Assistive Devices Market: Global Industry Analysis And Forecast(2023-2029)

Assistive Devices Market was valued at USD 19.33 Billion in 2022, and it is expected to reach USD 27.19 Billion by 2029, exhibiting a CAGR of 5% during the forecast period (2023-2029)

People with impairments utilise assistive devices to preserve or develop functional abilities that would otherwise be difficult to accomplish. According to World Health Organization (WHO) data, more than one billion individuals worldwide require one or more assistive devices. With an ageing global population and an increase in non-communicable diseases, more than 2 billion individuals will require at least one assistive devices such as hearing aids, wheelchairs, or memory aids by 2030 due to an increase in non-communicable diseases. Assistive devices assist people in moving and carrying out daily tasks, which boosts market growth during the forecast period.

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The Global Assistive Devices Market is segmented by type, and end-users. Based on type, the market is segmented into mobility aids, reading and vision aids, hearing aids, medical furniture, and bathroom safety devices. Based on end-users, the market is segmented into hospitals, nursing homes, assisted living facilities, and homecare. Based on region, the market is segmented into North America, Asia Pacific, Europe, Middle East & Africa, and South America. Demant A/S and Philips announced the launch of Philips-branded hearing aids on the market in April 2019. To better serve hearing aid users, the Philips brand joined the hearing healthcare industry with a comprehensive selection of quality hearing aids, accessories, and applications. GN hearing, GN, the global pioneer in sound and hearing innovation, announced the debut of Jabra Enhance Pro - a new, premium hearing aid line-up to be released in more than 700 Costco Hearing Aid Centres globally - in June 2022.

Research Methodology

The Global Assistive Devices Market report provides an evaluation of the market for the forecast period. The report comprises various segments as well as an analysis of the trends and factors that are playing a substantial role in the market. In the report, the market outlook section mainly encompasses fundamental dynamics of the market which include drivers, restraints, opportunities, and challenges faced by the industry. Based on the understanding of requirements, a secondary research is conducted to identify the segment specifications, qualitative and quantitative data along with the factors responsible for the growth of the market. The secondary source referred for the research are press releases, company annual reports, government websites, and research papers related to market. Moreover, quantitative and qualitative data is extracted from paid database like Reuters, Bloomberg, Hoovers, etc. The secondary research carried out at primary level is verified by primary research.

In this report, Porter examines competition, new entrants in the market, supplier power, buyer power, and the threats of the substitute products and services in the market. PESTLE identifies factors like political, economic, sociocultural, technological, legal, and environmental, that may affect an organization and its competitive standing. The main approach used to calculate accurate market size are top-down and bottom-up market sizing approach, where macro and micro view of all the potential customers, revenue and current market is considered as a whole. On the other hand, the research is also conducted by considering micro level segment that can be realistically targeted and calculated, which results in better forecasting and more accurate data on amore granular level. This approach is conducted by obtaining data from reliable sources.

COVID-19 Impact on Assistive Devices Market

The COVID-19 pandemic has impacted all segments of society, but it has caused severe problems for persons with disabilities, those with chronic diseases, and the elderly. Major obstacles hindering market expansion were service interruption, limits in existing technology, poor emergency planning, insufficient rules and processes, and a lack of manufacturing. Furthermore, COVID-19 has impeded assistive device distribution due to infection control procedures that have resulted in a shortage of provider availability and restricted one-to-one services. The Food and Drug Administration (FDA) took various efforts to guarantee that patients and healthcare professionals have prompt and ongoing access to medical devices during COVID-19. This factor stabilized the industry growth after several months of the outbreak. Besides that, once the lockdowns were lifted, the supply of assistive devices resumed full-fledged production, restoring growth to pre-pandemic levels.
Assistive Devices Market Dynamics
Increasing Disorders & Non-Communicable Diseases: Some of the key reasons affecting disability include the rising incidence of chronic diseases such as cancer, diabetes, arthritis, and cardiovascular disease. Over the forecast period, the rising incidence of orthopaedic and neurological ailments is expected to boost the assistive devices market. According to the Neurological Alliance, there were around 14.7 million neurological complaints in 2019. It translates to at least one in every six persons having one or more neurological conditions that cause learning difficulties, epilepsy, and so on, and thus assistive devices aids in augmentation of muscular action and decrease of weight-bearing strain, which will complement market growth. Various non-communicable diseases such as diabetes, cancer, arthritis, multiple sclerosis, paralysis, cerebral palsy, and stroke are the prominent factors that spurs the demand for the various disabled assistive devices across the globe.

Rising Number of Accidents: Some of the primary factors to disability are non-communicable illnesses, traffic accidents, occupational injuries, and violence. The increasing incidence of accidents, such as vehicle accidents, home accidents, and workplace accidents, is driving the expansion of the global assistive devices market. According to the WHO research, between 20 and 50 million individuals suffer non-fatal injuries each year, with many becoming handicapped as a result. As a result, the demand for assistive device is skyrocketing.

Growing Number of Ageing Population: The world's population of persons aged 60 and above is expected to reach 2 billion by 2050, according to the WHO. Between 2015 and 2050, the number of Americans aged 65 and over is expected to more than quadruple, from 46 million to 98 million. Furthermore, the number of individuals aged 80 and up is expected to increase to 426 million between 2020 and 2050. Over the next five to ten years, nine out of ten older individuals want to remain in their existing residences (age in place). Hearing loss, back and neck pain and osteoarthritis, diabetes, COPD, Parkinson's disease, arthritis, and stroke are all frequent illnesses among the elderly. As people age, they are more prone to suffer from many ailments at the same time. As a result, the growing elderly population is expected to boost the market share of assistive devices.+

Opportunities for the Assistive Devices Manufacturers: The market potential for designing and manufacturing appropriate assistive gadgets at a reasonable cost is enormous. Globally, the Global Cooperation on Assistive Technology (GATE) and the WHO's Priority Assistive Devices List are working to promote access to high-quality, affordable assistive products. WHO also assists nations in developing national assistive technology programmes. Taking a systems-level approach might aid in increasing access to cheap assistive equipment. Market shaping might be used by businesses to assist lower transaction costs and balance supplier and buyer risks. The eye health industry has a variety of measures in place to enhance access to inexpensive eye glasses, such as school health programmes and optical shops, which are aided by the low cost and availability of glasses. Community-based methods might help underprivileged populations gain access to assistive technologies. Non-profit and faith-based organisations try to enhance accessibility of assistive devices by donating them to populations who could not otherwise afford them, albeit this strategy, which is reliant on donations, has sustainability concerns. Partnerships between international governmental organisations, governments, non-governmental organisations, and the commercial sector may be a potential method of providing assistive technologies.

High Price of Assistive Devices: Assistive equipment might be prohibitively expensive in low-income households. Indirect expenditures and maintenance costs might be additional issues. The high cost of a few advanced items, the limited degree of acceptability for a few products, and the poor reimbursement from medical insurance all limit market expansion. The higher cost of assistive devices is expected to limit market growth during the forecast period. Furthermore, lower adoption rates for assistive devices in underdeveloped nations may stymie market expansion. For example, according to the World Health Organization (WHO), just one out of every ten persons in need had access to assistive devices in 2018 due to greater costs and a lack of knowledge, policy, and money.

Lack of Assistive Devices in Underdeveloped Countries: Over one billion individuals require one or more assistive devices, with another billion expected by 2050; yet, only 5-15 percent of assistive devices needs are being satisfied. People living in different nations or areas of a country, in varying economic circumstances, and with various disabilities, genders, ages, languages, and cultures do not have equal access to assistive equipment and services. High costs, restricted availability, a lack of knowledge, a lack of adequately educated employees, a lack of governance, and insufficient funding of assistive devices all contribute to a lack of access to assistive equipment. Government health services, international humanitarian relief, development, charitable and religious organisations, and the commercial sector are all providers of assistive technologies. Users and service providers are unaware of the variety of available assistive technologies and their advantages, limiting demand and supply incentives. The market for assistive gadgets is small and largely serves the needs of high-income people. Small-scale local assistive device makers and providers in low-income nations are unable to address the demands of all individuals in need. Services for assistive devices are frequently in low supply. Due to difficulties in assuring a consistent supply of assistive items and replacement parts due to a lack of legislation, money, logistics, research, or expensive customs and excise costs, only a restricted variety of assistive devices are available to a small number of users.
Assistive Devices Market Segment Analysis
Based on the Type, the mobility aids segment dominated the market in 2020. This is due to rapid developments in mobility assistive device technology and an increase in the number of handicapped and elderly people who require mobility help. According to the WHO, between 20 and 50 million individuals suffer non-fatal injuries as a result of road traffic accidents, and these injuries result in disability. Thus, increased road traffic accidents are one of the biggest drivers to the global need for mobility aids. Furthermore, growing market participant investments in the adoption of technical improvements in devices have considerably fueled the expansion of this category. These elements have contributed to this segment's dominance in recent years.

On the other hand, the bathroom safety is estimated to be the most opportunistic segment during the forecast period. This can be linked to a growing emphasis on improving the quality of life for the handicapped and the elderly. The rapid evolution of technology has stimulated the creation of a wide range of innovative assistive gadgets that help impaired persons with their daily activities.

Based on the End-User, the hospitals segment dominated the global market in 2022. This is due to a rise in hospital admissions as a result of increased traffic accidents and the rising prevalence of numerous chronic illnesses and disorders such as paralysis, cerebral palsy, stroke, amputation, and multiple sclerosis. These disorders are the primary drivers of the assistive devices market. The need for assistive equipment for patients' mobility and everyday functioning on hospital grounds has fueled the expansion of this category.

On the other hand, the homecare is expected to be the fastest-growing segment during the forecast period. The growing use of handicapped assistive devices in the homes is driving the expansion of homecare segment. Furthermore, irreversible limitations caused by ageing and other causes are boosting market expansion. The segment's expansion is being aided by rising healthcare expenditures and increased awareness about the availability of numerous technological equipment.
Assistive Devices Market Regional Insights
North America is expected to dominate the market in 2022 and is estimated to retain its leading position over the forecast period. The growing incidence of different non-communicable illnesses, the existence of a sizable senior population, and rising healthcare spending are the primary drivers of the North American assistive devices market. Factors such as expanding elderly population, higher demand for assistive goods and services, and government efforts focusing on the rights of disabled persons are fueling market expansion in the area. According to the U.S. Bureau of Labor Statistics, the percentage of the workforce with a handicap was 18.2 percent in 2022. According to the US Centers for Disease Control and Prevention, around 17.6 million individuals had difficulty walking a quarter mile in 2017 and approximately 38.2 million people experienced physical functioning issues. Furthermore, the senior population in the United States is expected to reach 95 million by 2050. The presence of numerous major manufacturers in the area, as well as increased investments in the adoption of technologically improved impaired assistive devices, have boosted market growth in North America substantially.

The Asia Pacific region is estimated to be the fastest growing market as greater initiatives are being undertaken by the governments, and presence of various well-established players in the market. The presence of a large population, a rapidly growing geriatric population, rising prevalence of non-communicable diseases, an increase in the number of road traffic accidents, and an increase in healthcare expenditure are the most significant factors expected to drive the growth of the Asia Pacific assistive devices market. According to the WHO, poor and medium income nations account for around 93 percent of all traffic accidents. Furthermore, by 2050, almost 80% of the global elderly population would be residing in poor and middle income nations. The region's market development is further aided by rising healthcare expenditures and rising disposable incomes in nations such as Japan, India, and China. Furthermore, the existence of various large scale manufacturers in countries such as China provides inexpensive impaired assistive devices, which is estimated to favourably affect market growth.

Due to factors such as the availability of a big patient pool and advancements in healthcare infrastructure, the European region is expected to hold the third position in the market during the forecast period. According to the European Commission, one-fifth of the EU population will be disabled by 2030. The European Commission and its member states are committed to improving the economic status of people with disabilities by developing a basic rights charter. The market in South America and the Middle East & Africa is expected to expand at a slower rate than in other areas due to a lack of understanding of assistive devices.

The objective of the report is to present a comprehensive analysis of the global Assistive Devices Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The reports also help in understanding the Assistive Devices Market dynamic, structure by analyzing the market segments and projecting the Assistive Devices Market size. Clear representation of competitive analysis of key players by segment type and regional presence in the Assistive Devices Market make the report investor’s guide.
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Global Assistive Devices Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2018 to 2022
Market Size in 2022:
US 19.33 Bn.


Forecast Period 2023 to 2029 CAGR:
5 %
Market Size in 2029:
US 27.19 Bn.


 Segments Covered:
by Type
Mobility Aids

Wheelchairs
Monility Scootes
Cranes & Crutches
Walkers & Rollators
Transfer Lifts
Door Openers
Others (Cushions, Pillow, and Back Support)

Reading and Vision Aids

Video Magnifiers
Braille Translators
Reading Machines
Others (Books and Kitchen Appliances)

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

Medical Furniture

Medical Beds
Medical Furniture Accessories
Door Openers
Others

Bathroom Safety Devices

Commodes
Bars, Grips, and Rails
Shower Chairs
Ostomy Products


by End-Users
Hospitals
Nursing Homes
Assisted Living Facilities
Homecare



Assistive Devices Market, by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria, Turkey, Russia and Rest of Europe)
Asia Pacific (China, India, Japan, South Korea, Australia, ASEAN and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina, Columbia and Rest of South America)
Assistive Devices Market, Key Players are
1. AI Squared
2. Drive Medical
3. Bausch & Lomb, Inc.
4. Blue Chip Medical Products, Inc.
5. GN Resound Group
6. Invacare
7. Philips
8. Arphi Electronic Pvt Ltd
9. Freedom Scientific, Inc.
10. Permobil AB
11. Nordic Capital
12. Pride Mobility Products Corporation
13. Siemens Ltd.
14. Sunrise Medical, LLC
15. Wintriss Engineering Corporation
16. Sonova Holding AG
17. Starkey hearing technologies
18. William Demant Holding A/S
19. Inclusive Technology Ltd.
20. Liberator Ltd.
21. Tobii Dynavox
22. JABBLA B.V.B.A.
23.Medline Industries, Inc.

Frequently Asked Questions:

1] What segments are covered in the Global Assistive Devices Market report?
Ans. The segments covered in the Assistive Devices Market report are based on Type, and End-Users.

2] Which region is expected to hold the highest share in the Global Assistive Devices Market?
Ans. The North America region is expected to hold the highest share in the Assistive Devices Market.

3] What is the market size of the Global Assistive Devices Market by 2029?
Ans. The market size of the Assistive Devices Market by 2029 is expected to reach USD 27.19 Bn.

4] What is the forecast period for the Global Assistive Devices Market?
Ans. The forecast period for the Assistive Devices Market is 2023-2029.

5] What was the market size of the Global Assistive Devices Market in 2022?
Ans. The market size of the Assistive Devices Market in 2022 was valued at USD 19.33Bn.