Elderly and Disabled Assistive Technologies Market: Tech Overview

Elderly and disabled assistive devices constitute cognitive aids, mobility aids, and rehabilitative devices that provide extra accessibility to individuals with cognitive impairments, disabilities, and difficulties. These techniques assist disabled and elderly people enhance their quality of life, improve health results, provide independent living alternatives, and decrease healthcare expenses. According to Inkwood Research, the global elderly and disabled assistive technologies market is set to propel a 4.95% CAGR by the end of the forecast period, 2022-2030.

Additionally, lifestyle changes, a rise in the geriatric & disabled population, and the availability of elderly and disabled assistive products drive the market. In addition, increased demand for assistive technologies due to the trend of independent lifestyles fuels market growth. Furthermore, growth in the number of assistive device manufacturers investing in the R&D activities of these technologies boosts the market growth.

However, high-cost & sophisticated products, comparatively low acceptance of particular products, and lacking medical insurers’ reimbursement restrain the market growth. Conversely, an increase in the proactiveness of people, a rise in health consciousness, and a surge in the number of non-communicable diseases among people are anticipated to provide lucrative growth opportunities for market growth.

Growing Health Expenditure due to Geriatric Population

There has been a significant surge in the aging population over the past few years. According to an analysis by World Health Organization, the proportion of the world’s geriatric population is predicted to reach from 12% in 2015 to 22% in 2050. In addition, the report suggests that in 2020, the number of people aged 60 and more outweighed youngsters under 5. Therefore, the rapidly surging number of senior citizens is offering the necessary boost for developing the elder care services sector.

Also, improved daycare facilities and increased elderly-care centers are accelerating revenue generation. In addition, several daycare centers provide adequate medical supervision by trained medical workers. Moreover, the geriatric-care industry’s daycare facilities sector is expanding because of the increased use of daycare services due to busy daily schedules and the cost-effectiveness of such facilities.

Furthermore, hospitalization fees for the elderly are a source of financial restrain for their families because of the unavailability of end-to-end reimbursement policies. Discharged elderly patients opt for home-assisted living or long-term care by elderly caregivers. This approach is both cost-effective and offers superior results.

Technological Advancements: Assistive Products with Significant Demand

Artificial intelligence in healthcare and the development of cell phone technologies have given rise to various tracking software, now used to monitor the diet & medicine and even the movement of elderly patients. Few applications allow users to get notified about sudden body movements. Hence, targeted messaging tools and applications are emerging as niche markets because of chronic illnesses among the elderly and advances in preventative care technologies.

• Mobile Aids Devices

The mobility aids devices segment is expected to register the highest growth rate during the forecast period. This is owing to the technological advancements in mobility medical devices, which have resulted in a breakthrough of many advanced types, including new generation five-wheel layout mobility scooters, heavy-duty crutches, and ultralight rollators. Such advancements in the mobility assistance devices segment attract many players to focus on incorporating modern technology and capabilities into their equipment to meet the growing demand for special needs type and equipment.

• Medical Furniture and Bathroom Safety Equipment

The medical furniture and bathroom safety equipment segment also possesses huge market potential. The market is witnessing a shift from traditional mobility devices to advanced, high-tech ones such as door openers, automated medical beds, and reclining chairs. In addition, the high adoption of bath and safety devices, owing to the growing rate of disability, has attracted key players to invest in the research and development of novel bath and safety type and their commercialization.

Accordingly, many market players, such as Siemens AG and Invacare Corporation, have developed several innovative bathroom and safety devices, such as bath lifts, toilet safety frames, shower and commode chairs, transfer benches, grab bars, etc., and raised toilet seats.

Future Of Assistive Techs

According to a report released by the Centers for Disease Control and Prevention, in the United States, over 61 million adults live with a disability, and 13.7% have a mobility disability. For several years, technology that enabled movement was limited to canes, walkers, wheelchairs, hearing aids, and crutches. However, over the past years, medical applications have successfully benefited from using various intelligent technologies, such as IoT and artificial intelligence (AI), in particular knowledge-based systems, to support practitioners in decision-making under uncertainty. Hence, these tech advancements are set to propel the global elderly and disabled assistive technology market demands.