The elderly and disabled assistive devices market comprises various medical equipment and devices that help improve the mobility, hearing, vision, safety, and communication abilities of elderly or disabled individuals. Devices such as mobility aids, medical furniture, bathroom safety equipment, and monitoring devices help enhance the quality of life of those with disabilities or limited mobility. The rising geriatric population has fueled the demand for assistive devices globally. The global elderly and disabled population is expected to double from 2020 estimates to over 2 billion people by 2050, creating a massive need for such devices.

The Global elderly and disabled assistive devices market is estimated to be valued at US$ 27.77 Bn in 2024 and is expected to exhibit a CAGR of 5.2% over the forecast period 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 and engaging in mergers and acquisitions to strengthen their market presence.

The growing geriatric population globally is driving high demand for elderly and disabled assistive devices. With over 1.5 billion people aged 65 years and older expected by 2050, the requirement for devices supporting independent living and improved quality of life is surging.

Technological advancements are allowing assistive devices to be smarter, smaller, and more affordable. Devices are being integrated with Artificial Intelligence for enhanced functionality. Portable devices, wearables, and assistive exoskeleton robots are expanding access to care.

Market Trends
Increasing adoption of smart devices - Technological advancements are enabling assistive devices like smart walkers, hearing aids, and AI-powered prosthetics for enhanced functionality. Connected devices allow remote monitoring and assistance.

Focus on home healthcare - The trend of ageing at home is growing. Device manufacturers are focusing on products that facilitate independent living at home and reduce hospital visits/nursing home admission.

Market Opportunities
Untapped emerging markets - Emerging countries are home to a fast-growing aging population but have lower device penetration currently compared to developed nations. This presents significant market potential.

Multi-utility product opportunities - There is scope for assistive devices that serve dual/multiple purposes for improved usability and affordability. For example, smart glasses supporting both vision and hearing.

Impact of COVID-19 on Elderly and Disabled Assistive Devices Market

The COVID-19 pandemic has significantly impacted the elderly and disabled assistive devices market. During the initial phases of the pandemic, supply chain disruptions and lockdowns brought the production and distribution of assistive devices to a standstill. It hampered access to devices for a large patient population who rely on such devices for mobility and independent living. As the pandemic intensified healthcare resources were diverted to focus on COVID care, reducing provision of non-critical services including routine repairs or replacements of assistive equipment. This adversely impacted the conditions of patients using assistive devices. With movement restrictions in place, home delivery of devices also suffered.

Geographical Concentration of Elderly and Disabled Assistive Devices Market

North America represents the largest regional market for elderly and disabled assistive devices in terms of value. North American market owing to the availability of customized assistive solutions and a relatively higher per capita healthcare spending on assistive technologies. Europe is the second largest regional market benefiting from favorable regulations and focus on community-based care models in countries like Germany, France and the UK.

Fastest Growing Regional Market for Elderly and Disabled Assistive Devices

Asia Pacific region presents the most promising growth opportunities for elderly and disabled assistive devices market over the forecast period. This is attributed to factors like rapidly aging populations in countries like China and India, rising incidence of lifestyle diseases and disabilities, growing medical infrastructure and capabilities, and increasing prioritization of healthcare access by governments in the region. In particular, China and India are expected to witness the fastest CAGRs for assistive devices market in Asia Pacific.