Global Elderly and Disabled Assistive Devices Market: Efforts on the Rise to Improve Quality of Living
The increasing funding by governments, the rise in disabled and geriatric population, and the introduction of innovative, cutting-edge technology have spurred the growth of the global elderly and disabled assistive devices market. Research indicates that the value of this market is poised to expand from US$12.3 bn in 2012 to US$19.6 bn by 2019, registering a 6.90% CAGR therein.
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Number of Geriatrics to Exceed Number of Children in Three Decades
According to the United Nation’s report titled ‘World Population Ageing 2013’, globally, the share of geriatric population – aged 60 and above – was 11.70% in 2013 and this is estimated to grow to 21.10% of the world population by 2050. In numbers, there were an estimated 841 million people aged 60 or over in 2013, which is projected to exceed 2 billion in 2050. The report states that for the first time, older persons are anticipated to surpass the number of children in 2047. This rise in geriatric population is a key factor driving the global elderly and disabled assistive devices market.
Another interesting point the 2013 UN report mentions is that an estimated 40% of geriatrics live independently, either alone or only with their spouse. Living alone ups the need and demand for assistive devices such as mobility aids, vision, hearing, and reading aids, and bathroom safety products. The report reveals that independent living is more common in developed countries. Compared to a quarter of older persons living independently in developing countries, around three quarters of elderly persons live by themselves in developed countries. This explains why the North American region is presently the largest market for elderly and disabled assistive devices.
Surging Demand for Enhanced Rehabilitation and Assistance for People with Disabilities
The World Health Organization states that around 15% of the global population lives with one or the other form of disability and of this, 2-4% have severe difficulties in functioning. The global estimate for disability has been on the constant rise owing to the rapid spread of chronic diseases, the increase in ageing population, and improvements in disability measuring methodologies.
People with disabilities need improved services such as rehabilitation, healthcare, and support and assistance. Public and private organizations, medical devices companies, and governments around the world have been working tirelessly to develop assistive devices for the disabled so as to improve their quality of living.
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Just this month, digital health company Neurotrack released its first product, Neurotrack’s Imprint. This digital cognitive assessment test will help speed up the research and treatment of cognitive diseases such as Alzheimer’s by enabling earlier and more effective assessment of patients who may be at risk for cognitive decline. The company has raised US$6.5 mn to fund its research and product development.
Efforts such as these have significantly fueled the global elderly and disabled assistive devices market.