A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled “Disabled and Elderly Assistive Technologies – Global Market Trajectory & Analytics”. The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
FACTS AT A GLANCE
Edition: 5; Released: April 2021
Executive Engagements: 1764
Companies: 163 – Players covered include Demant A/S; DRIVE MEDICAL; GN Hearing A/S; Invacare Corporation; MED-EL (Austria); NORDIC CAPITAL (SUNRISE MEDICAL LLC); Ottobock SE & Co. KGaA; Permobil Group (Sweden); Pride Mobility Products® Corporation; Sonova Holding AG; Starkey Hearing Technologies; Widex A/S; WS Audiology Denmark A/S and Others.
Coverage: All major geographies and key segments
Segments: Product (Communication Aids, Mobility Assistance, Assistive Furniture, Bathroom Safety & Assistance, Other Products); End-Use (Home Care, Assisted Living Facilities, Hospitals & Nursing Homes)
Geographies: World; USA; Canada; Japan; China; Europe; France; Germany; Italy; UK; Rest of Europe; Asia-Pacific; Rest of World.
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ABSTRACT-
Global Disabled and Elderly Assistive Technology Market to Reach $32 Billion by 2026
Disabled and elderly assistive technologies pertain to the use of devices and software solutions to enable disabled and geriatric populations to decrease dependence on care givers and improve their quality of life. Assistive technologies include devices and technological solutions. Devices include traditional disability devices such as hearing aids, wheelchairs, and visual aids, as well as advanced solutions that aid in enabling disabled persons to lead more positive lives through increased control, security, and social participation. Growth in the market is being driven by rising elderly population, rising healthcare costs, and advances in technology. Technological advances have enabled assistive devices to be connected to healthcare networks, and is aiding the shift to home-based care. Moreover, assistive devices are becoming smart and can automatically trigger alarms to emergency services and/or caregivers in case of adverse events.
Amid the COVID-19 crisis, the global market for Disabled and Elderly Assistive Technology estimated at US$23.3 Billionin the year 2020, is projected to reach a revised size of US$32 Billion by 2026, growing at a CAGR of 5.6% over the analysis period. Communication Aids, one of the segments analyzed in the report, is projected to record a 5.6% CAGR and reach US$12.8 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Mobility Assistance segment is readjusted to a revised 6.4% CAGR for the next 7-year period. Communication Aids comprises devices and aids such as speech & writing therapy devices, hearing aids, and vision & reading aids. Rising desire among people with visual impairments to lead independent lives is leading to growing demand for assistive technologies such as reading machines, video magnifiers, voice recorders, braille translators, and others. For people with hearing impairments, assistive technologies such as hearing aids and assistive listening devices help in enabling communication. The need for seamless mobility among the elderly population is thus propelling demand for mobility assistance products such as wheelchairs, mobility scooters, crutches & canes, patient mechanical lift handling, and walkers & rollators among others.
The U.S. Market is Estimated at $12.5 Billion in 2021, While China is Forecast to Reach $2 Billion by 2026
The Disabled and Elderly Assistive Technology market in the U.S. is estimated at US$12.5 Billion in the year 2021. China, the world`s second largest economy, is forecast to reach a projected market size of US$2 Billion by the year 2026 trailing a CAGR of 8.1% over the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 4.8% and 5.2% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 4.8% CAGR.
Assistive Furniture Segment to Reach $5.4 Billion by 2026
Assistive furniture comprises aids and devices such as medical beds, riser reclining chairs, railings & bar, and door openers among others. The aids are essential for enabling people with impaired motor functioning and balance to sit and stand safety. Positioning equipment for instance is essential to ensure equal distribution of body pressure without affecting movement. In the global Assistive Furniture segment, USA, Canada, Japan, China and Europe will drive the 5.7% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$3.5 Billionin the year 2020 will reach a projected size of US$5 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$387.2 Million by the year 2026. More
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