Elderly and Disabled Assistive Devices Market – Competitive Landscape
Key players functioning in the global prosthetic liners market consists of Sunrise Medical LLC, GN ReSound Group, Sonova Holding AG, Starkey Hearing Technologies, and William Demant Holding A/S and other prominent players.
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According to an article published in the Assistive Technology Blog (ATB) in September 2016, there are approximately 7.7 million new cases of dementia reported each year. The number of people suffering from dementia is expected to increase to 135.5 million by 2050. Such cases of disability cases are predominantly fueling growth of the elderly and disabled assistive devices market. The increasing aging population is another factor driving growth of the market. According to the United Nations, the global population aged 60 years or over numbered 962 million in 2017, more than twice as large as in 1980 when there were 382 million older persons worldwide. The number of older persons is expected to double again by 2050 when it is projected to reach nearly 2.1 billion.
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In April 2019, Ikea has launched its ThisAbles range of add-on products that aims to improve the lives of disabled people by making everyday tasks simpler, such as bumpers for bookshelves, extra-large zippers, and corner markers for shelves
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In April 2020, BIRAC, Social Alpha, And Mphasis announced quest for assistive technologies to support start-ups working on solutions for persons-with-disabilities
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In September 2019, Samarthanam, a disability-focused NGO, has launched the country’s first assistive technology accelerator
North America is expected to hold a dominant position in the global elderly and disabled assistive devices market in the near future owing to the increasing geriatric population in the region. According to the Rural Health Information Hub, currently, there are more than 46 million older adults age 65 and older living in the U.S.; by 2050, that number is expected to grow to almost 90 million. Between 2020 and 2030 alone, the time the last of the baby boom cohorts reach age 65, the number of older adults is projected to increase by almost 18 million
The emergence of technologically advanced assistive aids like motorized wheelchairs, mobility scooters, and wheelchair mechanical lifts marks a major breakthrough in the evolution of the elderly and disabled assistive devices industry. This is largely because such technology aims to facilitate improved quality of life, enhance overall health, and limit medical expenses by providing more effective, low-cost, and convenient solutions. Some of the top products include mobility chairs with power lift kits, power chair lifts for senior citizens, mobility scooters for the elderly, power wheelchairs for the handicapped, wheelchair crutches, stairlifts, pneumatic lifts for the elderly, and power boards.
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• Current and future of global Elderly and Disabled Assistive Devices Market outlook in the developed and emerging markets • The segment that is expected to dominate the market as well as the segment which holds highest CAGR in the forecast period. • Regions/countries that are expected to witness the fastest growth rates during the forecast period • The latest developments, market shares, and strategies that are employed by the major market players
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