A new Transparency Market Research report states that the global elderly and disabled assistive devices marketwas valued at US$12.3 bn in 2012 and is predicted to reach US$19.6 bn by 2019. It is expected to expand at a CAGR of 6.90% between 2013 and 2019. The title of the report is “Elderly and Disabled Assistive Devices Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 – 2019”.
As per the report, the increasing disabled population and geriatric population, rising funding by governments, and launch of new cutting-edge products including powered wheelchairs, implants, sensor-based door openers, and portable reading machines have fuelled the market for elderly and disabled assistive devices. On the other hand, the expansion of the market may be inhibited in the coming years due to rising product prices. For instance, advanced hearing aids such as bone anchored aids cost about US$10,000 per device at present.The report segments the elderly and disabled assistive devices market on the basis of type, product, and geography.
On the basis of type, the market is segmented into medical mobility aids and ambulatory devices and medical furniture and bathroom safety products. Medical mobility aids and ambulatory devices include mobility scooters, wheelchairs, cranes and crutches, transfer lifts, door openers, walkers and rollators, and others including pillows, back supports, and cushions.
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On the other hand, medical furniture and bathroom safety products include medical beds, ostomy products, bars and railings, commodes and shower chairs, and others including pool lifts, bath lifts, hearing aids, and vision and reading aids. Hearing aids are further segmented into receiver-in-the-ear (RITE) aids, in-the–ear (ITE) aids, behind-the-ear (BTE) aids, cochlear implants, and bone anchored hearing aids. Vision and reading aids are further segmented into reading machines, braille translators, video magnifiers, and others including kitchen appliances and books.