invacare Corporation, Sunrise Medical LLC, GN ReSound Group, and William Demant Holding hold a share of 57.1% in the market, in terms of revenue. The threat of substitutes in this market is low as there are very few substitutes that can aid the patients in ways similar to that of assistive devices. The companies in this market are increasing their product portfolio and this will positively impact the development of the market, as per Transparency Market Research (TMR).
The global elderly and disable assistive devices market is predicted to touch US$19,684.9 mn in 2019. On the basis of type, wheelchairs under medical mobility aids and ambulatory devices, held a dominant share in the market in the past. This segment is poised to rise at a healthy 9.1% CAGR between 2013 and 2019. This is due to the fact that wheelchairs proved highly beneficial in supporting the aging and disabled population during mobility from one place to another place. They have greatly enhanced the quality of life of numerous patients globally and present ease in carrying on with the basic life functions. This segment is expected to experience a tremendous rise in the coming years owing to the multiple benefits provided such as sitting comfort and ease of movement. On the other hand, the segment of cranes and crutches is predicted to hold the most lucrative opportunities in the market in forthcoming years.
Growing Employment of Medical Beds in Numerous Medical Institutes to Bolster Their Demand
In medical furniture and bathroom safety products, the segment of medical beds held a dominant share in the global elderly and disable assistive devices market in the recent past. The global medical beds market is predicted to reach US$971.3 mn by 2019. In addition, this segment is predicted to exhibit the most promising prospects in the market in the coming years. This is owing to the increasing employment of medical beds in a number of medical institutes such as medical colleges and hospitals. On the other hand, the segments of commodes and shower chairs as well as ostomy products will trail the segment of medical beds on the basis of revenue.
Geographically, the U.S. leads the market owing to the fact that numerous market players are based in the U.S. On the other hand, a number of Asian nations such as China, India, and Japan will be experiencing the most exponential development in the market in the coming years due to the rising disposable incomes and the increasing healthcare reforms in these nations. The Asia Pacific elderly and disabled assistive devices market is predicted to touch US$5,051.1 mn by 2019.
Increasing Grants by Government and Private Institutions to Fuel Adoption
The global elderly and disabled assistive devices market is fuelled by the increasing count of disabled and aging population globally. In addition, government and private institutions in numerous nations are putting in efforts to back the elderly and disabled population by providing enhanced facilities in order for them to lead their lives comfortably. In addition, these grants are also being provided in order to make assistive devices affordable to the disabled and elderly population in numerous nations. All these factors will positively impact the growth of the overall market. Furthermore, numerous breakthrough technological developments taking place is also a driving force in the growth of this market, states a TMR analyst.
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On the other hand, the increasing product pricing and the low adoption level of some of the products may hinder the development of the overall market. Nonetheless, the soaring government and private initiatives to present enhanced healthcare services may bring in new growth opportunities in the global elderly and disabled assistive devices market in forthcoming years,” says a TMR analyst.
This information is based on the findings of a report published by Transparency Market Research titled, “Elderly and Disabled Assistive Devices Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 – 2019.”