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Disabled and Elderly Assistive Technologies - Global Market Trajectory & Analytics

  • ID: 5028007
  • Report
  • October 2020
  • Region: Global
  • 376 pages
  • Global Industry Analysts, Inc
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As the World's Population Ages, New Healthcare Challenges Will Need to Be Managed With Great Planning & Care to Avert a Social Crisis. Disabled & Elderly Assistive Technology to Reach $34 Billion

The global market for Disabled & Elderly Assistive Technology is projected to reach US$34 billion by the year 2027, trailing a post COVID-19 CAGR of 5.6% over the analysis period 2020 through 2027. Advances in medical technology, healthcare and lifestyle are resulting in people living longer than ever before. Advancements in treatment of heart disease, cancer & stroke although has reduced mortality has increased the risk of people living longer with ever deteriorating quality of life & long-term disability. Therefore there is a pressing need for communities to rethink issues such as housing, transportation, social services, health & wellness programs. Assistive technology refers to technology, devices and equipment used for providing assistance to the elderly population or people suffering from disabilities. Elderly people and disabled individuals confront significant difficulties in independently carrying out activities of daily living (ADLs) or even with assistance. ADLs refer to routine self-care activities such as mobility, eating, dressing, grooming, toileting, bathing and personal devices care. Assistive technologies are designed to provide assistance to such individuals facing limited capabilities in performing ADLs. With assistive technology, it is possible to provide some degree of independence to people and enabling them to perform tasks that would otherwise be difficult to carry out. Mobility assistance, assistive furniture aids, bathroom safety & assistance products, and communication aids, among others. For instance wheelchairs offer independent mobility to people who cannot walk, whereas some assistance devices help people in feeding aids. Besides enabling people with disabilities and the elderly to lead independent and social lives, assistive technology is also important for reducing institutional costs.

The pandemic has brought into focus aging-in-place is a powerful driver for assisted living technologies with over 9 in 10 seniors expressing willingness to live in their current homes over the next 6 to 12 years. Aging-in-place is making a comeback after devastating statistics of virus mortalities in nursing homes. The pandemic's impact was the worst on senior living facilities. Thousands of seniors died both because of the virus and because of ignored advices of over a decade that senior care facilities can be the most vulnerable places during such public health emergencies and therefore need much precaution. More than 50% COVID-19 fatalities across Europe were in nursing homes while in the US around 40% of all deaths due to virus were in long term care facilities, as per the WHO. In the United States, several states failed to recognize this vulnerability in the initial days. Not much was done for protecting senior care facilities and nursing homes. Senior care facilities are more complex than nursing homes. They are a combination of numerous products, services, providers and payors, taking care of more than 50 million US population, aged over 65. Majority residents in senior care facilities struggle with chronic conditions and cognitive disorders. These people are completely dependent for their daily living on dedicated caretakers at long term care facilities. Social isolation and poverty also impact most of these seniors.

In addition the pandemic has also brought definitive changes to how senior living providers are conducting their business. Facilities are now compelled to rethink strategies for better coordinating care. One of the major changes that the pandemic brought forth is the care centers becoming more of healthcare providers. Earlier, focus of the facilities was primarily on providing care and housing to seniors while for healthcare services for the residents they relied on outside healthcare services. This old model is anticipated to gradually fade and the model of providing healthcare to older adults, in the senior care facilities itself would become predominant. The pandemic led to older adults increasingly fear hospitals, doctor's office or emergency rooms as these places have been linked to the deadly coronavirus spread. Senior living providers are now able to better coordinate healthcare service while at the same time offering social engagement and programming that the facilities are known for. Also, many facilities are not providing healthcare services to their residents by themselves but instead entering into partnerships with dedicated healthcare providers that offer care at facilities. Nonetheless, whether they provide healthcare services themselves or engage other providers, the facilities would now have to become more aggressively involved in managing health conditions of residents because it is on this parameter that the centers would be judged. Senior living facilities are also making the most of modern technologies such as AI, remote monitoring and telehealth among others. Use of telehealth skyrocketed during the COVID-19 pandemic, especially for helping seniors residing at long-term care facilities and the trend of rapid growth is anticipated to continue well into the future. A massive opportunity is therefore taking shape for technologies & products that enable independent living & empower caregivers to provide a higher level of care.

Competitors identified in this market include, among others:
  • Beltone Group
  • Enabling Technologies, Corp.
  • GF Health Products, Inc.
  • GN Hearing A/S
  • Hoveround Corporation
  • INDEX BRAILLE
  • Invacare Corporation
  • Karma Mobility
  • Magic Mobility Pty., Ltd.
  • MED-EL Elektromedizinische Gerate Gesellschaft m.b.H.
  • Medical Depot, Inc. dba Drive DeVilbiss Healthcare
  • Medline Industries, Inc.
  • Ossenberg GmbH
  • Ostrich Mobility Instruments Pvt., Ltd.
  • Ottobock SE & Co. KGaA
  • Permobil AB
  • Persona Medical
  • Pride Mobility Products Corporation
  • Sonova Holding AG
  • Sunrise Medical (US) LLC
  • William Demant Holding A/S

The global analysis and forecast periods covered within the report are 2020-2027 (Current & Future Analysis) and 2012-2019 (Historic Review). Research estimates are provided for 2020, while research projections cover the period 2021-2027.
Note: Product cover images may vary from those shown
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I. INTRODUCTION, METHODOLOGY & REPORT SCOPE

II. EXECUTIVE SUMMARY

1. MARKET OVERVIEW
  • Impact of COVID-19 Pandemic and Looming Global Recession
  • Telecare: The Amalgamation of Technology and Health Care
  • Pandemic Compels Senior Care Facilities to Use Modern Technologies for Offering Better Care
  • An Introduction to Disabled and Elderly Assistive Technology
  • Global Market Outlook
  • Rise in Geriatric & Disabled Population Fuels Need for Assistive Technologies
  • EXHIBIT 1: Global Aging Population Statistics for the 65+ Age Group in Million by Geographic Region for the Years 2019, 2025, 2035 and 2050
  • EXHIBIT 2: Elderly Population (65+ Years) as a % of Total Population by Developed, Less Developed and Least Developed Regions: 2019 & 2030
  • EXHIBIT 3: Life Expectancy at Birth in Years of People in Select Countries for 2020E
  • Recent Market Activity
2. FOCUS ON SELECT PLAYERS

3. MARKET TRENDS & DRIVERS
  • Smart Assistive Technologies Emerge for the Elderly Population
  • Sustained Advancements in Assistive Technologies & Focus on R&D Efforts to Boost Adoption
  • Silver Tsunami Paves Way for a Spate of Innovations in Senior Care
  • Select Innovations in Disabled and Elderly Assistive Technologies
  • Senior-Friendly mHealth and Telehealth Technologies Facilitate Independent Living
  • Digital Inclusion of Elderly and Disabled: Critical for Success of Assistive Living Technologies
  • IoT Solutions to Improve Senior Care and Help Seniors Community Live Independent Life
  • EXHIBIT 4: World IoT Market: Number of Connected Devices (in Million) for Years 2016, 2018, 2020 and 2022
  • Rising Incidence of Physical Disabilities: A Grim Reality Driving Significance of Assistive Living Technologies
  • EXHIBIT 5: Percentage of Population with Disabilities by Age Group
  • A Review of Select Assistive Technologies for the Disabled
  • Increasing Incidence of Musculoskeletal Disorders and Chronic Medical Conditions Propels Market Growth
  • Osteoarthritis & Osteoporosis: Major Health Conditions Affecting Mobility in the Elderly
  • EXHIBIT 6: Global Osteoporosis Prevalence: Number of People with Osteoporosis in Millions by Select Country/Region for 2012 and 2022P
  • EXHIBIT 7: % of Women Affected by Osteoporosis
  • Obesity & Lifestyle Diseases Limit Mobility
  • EXHIBIT 8: World Diabetes and Population Statistics (2019, 2030 & 2045)
  • EXHIBIT 9: Obesity Prevalence Rate (%) in Select Countries for the Years 2019 and 2030P
  • Shift towards Home Healthcare Augurs Well for the Market
  • As Hearing Impairment Emerges as a Major Disability Especially among Elderly, Hearing Devices Provide Aid in Maintaining Independent Lifestyles
  • EXHIBIT 10: Number of People with Disabling Hearing Loss Worldwide in Million for the Years 2015 to 2050
  • Personal Mobility Devices: Need for Mobility Drives Market Growth
  • EXHIBIT 11: Global Personal Mobility Devices Market Breakdown (in %) by Product Type: 2020E
  • Favorable Trends in the Personal Mobility Devices Market Strengthen Market Prospects
  • Wheelchairs: Meeting Mobility Needs of the Elderly & Disabled for Personal, Social, and Professional Fulfillment
  • EXHIBIT 12: Global Wheelchairs Market Breakdown by Region/Country (in %): 2019
  • Powered Wheelchairs: Superior Attributes over Manual Wheelchairs Drive Demand
  • High-tech Wheelchairs for Spinal Cord Injury Patients
  • Stair Lifts: Enabling Easy Movement for Immobile Individuals
  • Design Modifications and Infrastructure Development in Care Facilities & Residences Propels Market
  • Rising Incidence of Cognitive Impairment Issues Drive Focus onto Assistive Speech Technology
  • Progressive Mobility: A Growing Area of Focus in Bed Design
  • Government Efforts to Improve Healthcare Infrastructure and Favorable Insurance Schemes Support Market
  • EXHIBIT 13: World Healthcare Expenditure (In US$ Trillion) for the Years for 2017, 2019, 2021 and 2023
  • EXHIBIT 14: Healthcare Expenditure as a % of GDP by Region for 2019
  • Challenges Confronting Disabled and Elderly Assistive Technology Market
4. GLOBAL MARKET PERSPECTIVE

III. MARKET ANALYSIS
  • GEOGRAPHIC MARKET ANALYSIS
  • UNITED STATES
  • Aging Demographics, Rise in People with Disabilities and Chronic Medical Conditions Support Adoption of Assistive Technologies
  • EXHIBIT 15: US Population by Age Group (in %) for 2018, 2030 & 2050
  • EXHIBIT 16: North American Aging Population (in Thousands) by Age Group: 1975-2050
  • EXHIBIT 17: Arthritis Prevalence (in Millions) in the US for Years 2015, 2020, 2025 and 2030
  • COVID-19 Pandemic Creating Strong Demand Growth Scenario for Telehealth Providers in the US
  • Trend towards Home Healthcare Augurs Well for Market Expansion
  • Growing Population of Americans Suffering from Hearing Loss Drives Need for Hearing Aids
  • EXHIBIT 18: Hearing Impaired Population (in Million) in the US for Years 2000-2020
  • EXHIBIT 19: Percentage Breakdown of Severe to Profound Hearing Impaired Population by Age Group in the US: 2019
  • Stair Lifts Emerge as a Critical Mobility Assistance Technology for the Elderly and Disabled
  • Market Analytics
  • CANADA
  • JAPAN
  • Market Overview
  • EXHIBIT 20: Aging Population in Japan: 65+ Individuals as % of Total Population for 2010-2019
  • Market Analytics
  • CHINA
  • Market Overview
  • Market Analytics
  • EUROPE
  • Market Overview
  • Aging Population: A Key Driver of Market Growth
  • EXHIBIT 21: Elderly Population in Europe: 65+ People as % of Total Population in Select European Countries for 2019
  • Market Analytics
  • FRANCE
  • GERMANY
  • ITALY
  • UNITED KINGDOM
  • REST OF EUROPE
  • ASIA-PACIFIC
  • India: Advancing Assistive Technologies for Disabled Individuals
  • Market Analytics
  • REST OF WORLD
IV. COMPETITION
  • Total Companies Profiled: 163
Note: Product cover images may vary from those shown
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