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 :