Disabled And Elderly Assistive Technology Market Outlook 2024-2033: Trends and Projections

The disabled and elderly assistive technology global market report 2024from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.

Disabled And Elderly Assistive Technology Market, 2024The disabled and elderly assistive technology global market report 2024

Market Size -
The disabled and elderly assistive technology market size has grown strongly in recent years. It will grow from $39.63 billion in 2023 to $42.58 billion in 2024 at a compound annual growth rate (CAGR) of 7.5%. The growth in the historic period can be attributed to rise in research and development activities, rise in initiatives of government, high disposable income, rapidly shifting demographics, and growth in aging population.

The disabled and elderly assistive technology market size is expected to see strong growth in the next few years. It will grow to $57.07 billion in 2028 at a compound annual growth rate (CAGR) of 7.6%. The growth in the forecast period can be attributed to increasing demand for assistive technologies, surging demand for advanced assistive technologies, surging prevalence of disabilities, evolution of assistive technologies and increases awareness, and rising growth in geriatric and disabled population. Major trends in the forecast period include advanced healthcare facilities, growth of independent lifestyle to provide opportunities, technological advancements, integration of AI, and emerging innovative and cost-effective assistive technologies.

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Scope Of Disabled And Elderly Assistive Technology MarketThe Business Research Company's reports encompass a wide range of information, including:

1. Market Size (Historic and Forecast): Analysis of the market's historical performance and projections for future growth.

2. Drivers: Examination of the key factors propelling market growth.

3. Trends: Identification of emerging trends and patterns shaping the market landscape.

4. Key Segments: Breakdown of the market into its primary segments and their respective performance.

5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.

6. Macro Economic Factors: Assessment of broader economic elements impacting the market.

Disabled And Elderly Assistive Technology Market Overview

Market Drivers -The rising employment-population ratio for individuals with disabilities is set to propel the growth of the disabled and elderly assistive technology market. This trend is driven by improved accessibility, inclusive hiring practices, and better support programs. Assistive technologies empower individuals with disabilities to perform job tasks more effectively and independently, increasing their employability and access to diverse job opportunities. For instance, in February 2024, the U.S. Bureau of Labor Statistics reported that the employment-population ratio for individuals with disabilities increased by 1.2 percentage points in 2023, reaching 22.5%. This rise in employment opportunities for people with disabilities is driving the demand for assistive technologies.

Market Trends - Major companies operating in the disabled and elderly assistive technology market are focusing on advancements in technology with AI-powered hearing aids and other assistive devices to gain traction in the market. These hearing aids leverage artificial intelligence to improve sound quality, adapt to different environments, and offer personalized hearing experiences. For instance, in January 2024, Starkey, a U.S.-based hearing aid manufacturer, launched the Genesis AI hearing aids in Australia and New Zealand. These hearing aids feature real-time environment adaptation, advanced noise reduction, and seamless connectivity with smart devices, providing users with clearer sound and improved communication capabilities. This innovation illustrates how AI integration in hearing aids significantly enhances accessibility and user experience, addressing the specific needs of individuals with hearing impairments.

The disabled and elderly assistive technology market covered in this report is segmented –

1) By Product Type: Medical Mobility Aids And Ambulatory Devices, Assistive Furniture, Bathroom Safety And Assistive Products, Communication Aids, Activity Monitors, Location Monitors, Other Product Types
2) By Distribution Channel: Online, Offline
3) By End-User Type: Hospitals, Elderly Nursing Homes, Homecare, Other End-Users

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Regional Insights - North America was the largest region in the disabled and elderly assistive technology market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the disabled and elderly assistive technology market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

Key Companies - Major companies in the market are  Siemens Healthineers AG, Whirlpool Corporation, Medline Industries LP, Bausch Health Companies Inc., Sonova Holding AG, Demant A/S, GN Store Nord A/S, Otto Bock HealthCare GmbH, Cochlear Ltd, Starkey Laboratories Inc., Invacare Holdings Corp, MED-EL Medical Electronics, Permobil Inc., Sunrise Medical LLC, Pride Mobility Products Corp., Tobii Dynavox LLC, Nordic Capital Limited (NCL), Freedom Scientific Inc., Liberator Ltd., Jabbla UK Ltd., Wintriss Engineering, Blue Chip Medical Products Inc., Medical Depot Inc., Inclusive Technology Ltd, Exact Dynamics B.V.

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