The Global Elderly and Disabled Assistive Devices Market is extensively competitive attributed mainly to the entry of regional players offering low-cost products. This is influencing leading players such as Sonova Holding AG to increase their global presence through organic and inorganic strategies.
Sonova Holding AG acquired AudioNova in September 2016, a Netherlands-based hearing aid manufacturer. This acquisition helped Sonova to strengthen its presence in Europe, by doubling the existing number of retails stores. Sonova Holding AG is implementing a vertically integrated business model by offering customized solutions to individual customers by expanding the number of retail stores.
Various government and private organizations working on providing elderly and disabled assistive devices to the needful. For instance, Organizations such as Mexico Mobility offer elderly and disabled assistive devices on a rental basis for customers in the Mexico. Moreover, Government organizations such as National Health Service (NHS), U.K. offers support and financial services to the elderly and disabled people for household equipment, aids, and adaptations. Such initiatives is expected to propel the growth of the market.
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Chances of disability among elderly population increases with age. Therefore, the demand for disabled assistive devices is expected to increase with aging population, which in turn is expected to boost the growth of elderly and disabled assistive devices market. For instance, according to a report published by Rehabilitation Research and Training Center on Disability Statistics and Demographics in 2016, rates of disability increase with age. In U.S. the rate of disability among people of ages 18-64 years was 10.5% and for people ages above 65 rate has increased to 35.4%.
Furthermore, according to the United Nations Economic and Social Commission for Asia and the Pacific (ESCAP) 2016, around 547 million people were above 60 years in Asia Pacific region and number is projected to reach around 1.3 billion by 2050
In past few years major key players in market launched a number of advanced novel devices. Launches of such latest devices in market is expected to drive growth of the elderly and assistive devices market in near future. For instance, in 2016, Sunrise Medical LLC launched QM-7 SEDEO ERGO power wheelchair. An advanced power wheelchair offers function and luxury for a unique driving experience.
Melvin ApS launched a robot called Melvin, which aids elderly and disabled people in the toilet. The robot was launched at the RoboBusiness Europe 2016 exhibition. Similarly, Vital Connect, Inc.is developing wearable health sensors that can detect body temperature, heart rate, detect falls and other such incidents in elderly and disabled patients. Such technological developments to increase individual independence and convenience is projected to lead to manifold growth of elderly and disabled assistive devices market in the near future.
Similarly, other market leaders are anticipated to cement their distribution channels to capitalize on the global elderly and disabled assistive devices market potential.
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Global Elderly and Disabled Assistive Devices Market, By Device Type:
Medical Mobility Aids and Ambulatory Devices
Medical Furniture and Bathroom Safety Products
Vision and Reading Aids
Global Elderly and Disabled Assistive Devices Market, By End User:
Home Care Settings
Sunrise Medical LLC*
GN ReSound Group
Sonova Holding AG
Starkey Hearing Technologies
William Demant Holding A/S
Drive Medical Design and Manufacturing
Wintriss Engineering Corporation
Furthermore, on the basis of discussion in the 66th World Health Assembly, held in 2013, WHO prepared a comprehensive global disability action plan for 2014 – 2021. Under this plan, WHO intends to improve access to health services and programs, extend rehabilitation, habilitation, assistive technology, assistance and support services, and support research on disability and related services. Such global initiatives are indirectly promoting adoption of assistive devices and are encouraging manufacturers to develop innovative elderly and disabled assistive devices.
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