Elderly and Disabled Assistive Devices Market Size to Make Great Impact in Near Future
Rise in technological advancements has significantly revolutionized the market for elderly and disabled devices. For instance, introduction of powered wheelchairs in the market has eased the life of patients by reducing the time and energy required in operating it manually. In addition, cochlear implants have also reduced the need for wearing hearing aids externally. These technologically advanced products are gaining acceptance among the target population hence, demand for the same is increasing. The market is expected to grow at a CAGR of 6.9% from 2013 to 2019 to reach an estimated value of USD 19,684.9 million in 2019. This growth is attributed to rise in geriatric and disabled population, increasing government funding and introduction of technologically advanced products such as implants, powered wheelchairs, transfer lifts, portable reading machines and sensor based door openers.
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Hearing aids accounted for the major share in the market of elderly and disabled assistive devices in 2012. This is due to the large population suffering from hearing impairments and mobility problems. According to World Health Organization (WHO), around 5% of total world population suffers from hearing loss annually. In addition, U.S. National Institute of Deafness and Other Communication Disorders (NIDCD) stated that the risk of hearing loss in elderly population increases by 10%. Around 524 million people globally belonged to geriatric segment in 2010 and it has been estimated that it will reach around 2,000 million in 2050. This increasing geriatric population will boost the growth of assistive devices significantly. The market for medical mobility aids and ambulatory devices, which is the second largest market segment, is expected to show the highest growth during the forecast period.
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Geographically, the North American region constituted the largest market share for elderly and assistive devices in 2012. However, Asia-Pacific is predicted to foresee the highest growth rate from 2013 to 2019 at a CAGR of over 6%. This growth can be attributed due to increase in government funding, a large elderly and disabled population and rising disposable incomes. It is estimated that Asia-Pacific will show tremendous increase in geriatric and disabled population due to increasing life expectancy and improvement in healthcare facilities. Around 456,303 million people will be aged above 65 years by 2025 in Asia-Pacific. Intensive R&D for developing products with better features will also boost the growth of this market. For instance, the China Rehabilitation Research Center (CRRC) was formed in 1988 by the Chinese and Japanese governments together for R&D in this field.
The elderly and disabled assistive devices market is dominated by few players namely Sonova Holding AG, William Demant Holding A/S, Invacare Corporation, Sunrise Medical LLC, GN ReSound Group and Ai Squared. These companies accounted for more than 50% of the total market. The companies adopt various business strategies such as acquisitions and mergers to expand their geographic presence as well as product portfolios. For instance, in 2011, Invacare Corporation acquired U.S. based Dynamic Medical Systems to establish a strong presence in western U.S.
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