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The assistive devices for vulnerable groups market was valued at $31.4 billion in 2023, and is projected to reach $54.9 billion by 2033, growing at a CAGR of 5.7% from 2024 to 2033.
Assistive devices are adaptive and rehabilitative medical devices, ranging from mobility aids like wheelchairs and walkers to communication tools such as hearing aids and speech-generating devices. These devices are designed to improve independence, accessibility, and overall well-being of individuals with disabilities, those with chronic health conditions, and elderly.
The growth of the global assistive devices for vulnerable groups market is majorly driven by alarming rise in the number of individuals living with disabilities or chronic health conditions and increase in awareness of the needs of vulnerable groups along with the benefits of assistive devices. According to a study published by teh World Health Organization in March 2023, approximately 1.3 billion individuals live with some form of disability, representing 16% of the global population. In addition, surge in geriatric population is a ket factor contributing toward the market growth. This is attributed to the fact that aged individuals are highly susceptible to disabilities due to natural, age-related degenerative processes. As per the World Health Organization, the number of people aged 60 years and older was 1 billion in 2019. This number is estimated to increase to 1.4 billion by 2030 and 2.1 billion by 2050. Thus, the number of disable individuals are estimated to rise due to aging population and increase in chronic health conditions in the coming future, which, in turn, is likely to boost the market growth. Furthermore, increase in healthcare expenditure and development of healthcare infrastructure in emerging economies are making assistive devices more accessible to a broader population, augmenting the market growth. However, high cost associated with assistive devices, such as advanced wheelchairs, hearing aids, and home modifications, can be prohibitive for many individuals, especially in low-income settings or for those on fixed incomes, thus hampering the market growth. In addition, lack of awareness about assistive devices and their benefits acts as a key deterrent factor of the global market. Moreover, lack of appropriate health facilities to meet population needs in most countries and limited access restrain the market growth. On the contrary, increase in unmet demand for mobility aids is expected to offer remunerative opportunities for the growth of the global market during the forecast period. As per the estimates of the World Health Organization, the need for assistive devices will rise to 3.5 billion by 2050. Furthermore, innovations in technology, such as improved materials, smart devices, and AI-driven solutions, are enhancing the functionality and accessibility of assistive devices, which are expected to open new avenues for the growth of the global market.
The global assistive devices for vulnerable groups market analysis is segmented into product, end user, and region. Depending on product type, the market is classified into hearing & vision aids, mobility assistive devices, bathroom safety equipment, and medical furniture.? As per end user, it is classified into hospitals, home care, and others. Region-wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Key Findings
Depending on product type, the mobility assistive devices dominated the market in 2023.
As per end user, homecare is likely to emerge as a leading segment by 2033.
Region wise, North America held the largest market share in the terms of revenue in 2023; however, Asia-Pacific is expected to witness notable growth during the forecast period.
Competition Analysis
Competitive analysis and profiles of the major players in the global assistive devices for vulnerable groups market include GN Resound Group, Starkey Hearing Technologies, Siemens AG, William Demant Holding A/S, Sonova Holding AG, AI Squared, Invacare Corporation, Drive Medical, Nordic Capital (Sunrise Medical LLC), and Pride Mobility Products Corporation. These major players have adopted various key development strategies such as business expansion, new product launches, and partnerships to sustain the intense competition and gain a strong foothold in the global market.
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