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What is the present valuation and projected CAGR of the elderly and disabled assistive devices market?
The elderly and disabled assistive devices market size has grown strongly in recent years. It will grow from $26.49 billion in 2024 to $28.66 billion in 2025 at a compound annual growth rate (CAGR) of 8.2%. The growth in the historic period can be attributed to increasing chronic health conditions, increasing the life expectancy of the people, increasing the number of road accidents, rising geriatric population, and the rising prevalence of disabilities.
The elderly and disabled assistive devices market size is expected to see strong growth in the next few years. It will grow to $38.79 billion in 2029 at a compound annual growth rate (CAGR) of 7.9%. The growth in the forecast period can be attributed to increase in demand for assistive devices, rising number of hospital admissions for treatment, increasing healthcare expenditure, rise in the prevalence of mobility, and increasing demand for home care services. Major trends in the forecast period include integration with smart technologies, innovations with communications devices, advanced assistive devices, smart home devices, and innovations in wearable technology.
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Which industry factors have accelerated the elderly and disabled assistive devices market’s expansion?
The rising number of disabilities is expected to propel the growth of elderly and disabled assistive devices going forward. Disability is a condition that significantly impairs an individual’s ability to perform certain activities or access societal resources. The rising number of disabilities is due to several factors, such as the aging population, chronic health conditions, and genetic factors. Elderly and disabled assistive devices enable independent living, improve quality of life, and reduce healthcare costs for individuals with disabilities. For instance, in October 2024, according to the UK Parliament’s House of Commons Library, a UK-based government administration, disability prevalence increases with age: in 2022/23, around 11% of children in the UK had a disability, compared to 23% of working-age adults and 45% of people above the State Pension age. Therefore, the rising number of disabilities is driving the growth of the elderly and disabled assistive devices market.
What are the primary segments of the elderly and disabled assistive devices market?
The elderly and disabled assistive devices market covered in this report is segmented –
1) By Device Types: Medical Mobility Aids And Ambulatory Devices, Medical Furniture And Bathroom Safety Products, Hearing Aids, Vision And Reading Aids
2) By Distribution Channel: Online Channels, Offline Channels
3) By End-User: Hospitals, Homecare Settings, Nursing Homes, Assisted Living Facilities, Other End-Users
Subsegments:
1) By Medical Mobility Aids And Ambulatory Devices: Wheelchairs, Walkers, Scooters, Crutches And Canes, Lift Chairs And Recliners, Stair Lifts And Elevators
2) By Medical Furniture And Bathroom Safety Products: Adjustable Beds And Mattresses, Bedside Rails And Transfer Benches, Shower Chairs And Stools, Raised Toilet Seats And Toilet Aids, Grab Bars And Non-Slip Mats, Overbed Tables And Chairs, Bath Lifts
3) By Hearing Aids: Behind-The-Ear (Bte) Hearing Aids, In-The-Ear (Ite) Hearing Aids, In-The-Canal (Itc) Hearing Aids, Completely-In-The-Canal (Cic) Hearing Aids, Bone-Anchored Hearing Aids (Baha), Hearing Amplifiers
4) By Vision And Reading Aids: Magnifiers, Reading Glasses And Optical Aids, Electronic Text Readers, Talking Watches And Clocks, Screen Magnification Software And Devices, Braille Learning Tools And Aids, Voice-Activated Assistive Technology For Vision Impairment
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Which firms are leading the elderly and disabled assistive devices market?
Major companies operating in the elderly and disabled assistive devices market are Siemens AG, Bausch And Lomb Inc., Sonova Holding AG, William Demant Holding A/S, Starkey Hearing Technologies Limited, Invacare Corporation, NOVA Medical Inc., Permobil AB, Sunrise Medical LLC, Drive DeVilbiss Healthcare Limited, Pride Mobility Products Corporation, GF Health Products Inc., Handicare Group AB, Carex Health Brands Inc., AI Squared, Audina Hearing Instruments Inc., Blue Chip Medical Products Inc., New Century Products Co. Ltd, Kaye Products Inc., Magic Mobility Ltd.
Which market trends are set to define the future of the elderly and disabled assistive devices market?
Major companies operating in the elderly and disabled assistive devices market are collaborating to develop integrated solutions that enhance users’ mobility, independence, and quality of life. The strategic partnerships facilitate the development of innovative solutions that address the complex needs of elderly and disabled individuals, leading to more effective, accessible, and user-friendly products. For instance, in July 2023, University College London (UCL), a UK-based University, and the Indian Institute of Technology, an India-based organization, partnered to drive disability innovation through assistive technology, represents a significant effort to enhance the quality of life for individuals with disabilities. This initiative focuses on leveraging advanced technologies and innovative solutions to address the unique challenges disabled individuals face, particularly in India. Furthermore, in January 2024, The Central government of India collaborated with All India Institute of Medical Sciences (AIIMS), an India-based university aimed at providing assistive devices for individuals with disabilities. This initiative is part of the government’s commitment to enhance the quality of life for persons with disabilities by ensuring access to necessary aids and appliances.
Which geographic trends are shaping the elderly and disabled assistive devices market, and which region has the highest market share?
North America was the largest region in the elderly and disabled assistive devices market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the elderly and disabled assistive devices market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Does The Elderly And Disabled Assistive Devices Market Report 2025 Offer?
The elderly and disabled assistive devices market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
Elderly and disabled assistive devices are tools and equipment designed to enhance the quality of life, independence, and safety of individuals who are elderly or have disabilities. These devices help with daily activities, mobility, and communication, making it easier for users to perform tasks that might otherwise be challenging or impossible.
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