Global Market for Disabled and Elderly Assistive Technologies Forecast to Reach $57.9 Billion by 2026, Growing at a CAGR of 5.6% during 2021-2026 – GlobeNewswire
Dublin, Dec. 29, 2021 (GLOBE NEWSWIRE) — The “Global Disabled and Elderly Assistive Technologies” report has been added to ResearchAndMarkets.com’s offering.
The population of the world is growing and ageing. According to World Population Prospects 2019, by 2050, one in six people worldwide will be over the age of 65, up from one in 11 in 2019. The burden of functional and cognitive limitations increases with age in both severity and magnitude. As a result, there is a greater pre…….
Dublin, Dec. 29, 2021 (GLOBE NEWSWIRE) — The “Global Disabled and Elderly Assistive Technologies” report has been added to ResearchAndMarkets.com’s offering.
The population of the world is growing and ageing. According to World Population Prospects 2019, by 2050, one in six people worldwide will be over the age of 65, up from one in 11 in 2019. The burden of functional and cognitive limitations increases with age in both severity and magnitude. As a result, there is a greater prevalence of disability among population groups and an increasing need for assistance and care.
Assistive technology (AT) products are designed to assist people who, because of specific disabilities or the general infirmities that often accompany ageing, would otherwise be unable to participate meaningfully in economic, social, political, cultural and other forms of human activity in their communities. Assistive technology encompasses a broad range of devices, from “low-tech” products such as canes, walkers, etc., to technologically sophisticated products such as voice recognition software and augmentative communication devices. These devices enhance the quality of life for the individual, family members and caregivers. AT significantly enhances disabled people’s access to education, livelihood, health and well-being.
The World Health Organization (WHO) estimates one billion people need assistive technology, a figure that will rise to more than two billion by 2050. Key growth factors driving demand for disabled and elderly assistive technologies/devices include:
- An ageing population
- More people with chronic illnesses
- An increasing preference to deliver healthcare outside hospitals
- A focus on the use of technology to increase productivity and reduce ancillary costs
Given the growing awareness and funding for elderly care, healthcare infrastructure and purchasing power improvements in emerging countries this untapped market provides a vast opportunity for assistive devices manufacturers. Market restraint factors include the high cost of assistive devices, pricing pressures and reimbursement restrictions
The global market for assistive technologies is projected to grow from $44.1 billion in 2021 to $57.9 billion by 2026, growing at a CAGR of 5.6% during the forecast period.
Assistive technologies and devices constantly evolve. Many new and exciting assistive devices for people with disabilities have entered the market that enhances independent living, improve health, enhance social inclusion, and reduce healthcare and living expenses. Continuous technological innovations present more choices, potential, and possibilities for using assistive devices for different types of disabilities, all of which are driving the market growth.
Report Scope
- An updated review of the global market for disabled and elderly assistive technologies (AT)/assistive devices
- Analyses of the global market trends, with historic data from 2019-2020, estimates for 2021, and projections of compound annual growth rates (CAGRs) through 2026
- Evaluation and forecast the overall market size in dollar value terms, and corresponding market share analysis by product …….
