By 2023, the compound annual growth rate of the elderly and disability assisted solution market will exceed 8%

To promote awareness of physical disability, the US government and NGOs have taken steps to promote market growth for the elderly and disability-assisted solutions during the forecast period. Many counties and cities are organizing various activities and camps for physically disabled people.

The increase in medical expenses has made it necessary for the elderly or the disabled to rely on medical insurance. Some personal aids, such as walk-in bathtubs, bathtub lifts, handrails and hand showers, are expensive to install. Government measures and health insurance have reduced the pricing pressure on assisted solutions, especially for the elderly and the disabled, so it is expected to increase global market growth during the forecast period. It is predicted that the compound annual growth rate of the elderly and disabled assisted solutions market will exceed 8% in 2023.

Injuries that commonly occur while playing sports, as well as those sustained in road accidents, are the two significant factors for the increasing use of mobility devices and BSE globally. These injuries can result in dislocations and fatal fractures, and patients need to undergo surgery to treat them. The rise in the number of accidents and serious injuries will fuel the growth of the global elderly and disabled assistive solutions market. These devices provide comfort and care to patients with such injuries and can help these people in performing their basic daily tasks with relative ease and safety.

Many disabled and older adults are opting for various assistive devices. However, the high price of these devices hinders their full-scale adoption, especially among middle-income and lower-income class groups. The high level of technological innovation and the extremely concentrated market scenario allow manufacturers to justify the premium pricing for advanced assistive solutions for the elderly and disabled, thus restricting the growth of the market during the forecast period.

The market appears to be moderately fragmented, and with the presence of several companies, including Demant AS and Drive DeVilbiss Healthcare, the competitive environment is quite intense. Factors such as growing initiatives by governments and NGOs and the growing number of road accidents resulting in serious injuries will provide considerable growth opportunities to elderly and disabled assistive solutions manufacturers. Invacare Corp., NOVA Medical Products, and Sonova Holding AG. are some of the major companies covered in this report.