According to the latest report published by Credence Research, Inc. “Disabled and Elderly Assistive Technologies: Market Growth, Future Prospects and Competitive Analysis, 2016-2022,” the disabled and elderly assistive technologies market was valued at USD 17,012.9 Mn in 2015 and is expected to reach USD 27,270.6 Mn by 2022, with the market progressing at a CAGR 7.0%from 2016-2022.
Assistive technologies are designed to provide additional accessibility to individuals with physical or cognitive difficulties, impairments, and disabilities. The disabled & elderly assistive technologies market comprises of various products such as mobility assistance, assistive furniture, bathroom safety and assistive products, communication aids, incontinence and ostomy products, activity monitors and location monitors. The end users of disabled & elderly assistive technologies are home care, hospitals and nursing homes, and assisted living facilities. Geographical segmentation of global disabled & elderly assistive technologies market comprises North America, Europe, Asia-Pacific, Latin America and Middle East & Africa further segmented into key countries with highest potential in disabled & elderly assistive technologies market.
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The major factors driving disabled & elderly assistive technologies market are high disposable income of baby boomers, rising demand for disabled and elderly assistive technologies, high adoption rate of novel technologies and supportive reimbursement policies. On the other hand, the expansion of the market may be inhibited in the coming years due to rising product prices. Although more developed countries have the oldest population profiles, the vast majority of older people—and the most rapidly aging populations—are in less developed countries. Between 2010 and 2050, the number of older people in less developed countries is projected to increase more than 250%, compared with a 71% increase in developed countries. Market experts suggest this remarkable phenomenon is being driven by decline in fertility and improvements in longevity. With fewer children entering the population and people living longer, older people are making up an increasing share of the total population.
Among the product types, communication aids segment was observed as the largest segment and is anticipated to maintain its lead during the forecast period 2016-2022. The key factors assisting the growth of communication aids product segment are high prevalence of hearing loss, rising aging population and technological advancements. High potential growths in emerging nations have opened an array of opportunities for the market.
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