Growing Geriatric Population Fuels Demand from Elderly and Disabled Assistive Devices Market
Among the several factors aiding the growth of the elderly and disabled assistive devices market, the rising geriatric population and increasing incidence of injuries disabling people have played a major role in augmenting the demand for elderly and disabled assertive devices. Hearing impairments or loss of bone density with age or due to any medical condition such as arthritis are common illnesses often faced by elderly people. While medical science has advanced significantly to help address such medical conditions in the elderly population or those disabled due to injury, in many cases only partial remission is possible. Disabled and elderly assistive devices are designed keeping in mind people with such conditions or partial disabilities. Elderly and disabled assistive devices help people suffering from partial hearing impairment, difficulty in reading, or those who need help to take care of their day to day activities. These devices help both the elderly and the disabled, making their daily lives more convenient, comfortable, and independent.
In a recently released study, Transparency Market Research pegs the global elderly and disabled assistive devices market at US$12.3 bn in 2012 and it is expected to reach an estimated valuation of US$19.6 bn by the end of 2019. If these figures hold true, the global elderly and disabled assistive devices market will exhibit a positive 6.90% CAGR between 2013 and 2019.
Rising Geriatric Population Boosts Global Elderly and Disabled Assistive Devices Market
Among the various assistive devices available in the market, hearing aids accounted for a major share in the global elderly and disabled assistive devices market in 2012. The dominance of the segment is attributed to the escalating number of people suffering from mobility problems or hearing impairments. The World Health Organization (WHO) found that about 5% of the global population suffers from hearing loss every year. Furthermore, the U.S. National Institute of Deafness and Other Communication Disorders states that the risk of hearing loss increases by 10% among the geriatric population as compared to other demographics. In 2010, almost 524 mn people around the world belonged to the geriatric demographic and it is expected that the elderly population will reach 2,000 mn by 2050. This rapid rise in the geriatric population worldwide is a major factor driving the global elderly and disabled assistive devices market. The market segment of mobility aids and ambulatory services, which is a leading segment second only to hearing aids, will also exhibit high growth in the forthcoming years.
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North America Leads Global Elderly and Disabled Assistive Devices Market
Based on the regional distribution of the global elderly and assistive devices market, North America held the largest share in the market in 2012. However, Asia Pacific is expected to exhibit the highest rate of growth in the forthcoming years, at a 6.0% CAGR in the aforementioned forecast period. Favorable government funding and increasing geriatric population in the region is aiding the growth of the elderly and disabled assistive devices market in Asia Pacific. By 2025, Asia Pacific is likely to have 456.3 mn people aged above 65 years. This is a key factor fuelling demand from the Asia Pacific market. In addition, R&D initiatives such as the China Rehabilitation Research Center, which was formed in 1988 by the Chinese and Japanese governments to collaborate on R&D for advanced assistive devices, have also given a boost to the elderly and disabled assistive devices market in Asia Pacific.
Mr. Sudip S
Transparency Market Research
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