Elderly and Disabled Assistive Devices Market is Expected to Reach USD 19.68 Billion Globally in 2019: Transparency Market Research
ALBANY, New York, October 1, 2013 /PRNewswire/ --
According to a new market report published by Transparency Market Research "Elderly and Disabled Assistive Devices Market (Medical Mobility Aids and Ambulatory Devices, Medical Furniture and Bathroom Safety Products, Hearing Aids and Vision & Reading Aids) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019," the global elderly and disabled assistive devices market was valued at USD 12.37 billion in 2012 and is expected to grow at a CAGR of 6.9% from 2013 to 2019, to reach an estimated value of USD 19.68 billion in 2019.
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The devices that assist the elderly and disabled population patients in their day-to-day activities such as movement, listening and reading are termed as elderly and disabled assistive devices. These devices are both simple and complex in design. Devices such as wheelchairs, cranes, crutches and scooters are simple in design, while hearing aids, reading machines and transfer lifts represent design complexity. The market for these devices can be broadly categorized into medical mobility aids and ambulatory devices, medical furniture and bathroom safety products, vision and reading aids, and hearing aids. The global market for elderly and disabled assistive devices is expected to record a CAGR of 6.9% during the forecast period of 2013 to 2019.
This growth is attributed to the increase in government support and initiatives to ensure availability of these devices for a large consumer population. For instance, the governments of various nations such the U.S., U.K. and Switzerland provide grants to disabled people for purchasing assistive devices, whereas, the Canadian government allows disabled persons to pay little or no tax. A rise in global geriatric and disabled population will also support the growth of this market. It is estimated that the global elderly population will grow to reach a count of around 2,000 million by 2050. The growth of this market may, however, be negatively affected due to high cost of products such as bone anchored hearing aids (BAHA) that cost around USD 10,000. Presently, very few medical insurers reimburse these assistive devices, which will also hinder the growth of this market.
The hearing aids market accounted for the largest share of the total market in 2012, in terms of revenue. This is due to a large number of people suffering from hearing impairments globally, and introduction of technologically advanced products such as cochlear implants and BAHA. However, the medical mobility aids and ambulatory devices market is expected to show the highest growth due to the rising geriatric population and increasing government support in the form of grants and subsidies for the purchase of mobility devices. The market for medical mobility aids and ambulatory devices is expected to grow at a CAGR of over 8% from 2013 to 2019.
Geographically, North America is expected to be the largest regional market since most of the major manufacturers of these devices are based in the U.S. In addition, high disposable incomes and a favorable reimbursement scenario will also support the growth of this market. The Asia-Pacific region is expected to witness the highest growth at a CAGR of 8.1%, owing to the increasing government support and rise in geriatric population significantly.
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The key players in the global elderly and disabled assistive devices market include Sonova Holding AG, William Demant Holding A/S, Invacare Corporation, Sunrise Medical LLC, GN ReSound Group, Ai Squared, Drive Medical Design and Manufacturing, and Starkey Hearing Technologies. The market is highly fragmented, with a few key players catering to different segments of the market. For instance, Sonova Holding and William Demant Holding lead the hearing aids segment, whereas, Invacare Corporation and Sunrise Medical LLC lead the medical mobility aids and ambulatory devices market segment.
The global elderly and disabled assistive devices market has been segmented as below:
Elderly and Disabled Assistive Devices Market, by Types
- Medical Mobility Aids and Ambulatory Devices
- Mobility Scooters
- Cranes and Crutches
- Walkers and Rollators
- Transfer Lifts
- Door Openers
- Others (Cushions, Pillow and Back Support)
- Medical Furniture and Bathroom Safety Products
- Medical Beds
- Commodes & Showers Chairs
- Ostomy Products
- Bars and Railings
- Others (Bath lifts and Pool Lifts)
- Hearing Aids
- Receiver-in-the-Ear (RITE) Aids
- Behind-the-Ear (BTE) Aids
- In-the-Ear (ITE) Aids
- Canal Hearing Aids
- Bone Anchored Hearing Aids (BAHA)
- Cochlear Implants
- Vision and Reading Aids
- Video Magnifiers
- Braille Translators
- Reading Machines
- Others (Books and Kitchen Appliances)
Elderly and Disabled Assistive Devices Market, by Geography
- North America
- Rest of the World (RoW)
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