Global Elderly and Disabled Assistive Devices Market is Expected to Reach USD 19.68 Billion in 2019: Transparency Market Research
Transparency Market Research published new "Elderly and Disabled Assistive Devices Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 – 2019" market research report to its report store. Browse the report with Request TOC; visit http://www.transparencymarketresearch.com/elderly-disabled-assistive-devices.html.
Albany, New York, USA (PRWEB) October 25, 2013
According to a new market report published by Transparency Market Research "Elderly and Disabled Assistive Devices Market (Medical Mobility Aids and Ambulatory Devices, Medical Furniture and Bathroom Safety Products, Hearing Aids and Vision & Reading Aids) – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 – 2019," the global elderly and disabled assistive devices market was valued at USD 12.37 billion in 2012 and is expected to grow at a CAGR of 6.9% from 2013 to 2019, to reach an estimated value of USD 19.68 billion in 2019.
Browse the full report with Complte TOC at http://www.transparencymarketresearch.com/elderly-disabled-assistive-devices.html.
The devices that assist the elderly and disabled population patients in their day-to-day activities such as movement, listening and reading are termed as elderly and disabled assistive devices. These devices are both simple and complex in design. Devices such as wheelchairs, cranes, crutches and scooters are simple in design, while hearing aids, reading machines and transfer lifts represent design complexity. The market for these devices can be broadly categorized into medical mobility aids and ambulatory devices, medical furniture and bathroom safety products, vision and reading aids, and hearing aids. The global market for elderly and disabled assistive devices is expected to record a CAGR of 6.9% during the forecast period of 2013 to 2019.
This growth is attributed to the increase in government support and initiatives to ensure availability of these devices for a large consumer population. For instance, the governments of various nations such the U.S., U.K. and Switzerland provide grants to disabled people for purchasing assistive devices, whereas, the Canadian government allows disabled persons to pay little or no tax. A rise in global geriatric and disabled population will also support the growth of this market. It is estimated that the global elderly population will grow to reach a count of around 2,000 million by 2050. The growth of this market may, however, be negatively affected due to high cost of products such as bone anchored hearing aids (BAHA) that cost around USD 10,000. Presently, very few medical insurers reimburse these assistive devices, which will also hinder the growth of this market.
The hearing aids market accounted for the largest share of the total market in 2012, in terms of revenue. This is due to a large number of people suffering from hearing impairments globally, and introduction of technologically advanced products such as cochlear implants and BAHA. However, the medical mobility aids and ambulatory devices market is expected to show the highest growth due to the rising geriatric population and increasing government support in the form of grants and subsidies for the purchase of mobility devices. The market for medical mobility aids and ambulatory devices is expected to grow at a CAGR of over 8% from 2013 to 2019.
Geographically, North America is expected to be the largest regional market since most of the major manufacturers of these devices are based in the U.S. In addition, high disposable incomes and a favorable reimbursement scenario will also support the growth of this market. The Asia-Pacific region is expected to witness the highest growth at a CAGR of 8.1%, owing to the increasing government support and rise in geriatric population significantly.
The key players in the global elderly and disabled assistive devices market include Sonova Holding AG, William Demant Holding A/S, Invacare Corporation, Sunrise Medical LLC, GN ReSound Group, Ai Squared, Drive Medical Design and Manufacturing, and Starkey Hearing Technologies. The market is highly fragmented, with a few key players catering to different segments of the market. For instance, Sonova Holding and William Demant Holding lead the hearing aids segment, whereas, Invacare Corporation and Sunrise Medical LLC lead the medical mobility aids and ambulatory devices market segment.
Elderly and disabled assistive devices comprise of all the devices that are utilized by the population for movement, listening, reading and other activities of life. Geriatric population are not self dependent for various day to day activities of life, they need support of various equipments and devices to perform different needful things of life. In the same manner, disabled people also require these devices. The devices which make their life easy, comfortable and independent are classified as elderly and disabled assistive devices.
Related Report: Elderly and Disabled Assistive Devices Market
The overall elderly and disabled assistive devices market is segmented into medical mobility aids and ambulatory devices, medical furniture and bathroom safety products, vision and reading aids and hearing aids. Each of the segments has been further classified into various sub-segments based on the types of products. Medical mobility aids and ambulatory devices include wheelchairs, medical scooters, cranes and crutches, door openers, walkers and rollators and transfer lifts. Medical furniture and bathroom safety products include medical beds, commodes and showers chairs, ostomy products and bars and railings. Vision and reading aids include Braille translators, reading machines and video magnifiers.
Hearing aids include receiver-in-the-ear aids, behind-the-ear aids, in-the-ear aids, canal hearing aids, bone anchored hearing aids and cochlear implants. The market size and forecast for the period 2011 to 2019, in terms of USD million, considering 2012 as the base year has been provided for each segment and sub-segment in the report. The compounded annual growth rate (CAGR) for each segment has been provided for the forecast period from 2013 to 2019.
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