Elderly and disabled population are dependent, to a great extent, on other people or devices that support them in their day-to-day activities such as locomotion, proper vision and hearing, and more importantly safety while performing these activities. Assistive devices provide greater independence to elderly and disabled population in performing their tasks, which can otherwise be a tedious task. Assistive devices such as ambulatory aids, hearing aids, braille translators, and text-to-speech readers enhances accessibility and convenience for disabled people.
Market Dynamics:
Aging upturns the dependency on others or assistive devices, for daily activities and living quality life. According to a report published in March 2016 by the U. S. Census Bureau, the share of world population aged 65 years and above is projected to increase from 8.5 % in 2015 to 12 % by 2030 and further increase to 16.7 % by 2050. The report also states that the population in Asia and Latin America are rapidly aging. Japan is touted to be the oldest major country worldwide, with 26.6 % of its population being aged 65 years and above in 2015. Therefore, demand for elderly assist devices such as hearing aids, reading aids and locomotive equipment( wheelchair, cranes and crutches) is projected to be high in Asia and Latin America during the forecast period( 2016 – 2024).
However, the elderly and disabled assistive devices market, is witnessing intense competition especially from regional players as they offer products at a much cheaper rate. In order to overcome this challenge, market players are projected to focus on strengthening their distribution network and promote sales through strategic collaboration with distributors, hospitals, retailers and direct-toconsumers.
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Market Taxonomy: