Increasing Preference for Independent Lifestyle among Elderly to Favor Disabled and Elderly Assistive Technology Demand, Opines Fact.MR
Growing Geriatric Population Is Expected To Be the Major Driver for the Disabled and Elderly Assistive Technology Market over the Next Few Years
Seoul, South Korea, Aug. 10, 2022 (GLOBE NEWSWIRE) — Currently, the global disabled and elderly assistive technology market accounts for a value of US$ 26 million and is anticipated to expand at a CAGR of 5.8% from 2022 to 2026.
The geriatric population across the world has been witnessing a sharp increase over the past few years, which is only going to increase further over the coming years. This is expected to drive demand for geriatric assistive devices, and subsequently, propel disabled and elderly assistive technology market growth. Increasing prevalence of disability in people due to chronic diseases and rising cases of accidents is projected to further bolster disabled and elderly assistive technology market growth potential through 2026.
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More insights on the disabled and elderly assistive technology market are assessed in this latest research by Fact.MR, a market research and competitive intelligence provider.
Disabled and elderly assistive technology providers are projected to focus on the launch of new solutions that make lives easier for the geriatric population and people with disabilities.
- In April 2022, Honor, a San Francisco-based start-up, announced the launch of an online tool to help elderly people and their caregivers to navigate their care. The platform is claimed to be a one-stop solution for all aging-related questions and is accessible to seniors as well as their family members.
Which End User Drives High Demand for Disabled and Elderly Assistive Solutions?
“Hospitals Account for High Demand for Disabled and Elderly Assistive Technologies”
The hospitals segment is expected to account for a major market share across the forecast period. The rising number of road accidents, increasing incidence of musculoskeletal injuries, and rising rate of hospitalization are some of the prominent factors that are expected to favor the growth of this segment over the next four years.
Rising demand for mobility devices for seniors in hospitals is expected to further bolster disabled and elderly assistive technology market growth over the coming years.
The home care end-user segment is projected to witness growth at a high CAGR over the next four years. Rising popularity of home care is anticipated to supplement the demand for geriatric assistive devices, rehabilitative devices, assistive eating devices, etc.
To learn more about Disabled and Elderly Assistive Technology Market, you can get in touch with our Analyst at https://www.factmr.com/connectus/sample?flag=AE&rep_id=7601
Key Segments Covered in the Disabled and Elderly Assistive Technology Industry Survey
- By Product :
- Communication Aids
- Mobility Assistance
- Assistive Furniture
- Bathroom Safety & Assistance
- Other Products
- By End User :
- Hospitals
- Assisted Living Facilities
- Home Care
- Elderly Nursing Homes
- Other End Users
- By Region :
- North America
- Latin America
- Europe
- East Asia
- South Asia & Oceania
- MEA
Winning Strategy
Disabled and elderly assistive technology providers are expected to increase their investments in product development to improve the ergonomics of their products. Market players are also expected to focus on the integration of advanced technologies in their products to increase their sales potential.
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Key players in the Disabled and Elderly Assistive Technology Market
- Blue Chip Medical Products Inc.
- Drive Medical
- GN Hearing A/S
- Inclusive Technology Ltd.
- Invacare Corporation
- MED-EL
- NORDIC CAPITAL (Sunrise Medical LLC)
- Liberator Ltd.
- Permobil AB
Key Takeaways from Disabled and Elderly Assistive Technology Market Study
- The global disabled and elderly assistive technology market stands at a valuation of US$ 26 billion.
- From 2022 to 2026, demand for disabled and elderly assistive technology is set to rise at 5.8% CAGR.
- By 2026, the market is expected to account for a revenue total of US$ 32.5 billion.
- Increasing geriatric population, rising number of disabled people, growing incidence of accidents, increasing popularity of independent lifestyles, and rapid technological advancements are expected to drive disabled and elderly assistive technology market expansion going forward.
- At present, the United States disabled and elderly assistive technology market stands at US$ 13 billion.
- Lack of reimbursement and high costs are expected to have a constraining effect on overall market growth over the next four years.
- The Japan disabled and elderly assistive technology market is projected to expand at a CAGR of 4.5% across the forecast period.
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