Disabled and Elderly Assistive Technology Market Growth, Size, Share, Growth, Trends, and Forecast 2030

The global market for disabled and elderly assistive technology is estimated to reach USD 60.84 billion by 2028, over the forecast period, from USD 44.01 billion in 2021 rising at a 5.8% CAGR. This report discusses market research on the disabled and elderly assistive technology market, its growth factors, as well as its challenges. The report also mentions the opportunities available to potential investors for the disabled and elderly assistive technology market, discussing the recent changes due to COVID-19.

Disabled and Elderly Assistive Technology Market: Overview

Assistive technologies for handicapped and elderly people refer to the use of gadgets and software to help disabled and elderly people reduce their reliance on caregivers and improve lives of people. Devices and technology solutions are examples of assistive technologies. Conventional impairment gadgets including hearing aids, wheelchairs, and vision aids, as well as sophisticated solutions that help handicapped people live more positive lives by giving them greater control, security, and social involvement, are examples of gadgets.

Rising technological advancements have significantly revolutionized the disabled and elderly assistive devices market. For instance, with the introduction of powered wheelchairs in the market, the life of patients has eased since it reduces the energy and time required to operate the devices manually. This advancement in technology products is gaining traction among the target population thus increasing the demand for these products in the market. Also, the rising use of cochlear implants has reduced need of wearing hearing aids externally. Additionally, rising government funding and the introduction of technologically advanced products such as powered wheelchairs, portable reading, transfer lift implants, machines and sensor-based door openers are further enhancing the market for disabled and elderly assistive technology market.Request Free Sample

COVID-19 Impact:

The introduction of advanced technology in the manufacture of adaptive equipment for the elderly and handicapped during the pandemic was seen to drive the global elderly and disabled assistive technology market. Automated assistive devices are beneficial to geriatrics because they eliminate manual work. Because of the increase in federal assistance in the form of financial support for the buying of mobility equipment, the healthcare mobility aids and portable devices sector is expected to develop at a fast rate. The governments of the United Kingdom, Switzerland, and the United States subsidies the purchase of assistive equipment for handicapped individuals, whilst the Canadian government allows impaired persons to pay little or no tax. 

Disabled and Elderly Assistive Technology Market: Growth Drivers

Evolution of assistive technologies and increases awareness to drive market growth

The rising awareness among the general public about the benefits that these products offer such as improved safety, increased independence, and more comfortable life is a growth factor for this market. The availability of various types of assistive devices in different applications (hospitals, nursing homes) has also led to increasing demand for these products globally which will be another positive driving force over the forecast period. The growth of the market can be attributed to an increasingly aging population, higher prevalence of disabilities among seniors as well as rising number of accidents.

The market is widely competitive mainly due to the entry of a number of small and large regional players which are offering low-cost products. This, in turn, is influencing leading players to increase their global presence by applying inorganic and organic strategies. For instance, in past years, AudioNova was acquired by Sonova Holding AG. This possession helped Sonova to build up its presence in Europe, by doubling the number of existing retail stores. Similarly, other players in the market are likely to fortify their distribution channels to capitalize on the global elderly and disabled assistive technology market potentials. Likewise, the rise in disabled and geriatric population, the introduction of technologically advanced products, and increasing government funds are further propelling the market growth for elderly and disabled assistive technologies.

Disabled and Elderly Assistive Technology Market Report Scope:

Disabled and Elderly Assistive Technology Market: Restraints

Low reimbursement from medical insurers restrains the growth of market

Insurance companies provide medical insurance, but these do not include reimbursement for assistive devices. In case of an accident, or adult imparity, the temporary medical expenses are provided by the companies. But the main expense occurs in the aftermath that includes the regular use of assistive devices. This causes financial constraints for patients, and thus several potential customers do not invest in such devices causing an obstacle for the growth of the disabled and elderly assistive technology market.

Disabled and Elderly Assistive Technology Market: Opportunities 

Growth of independent lifestyle to provide opportunities for market growth

The international demand for disabled and elderly assistive technologies is driven by an increase in the number of the elderly population & disabled people, changes in lifestyle, the availability of disabled & elderly assistive products, and a rising demand for assistive devices due to the growing trend of living independently. Furthermore, R&D operations for these technologies are increasing continuously. People have increased awareness and increased value for improved medical conditions, which are expected to give profitable growth prospects for the industry.

Disabled and Elderly Assistive Technology Market: Challenges

Costly assistive technology to pose major challenges for market expansion

The rising price of medical devices along with the surging low compensation from medical insurers are the key points likely to challenge the expansion of the global market during the forecast period.

Disabled and Elderly Assistive Technology Market: Segmentation Analysis

The global market is divided on the basis of technology, end-user, and region. Based on the product type, the global elderly and disabled assistive technology market is divided into mobility assistance aids, assistive furniture, bathroom safety & assistive products, communication aids, and others. Mobility assistance aids segment dominated the market in 2021 and expected to remain dominant over the forecast period

Based on end-user, the market is categorized into hospitals, adult daycare centers, individuals & others. Hospitals have a significant market share due to the increasing number of patients.

Recent Developments:

• In September 2016, a Netherlands-located hearing aid producer, AudioNova, was acquired by Sonova Holding AG. This purchase assisted Sonova to reinforce its mark in Europe, by increasing the number of retail stores by twofold.
• In November 2019, an innovative Senior Care technology for the inhabitants at the flagship Manhattan Community of Welltower was launched through a partnership between Sunrise Senior Living Inc. and Royal Philips. The association shall have a robust service portfolio globally.
• In May 2022, the first Centre for Technology Intervention for the Elderly and Disabled (CTIED) of India was inaugurated at National Institute of Technology Srinagar.

Disabled and Elderly Assistive Technology Market: Regional Landscape

Asia Pacific to lead global market due to increased expenditure in healthcare infrastructure

In 2021, North America led the market, with the greatest market revenue, and this trend is likely to continue during the forecast period. This is a result of an increase in demand for assistive equipment, an increase in the senior population, and the government's increased attention on patient safety in this region. Moreover, technological developments and developed sales channels are also helping in the market’s regional growth. 

Due to an increase in health expenditures and advancements in healthcare infrastructure, Asia-Pacific is expected to rise at the fastest rate in the global elderly and disabled assistive technology market during the forecast period.

Disabled and Elderly Assistive Technology Market: Competitive Landscape

The key players in the global elderly and disabled assistive technology market that have a strong grip over the market are 

• Pride Mobility Products Corporation
• AI Squared
• Invacare
• Drive Medical
• Siemens Ltd
• Whirlpool Corporation
• GN Resound Group

Various strategic collaborations and new product launches have been made by the market players to maintain their dominance in the elderly and disabled assistive devices market.

By Product

• Mobility Assistance Aids
• Assistive Furniture
• Bathroom Safety and Assistive Products
• Communication Aids
• Others

By End-User

• Hospitals
• Adult Day Care Centers
• Individuals 
• Others

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa