Global Elderly and Disabled Assistive Devices Market - Trends and Forecast 2014 - 2024

 

Elderly and Disabled Assist Devices Market to surpass US$ 26.0 Billion by 2024

The global elderly and disabled assist devices market was valued at US$ 14,109.1 million in 2015 and is projected to expand at a CAGR of 7.4% during the forecast period (2016–2024), according to a new report. Rapidly aging population in Asia and Latin America is a major factor propelling demand for elderly and disabled assist devices.

Global Elderly and Disabled Assistive Devices Market, By End User (Hospital, Home Care Settings), By Device Type (Medical Mobility Aids and Ambulatory Devices, Medical Furniture and Bathroom Safety Products, Hearing Aids, Vision and Reading Aids), and By Geography - Trends and Forecast 2014 – 2024

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Elderly and disabled population are dependent, to a great extent, on other people or devices that support them in their day-to-day activities such as locomotion, proper vision and hearing, and more importantly safety while performing these activities. Assistive devices provide greater independence to elderly and disabled population in performing their tasks, which can otherwise be a tedious task. Assistive devices such as ambulatory aids, hearing aids, braille translators, and text-to-speech readers enhances accessibility and convenience for disabled people.

Market Dynamics:

Aging upturns the dependency on others or assistive devices, for daily activities and living quality life. According to a report published in March 2016 by the U.S. Census Bureau, the share of world population aged 65 years and above is projected to increase from 8.5% in 2015 to 12% by 2030 and further increase to 16.7% by 2050. The report also states that the population in Asia and Latin America are rapidly aging. Japan is touted to be the oldest major country worldwide, with 26.6% of its population being aged 65 years and above in 2015. Therefore, demand for elderly assist devices such as hearing aids, reading aids and locomotive equipment (wheelchair, cranes and crutches) is projected to be high in Asia and Latin America during the forecast period (2016–2024).

However, the elderly and disabled assistive devices market, is witnessing intense competition especially from regional players as they offer products at a much cheaper rate. In order to overcome this challenge, market players are projected to focus on strengthening their distribution network and promote sales through strategic collaboration with distributors, hospitals, retailers and direct-to-consumers.

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Market Taxonomy:

This report segments the global elderly and disabled assistive devices market on the basis of end use, device type and geography. The elderly and disabled assistive devices market is classified on the basis of end-use into hospitals, home care settings, and others. On the basis of device type, the market is segmented into medical mobility aids and ambulatory devices, medical furniture and bathroom safety products, hearing aids, and vision and reading aids. For comprehensive understanding of market dynamics, the is analyzed across key geographical regions namely North America, Europe, Asia Pacific, Latin America, Africa, and Middle East. Each of these regions is analyzed based on the market findings across major countries in these regions for a macro-level understanding of the market.

Key features of the study:

1. This report provides in-depth analysis of the elderly and disabled assistive devices and provides market size (US$ Million) and Cumulative Annual Growth Rate (CAGR (%)) for the forecast period: 2016 –2024, considering 2015 as the base year

2. It elucidates potential revenue opportunity across different segments and explains attractive investment proposition matrix for this market

3. This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, regional outlook, and competitive strategy adopted by the leading players

4. It profiles leading players in the global elderly and disabled assistive devices market based on the following parameters – company overview, financial performance, product portfolio, geographical presence, distribution strategies, key developments and strategies and future plans

5. Key companies covered as a part of this study include Sunrise Medical LLC, GN ReSound Group, Sonova Holding AG, Starkey Hearing Technologies, William Demant Holding A/S, Drive Medical Design and Manufacturing, Ai Squared, Wintriss Engineering Corporation, and Invacare Corporation

6. Insights from this report will allow marketers and the management authorities of companies to make informed decision with respect to their future product launch, technology upgrades, market expansion, and marketing tactics

7. The global elderly and disabled assistive devices market report caters to various stakeholders in this industry, including investors, device manufacturers, distributors and suppliers for elderly and disabled assistive devices, research and consulting firms, new entrants, and financial analysts

8. Various strategy matrices used in analyzing the elderly and disabled assistive devices market would provide stakeholders vital inputs to make strategic decisions accordingly

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Some points from TOC:

1. Research Objective and assumption

o Research Objectives

o Assumptions

o Abbreviations

2. Market Purview

o Report Description

- Market Definition and Scope

o Executive Summary

- Market Snippet By Device Type

- Market Snippet By End-Use

- Market Snippet By Region

o Coherent Opportunity Map (COM)

3. Market Dynamics, Regulations, and Trends Analysis

o Market Dynamics

- Drivers

- Supply Side Drivers

- Demand Side Drivers

- Economic Drivers

- Restraints

- Market Opportunities

- Regulatory Scenario

- Industry Trend

- Epidemiology/Prevalence/Incidence

- Merger and Acquisitions

- New Product Approvals/Launch

- Promotion and Marketing Initiatives

o Cost Tier Down Analysis

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