Elderly and Disabled Assistive Technologies Market: Tech Overview

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Elderly and Disabled Assistive Technologies
Market Tech Overview By Sukanya
Mukherjee Elderly and disabled assistive devices
constitute cognitive aids, mobility aids, and
rehabilitative devices that provide extra
accessibility to individuals with cognitive
impairments, disabilities, and difficulties.
These techniques assist disabled and elderly
people enhance their quality of life, improve
health results, provide independent living
alternatives, and decrease healthcare expenses.
According to Inkwood Research, the global elderly
and disabled assistive technologies market is set
to propel a 4.95 CAGR by the end of the forecast
period, 2022- 2030. Additionally, lifestyle
changes, a rise in the geriatric disabled
population, and the availability of elderly and
disabled assistive products drive the market. In
addition, increased demand for assistive
technologies due to the trend of independent
lifestyles fuels market growth. Furthermore,
growth in the number of assistive device
manufacturers investing in the RD activities of
these technologies boosts the market
growth. However, high-cost sophisticated
products, comparatively low acceptance of
particular products, and lacking medical
insurers' reimbursement restrain the market
growth. Conversely, an increase in the
proactiveness of people, a rise in health
consciousness, and a surge in the number of
non-communicable diseases among people are
anticipated to provide lucrative growth
opportunities for market growth.
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Growing Health Expenditure due to Geriatric
Population There has been a significant surge in
the aging population over the past few years.
According to an analysis by World Health
Organization, the proportion of the world's
geriatric population is predicted to reach from
12 in 2015 to 22 in 2050. In addition, the
report suggests that in 2020, the number of
people aged 60 and more outweighed youngsters
under 5. Therefore, the rapidly surging number of
senior citizens is offering the necessary boost
for developing the elder care services
sector. Also, improved daycare facilities and
increased elderly-care centers are accelerating
revenue generation. In addition, several daycare
centers provide adequate medical supervision by
trained medical workers. Moreover, the
geriatric-care industry's daycare facilities
sector is expanding because of the increased use
of daycare services due to busy daily schedules
and the cost-effectiveness of such
facilities. Furthermore, hospitalization fees for
the elderly are a source of financial restrain
for their families because of the unavailability
of end-to-end reimbursement policies. Discharged
elderly patients opt for home-assisted living or
long-term care by elderly caregivers. This
approach is both cost-effective and offers
superior results. Technological Advancements
Assistive Products with Significant Demand
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• Artificial intelligence in healthcare and the
  development of cell phone technologies have given
  rise to various tracking software, now used to
  monitor the diet medicine and even the movement
  of elderly patients. Few applications allow users
  to get notified about sudden body movements.
  Hence, targeted messaging tools and applications
  are emerging as niche markets because of chronic
  illnesses among the elderly and advances in
  preventative care technologies.
• Mobile Aids Devices
• The mobility aids devices segment is expected to
  register the highest growth rate during the
  forecast period. This is owing to the
  technological advancements in mobility medical
  devices, which have resulted in a breakthrough of
  many advanced types, including new generation
  five- wheel layout mobility scooters, heavy-duty
  crutches, and ultralight rollators. Such
  advancements in the mobility assistance devices
  segment attract many players to focus on
  incorporating modern technology and capabilities
  into their equipment to meet the growing demand
  for special needs type and equipment.
• Medical Furniture and Bathroom Safety Equipment
• The medical furniture and bathroom safety
  equipment segment also possesses huge market
  potential. The market is witnessing a shift from
  traditional mobility devices to advanced, high-
  tech ones such as door openers, automated medical
  beds, and reclining chairs. In addition, the high
  adoption of bath and safety devices, owing to the
  growing rate of disability, has attracted key
  players to invest in the research and development
  of novel bath and safety type and their
  commercialization.
• Accordingly, many market players, such as Siemens
  AG and Invacare Corporation, have developed
  several innovative bathroom and safety devices,
  such as bath lifts, toilet safety frames, shower
  and commode chairs, transfer benches, grab bars,
  etc., and raised toilet seats.
• Future Of Assistive Techs
• According to a report released by the Centers for
  Disease Control and Prevention, in the United
  States, over 61 million adults live with a
  disability, and 13.7 have a mobility disability.
  For several years, technology that enabled
  movement was limited to canes, walkers,
  wheelchairs, hearing aids, and crutches. However,
  over the past years, medical applications have
  successfully benefited from using various
  intelligent technologies, such as IoT and
  artificial intelligence (AI), in particular
  knowledge-based systems, to support practitioners
  in decision-making under uncertainty. Hence,
  these tech advancements are set to propel the
  global elderly and disabled assistive technology
  market demands.

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• Frequently Asked Questions (FAQs)
• What are the major segments analyzed in the
  global elderly and disabled assistive
  technologies market report?
• A Product type and end-user segments are
  analyzed in the global elderly and disabled
  assistive technologies market report.
• What is the leading market trend in the global
  elderly and disabled assistive technologies
  market?
• A The popularity of speech recognition software
  is a leading market trend in the global elderly
  and disabled assistive technologies market.