According to Inkwood Research, the Global Elderly and Disabled Assistive Technologies Market is anticipated to record a 4.95% CAGR during the assessment period, 2022-2030.
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Assistive technology (AT) products are designed for people with specific disabilities or general infirmities that often come with aging or otherwise. These devices enable people with specific needs to participate meaningfully in their communities political, economic, social, and cultural activities.
The mobility aids market is segmented into navigation aids, ambulatory aids, vehicle conversions, wheelchairs, and scooters. The access aids market is segmented into stair lifts or climbers, residential & home elevators, wheelchair lifts, door openers, transfer lifts, and accessible baths & showers.
Wheelchairs and Scooters are Major Mobility Tools Driving the Market Growth
The burden of mobility limitations increases with age in both severity and magnitude. The need for mobility aids is estimated to grow significantly, primarily due to an aging population, increased non-communicable diseases (NCDs) and more road accidents, particularly in developing countries. The demand for mobility aids is increasing because users seek smart mobile devices that promote social inclusion, provide functional sitting and standing mobility, improve health, and reduce living & healthcare expenses.
Wheelchairs and scooters help users live safer, more independent lives while easing caregiving demands. In addition to promoting independent living, advanced mobility aids may reduce secondary complications associated with long-term sitting. Moreover, these devices may also lower the risk of hospitalizations, medication usage, and the need for physiotherapy, thus yielding significant cost savings.
Communication Aids – Leading Segment
Hearing aids are electroacoustic devices designed for the deaf and hearing impaired. Hearing aids are electroacoustic devices designed for the deaf and hearing impaired. There are many types of hearing aids, but they all work fairly similarly. For instance, sound enters through a microphone. It is then processed, amplified, and delivered to a receiver or loudspeaker, which sends the output directly to the user’s ear canal or via a thin wire to a receiver placed in the ear.
Generally, hearing loss is divided into two categories- conductive and sensorineural. Conductive hearing loss is caused by problems in the outer and middle ear, which can prevent sounds from getting through to the inner ear. Sensorineural hearing loss happens when the delicate nerve fibers in the inner ear get damaged. This stops them from transmitting sound properly.
Asia-Pacific is anticipated to be the fastest-growing by 2030
In Asia-Pacific, with the growing awareness and greater expectations for quality of life and improving elder care funding, the markets in this region are poised to grow significantly through the forecast period. These markets also are expected to benefit from the growing availability of cost-effective AT products, particularly for less complex product types such as wheelchairs and daily living aids. China and Taiwan have emerged as low-cost manufacturing locations for assistive devices.
The market is highly competitive, and market participants face significant competition from international and domestic manufacturers and distributors. Customers typically make product selections based on quality, features, alignment with local reimbursement requirements, ability to reduce total cost of care and customer service.