Wilmington, Delaware, Oct. 09, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, "Assistive Devices for Vulnerable Groups Market by Product (Hearing & vision aids, Mobility assistive devices, Bathroom safety equipment and Medical furniture), and End-user (Hospitals, Home care and Others): Global Opportunity Analysis and Industry Forecast, 2024-2033". According to the report, the assistive devices for vulnerable groups market was valued at $31.4 billion in 2023, and is estimated to reach $54.9 billion by 2033, growing at a CAGR of 5.7% from 2024 to 2033.
The rise in aging population, surge in number of disabilities, and increase in focus of key players toward innovative assistive devices for vulnerable groups technologies are expected to drive the growth of the assistive devices for vulnerable groups market.
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Prime determinants of growth
The global assistive devices for vulnerable groups market is experiencing growth due to several factors such as the significant rise in mobility impairment disorders, lifestyle changes, and availability of a variety of disabled & elderly assistive products. Wheelchairs, scooters, canes, crutches, walkers, and other assistive equipment are useful tools for reducing the effects of mobility limits on those with disabilities, promoting better walking and more independence. In addition, the number of older people worldwide is growing, making the use of assistive technologies more and more important. In addition, considerable increase in demand for assistive devices due to rise in trend of an independent lifestyle further fuels the market growth. Furthermore, increase in number of assistive devices manufacturers investing in the R&D activities of these technologies is estimated to boost the market growth.
Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2024–2033 |
| Base Year | 2023 |
| Market Size in 2023 | $31.40 billion |
| Market Size in 2033 | $54.87 billion |
| CAGR | 5.7% |
| No. of Pages in Report | 280 |
| Segments Covered | Product, End User, and Region. |
| Drivers |
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| Opportunities |
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| Restraint |
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Segment Highlights
Mobility assistive devices dominated the market in 2023
The demand for mobility assistive devices in the product segment for vulnerable groups is expected to surge owing to a significant increase in the number of elderly individuals who often require mobility assistance due to age-related conditions such as arthritis, osteoporosis, and reduced muscle strength. An increase in chronic conditions such as diabetes, cardiovascular diseases, and obesity often result in mobility impairments. There is a higher incidence of accidents and injuries requiring temporary or permanent mobility support. Development of advanced mobility aids, including electric wheelchairs, mobility scooters, and smart canes, offer enhanced functionality and user comfort.
Homecare is likely to be lucrative in 2033
The homecare segment is expected to surge owing to the need for homecare services that provide medical and non-medical support for the elderly. Growth is anticipated in remote patient monitoring and telehealth services, allowing for continuous care at home. Further, homecare is often more cost-effective than long-term stays in hospitals or care facilities, reducing overall healthcare expenses.
Regional Outlook
By region, North America held the largest market share in the terms of revenue in 2023, the global assistive devices for vulnerable groups market revenue, and is likely to dominate the market during the forecast period. This is attributed to its advanced technology infrastructure, strong demand & availability of assistive devices for vulnerable groups availability of well-developed healthcare facilities, and technologically advanced laboratories. In addition, ongoing technological advancements drive the market growth in the region.
However, the Asia-Pacific region is expected to witness rapid industrialization in countries like China and India which has led to the establishment and expansion of manufacturing facilities, including advancements and accessibility of such products, a surge in the geriatric population, increase in the prevalence of chronic diseases, and increase in healthcare expenditure.
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Key Players: -
- 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)
- Pride Mobility Products Corporation
The report provides a detailed analysis of these key players in the global assistive devices for vulnerable groups market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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