Tag Archives: Elderly and Disabled Assistive Devices Market

Elderly and Disabled Assistive Devices Market to Amount to US$19.6 bn by 2019, Led by Hearing Aids

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.”

 

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Elderly and Disabled Assistive Devices Market Set to Expand by 2019

Among the several factors aiding the growth of the elderly and disabled assistive devices market, the rising geriatric population and increasing incidence of injuries disabling people have played a major role in augmenting the demand for elderly and disabled assertive devices. Hearing impairments or loss of bone density with age or due to any medical condition such as arthritis are common illnesses often faced by elderly people. While medical science has advanced significantly to help address such medical conditions in the elderly population or those disabled due to injury, in many cases only partial remission is possible. Disabled and elderly assistive devices are designed keeping in mind people with such conditions or partial disabilities. Elderly and disabled assistive devices help people suffering from partial hearing impairment, difficulty in reading, or those who need help to take care of their day to day activities. These devices help both the elderly and the disabled, making their daily lives more convenient, comfortable, and independent.

In a recently released study, Transparency Market Research pegs the global elderly and disabled assistive devices market at US$12.3 bn in 2012 and it is expected to reach an estimated valuation of US$19.6 bn by the end of 2019. If these figures hold true, the global elderly and disabled assistive devices market will exhibit a positive 6.90% CAGR between 2013 and 2019.

Rising Geriatric Population Boosts Global Elderly and Disabled Assistive Devices Market

Among the various assistive devices available in the market, hearing aids accounted for a major share in the global elderly and disabled assistive devices market in 2012. The dominance of the segment is attributed to the escalating number of people suffering from mobility problems or hearing impairments. The World Health Organization (WHO) found that about 5% of the global population suffers from hearing loss every year. Furthermore, the U.S. National Institute of Deafness and Other Communication Disorders states that the risk of hearing loss increases by 10% among the geriatric population as compared to other demographics. In 2010, almost 524 mn people around the world belonged to the geriatric demographic and it is expected that the elderly population will reach 2,000 mn by 2050. This rapid rise in the geriatric population worldwide is a major factor driving the global elderly and disabled assistive devices market. The market segment of mobility aids and ambulatory services, which is a leading segment second only to hearing aids, will also exhibit high growth in the forthcoming years.

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North America Leads Global Elderly and Disabled Assistive Devices Market

Based on the regional distribution of the global elderly and assistive devices market, North America held the largest share in the market in 2012. However, Asia Pacific is expected to exhibit the highest rate of growth in the forthcoming years, at a 6.0% CAGR in the aforementioned forecast period. Favorable government funding and increasing geriatric population in the region is aiding the growth of the elderly and disabled assistive devices market in Asia Pacific. By 2025, Asia Pacific is likely to have 456.3 mn people aged above 65 years. This is a key factor fuelling demand from the Asia Pacific market. In addition, R&D initiatives such as the China Rehabilitation Research Center, which was formed in 1988 by the Chinese and Japanese governments to collaborate on R&D for advanced assistive devices, have also given a boost to the elderly and disabled assistive devices market in Asia Pacific.

Elderly and Disabled Assistive Devices Market – Global Industry Analysis, Trends and Forecast, 2013 – 2019

The increasing funding by governments, the rise in disabled and geriatric population, and the introduction of innovative, cutting-edge technology have spurred the growth of the global elderly and disabled assistive devices market. Research indicates that the value of this market is poised to expand from US$12.3 bn in 2012 to US$19.6 bn by 2019, registering a 6.90% CAGR therein.

Number of Geriatrics to Exceed Number of Children in Three Decades

According to the United Nation’s report titled ‘World Population Ageing 2013’, globally, the share of geriatric population – aged 60 and above – was 11.70% in 2013 and this is estimated to grow to 21.10% of the world population by 2050. In numbers, there were an estimated 841 million people aged 60 or over in 2013, which is projected to exceed 2 billion in 2050. The report states that for the first time, older persons are anticipated to surpass the number of children in 2047. This rise in geriatric population is a key factor driving the global elderly and disabled assistive devices market.

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Another interesting point the 2013 UN report mentions is that an estimated 40% of geriatrics live independently, either alone or only with their spouse. Living alone ups the need and demand for assistive devices such as mobility aids, vision, hearing, and reading aids, and bathroom safety products. The report reveals that independent living is more common in developed countries. Compared to a quarter of older persons living independently in developing countries, around three quarters of elderly persons live by themselves in developed countries. This explains why the North American region is presently the largest market for elderly and disabled assistive devices.

Surging Demand for Enhanced Rehabilitation and Assistance for People with Disabilities

The World Health Organization states that around 15% of the global population lives with one or the other form of disability and of this, 2-4% have severe difficulties in functioning. The global estimate for disability has been on the constant rise owing to the rapid spread of chronic diseases, the increase in ageing population, and improvements in disability measuring methodologies.

People with disabilities need improved services such as rehabilitation, healthcare, and support and assistance. Public and private organizations, medical devices companies, and governments around the world have been working tirelessly to develop assistive devices for the disabled so as to improve their quality of living.

Just this month, digital health company Neurotrack released its first product, Neurotrack’s Imprint. This digital cognitive assessment test will help speed up the research and treatment of cognitive diseases such as Alzheimer’s by enabling earlier and more effective assessment of patients who may be at risk for cognitive decline. The company has raised US$6.5 mn to fund its research and product development.

Efforts such as these have significantly fueled the global elderly and disabled assistive devices market.

Growing Geriatric Population Fuels Demand from Elderly and Disabled Assistive Devices Market

Among the several factors aiding the growth of the elderly and disabled assistive devices market, the rising geriatric population and increasing incidence of injuries disabling people have played a major role in augmenting the demand for elderly and disabled assertive devices. Hearing impairments or loss of bone density with age or due to any medical condition such as arthritis are common illnesses often faced by elderly people. While medical science has advanced significantly to help address such medical conditions in the elderly population or those disabled due to injury, in many cases only partial remission is possible. Disabled and elderly assistive devices are designed keeping in mind people with such conditions or partial disabilities. Elderly and disabled assistive devices help people suffering from partial hearing impairment, difficulty in reading, or those who need help to take care of their day to day activities. These devices help both the elderly and the disabled, making their daily lives more convenient, comfortable, and independent.

In a recently released study, Transparency Market Research pegs the global elderly and disabled assistive devices market at US$12.3 bn in 2012 and it is expected to reach an estimated valuation of US$19.6 bn by the end of 2019. If these figures hold true, the global elderly and disabled assistive devices market will exhibit a positive 6.90% CAGR between 2013 and 2019.

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Rising Geriatric Population Boosts Global Elderly and Disabled Assistive Devices Market

Among the various assistive devices available in the market, hearing aids accounted for a major share in the global elderly and disabled assistive devices market in 2012. The dominance of the segment is attributed to the escalating number of people suffering from mobility problems or hearing impairments. The World Health Organization (WHO) found that about 5% of the global population suffers from hearing loss every year. Furthermore, the U.S. National Institute of Deafness and Other Communication Disorders states that the risk of hearing loss increases by 10% among the geriatric population as compared to other demographics. In 2010, almost 524 mn people around the world belonged to the geriatric demographic and it is expected that the elderly population will reach 2,000 mn by 2050. This rapid rise in the geriatric population worldwide is a major factor driving the global elderly and disabled assistive devices market. The market segment of mobility aids and ambulatory services, which is a leading segment second only to hearing aids, will also exhibit high growth in the forthcoming years.

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North America Leads Global Elderly and Disabled Assistive Devices Market

Based on the regional distribution of the global elderly and assistive devices market, North America held the largest share in the market in 2012. However, Asia Pacific is expected to exhibit the highest rate of growth in the forthcoming years, at a 6.0% CAGR in the aforementioned forecast period. Favorable government funding and increasing geriatric population in the region is aiding the growth of the elderly and disabled assistive devices market in Asia Pacific. By 2025, Asia Pacific is likely to have 456.3 mn people aged above 65 years. This is a key factor fuelling demand from the Asia Pacific market. In addition, R&D initiatives such as the China Rehabilitation Research Center, which was formed in 1988 by the Chinese and Japanese governments to collaborate on R&D for advanced assistive devices, have also given a boost to the elderly and disabled assistive devices market in Asia Pacific.

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Transparency Market Research (TMR) is a U.S.-based provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.