Assistive Devices for Vulnerable Groups Market 2024 – Market Size & Segments Analysis, Industry Trends, Manufacturers Analysis, Opportunities and Forecast 2034

The assistive devices are the technologies that help and assist people with disabilities including hearing, communication, vision, etc., to live independently. It helps them to be more productive by helping them in their mobility, daily living tasks and overcome cognitive limitations.    

MARKET OVERVIEW 

The market valuation of the assistive devices for vulnerable groups market was valued at approximately USD 31.4 billion in 2023 and is projected to reach USD 57.6 billion in 2034 exhibiting a CAGR of 5.5% during the forecast period of 2024-2034. Assistive devices for vulnerable groups helps people with disabilities improve their quality of life. The market is aligned with the healthcare sector, which makes it a sustainable and growing market. 

GROWTH DRIVERS 

The rise in aging population globally is one the significant drives of the market as old age group people are more incident to hearing loss and vison impairment. The United Nations highlights that the percentage of the global population aged 65 and above is expected to rise from 10% in 2022 to 16% in 2050. Thus, the rising geriatric population drives the market growth.

The rise in prevalence of disability due to developing conditions such as depression, asthma, diabetes, stroke, obesity or poor oral health drives the demand for assistive technologies. World health organization states that around 1.3 billion people experience significant disability which represents 16% of the world’s population. The increase in the number of people with disabilities supports the market growth.

The worldwide government initiatives like the US Assistive Technology Act and European Accessibility Act mandate the provision of assistive devices and funding for the same contribute towards market growth. The increase in awareness and advocacy initiatives by WHO and Central Health Education Bureau drives the awareness and importance of the assistive devices for vulnerable groups drives the adoption of the market. 

 MARKET SEGMENTATION: 

·         By Product Type- mobility, hearing, vision/reading, bathroom safety and communication 

·         By Region- North America, Europe, Asia Pacific, Middle & Africa and South America  

Assistive Devices for Vulnerable Groups Market Segment By Product Type Review: 

The mobility segment includes the wheelchairs, walkers, canes, crutches, scooters, etc. that are designed to help the individual that has limited movement or has balancing issues where these devices are used by person who is suffering from the disability, injury or any age-related mobility challenges. The hearing device includes hearing aids or implants that are designed to assist individuals with hearing loss.

The devices comes with various configurations like receiver-in-canal, behind-the-ear (BTE) and in-the-ear (ITE). The vision aid includes the devices like magnifiers, screen readers, braille display and keyboards that are designed to assist the individuals who are suffering from visual impairments or low vision. Communication includes devices that can be controlled through switch, eye control and touch helping the individual with speech impairments or communication difficulties. The bathroom safety devices are used to prevent falls and improve safety for the individuals with balancing issues.   

Assistive Devices for Vulnerable Groups Market Segment By Regional Review: 

North America is a significant market driven by the presence of the aging population coupled with strong government. Europe is a valuable market driven by the aging population coupled with strong government with initiatives like the Accessibility Act. Asia Pacific is a rapidly growing market due to the factors like the rising prevalence of disabilities with improving healthcare systems. The Middle East and Africa market is anticipated to grow driven by the investments in the healthcare sector. South America is another growing market driven by the improving healthcare infrastructure and increase in prevalence of disabilities. 

Key Challenges: 

Most of the assistive devices like advanced mobility aids or hearing aids involves huge investment which makes it unaffordable for a significant population, this limits the adoption of the market. In many countries the healthcare systems and insurance providers offer limited or no coverage on these devices which brings financial burden on the patient, and they may resist buying it, hindering the market growth.  

Competitive Landscape: 

In the highly competitive assistive devices for vulnerable groups market, companies are investing heavily in research and development to innovate and improve their products and services. They are also collaborating, forming strategic partnerships, or acquiring other companies to gain access to new market segments, enhance distribution networks, and increase market share.

The key recent news and developments include- In February 2024, Starkey announced the new product launch of Signature Series, a brand-new line of custom hearing aids with enhancements to Genesis AI. In February 2023, Oticon announced the launch of New Oticon Real Hearing Aid that reduces disruptive sounds, improving clarity and comfort even in challenging environments. 

Global Key Players: 

·         Sonova Holding

·         William Demant Holding

·         Invacare Corporation

·         Sunrise Medical

·         GN ReSound Group

·         Widex

·         Pride Mobility Products

·         Starkey Hearing Technologies

·         AI Squared

·         Drive Medical

·         Other Players