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Elderly and Disabled Assistive Devices Market to Reach $35.60 Bn, Globally, by 2026 at 5.5% CAGR, Says Allied Market Research
PORTLAND, Oregon, July 24, 2019 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Elderly and Disabled Assistive Devices Market by Type (Living Aids, Mobility Assistive Devices, Bathroom Safety Equipment, and Medical Furniture): Global Opportunity Analysis and Industry Forecast, 2019–2026". According to the report, the global elderly and disabled assistive devices market was pegged at $23.01 billion in 2018 and is projected to garner $35.60 billion by 2026, registering a CAGR of 5.5% from 2019 to 2026.
Rise in geriatric and disabled population, high disposable income of baby boomers, and rapid technological advancements in assistive devices have boosted the growth of the global elderly and disabled assistive devices market. However, high cost of medical devices and low reimbursement from medical insurers hamper the market growth. On the contrary, emerging untapped economies are expected to create lucrative opportunities in the near future.
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Mobility aids devices segment to manifest fastest growth by 2026
The mobility aids devices segment is estimated to register the fastest CAGR of 6.5% during the forecast period. Moreover, the segment held the largest share in 2018, contributing more than one-fourth of the market, owing to surge in developments in mobility assistive device technology, rise in disabled & geriatric population requiring mobility assistance, and increase in number of accidents. The report includes analysis of the other segments such as living aids, bathroom safety equipment, and medical furniture.
North America dominates the market
The market across North America held the largest share in 2018, accounting for nearly half of the market, owing to high presence of more advanced healthcare and medical infrastructure. However, the market across the Asia-Pacific region is anticipated to manifest the fastest CAGR of 8.5% during the study period, owing to presence of high population base, rise in healthcare expenditure, and development in economies. The report provides analysis of the other regions including Europe and LAMEA.
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Major market players
The report provides detailed analysis of the key market players such as Drive Medical, AI Squared, Invacare, GN Resound Group, Pride Mobility Products Corporation, Nordic Capital (Sunrise Medical LLC), Sonova Holding AG, Siemens Ltd., William Demant Holding A/S, and Starkey hearing technologies. These companies have adopted various market strategies such as partnerships, collaborations, and mergers & acquisitions to maintain their foothold in the market.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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