The elderly and disabled assistive solutions market will register a CAGR of over 8% by 2023

Date : 06/13/2019 @ 1:08AM
Source : PR Newswire (US)

The elderly and disabled assistive solutions market will register a CAGR of over 8% by 2023

NEW YORK, June 12, 2019 /PRNewswire/ -- About this market

Several growing initiatives by governments and NGOs for promoting the awareness about physical disabilities among the people is driving the elderly and disabled assistive solutions market growth during the forecast period. In many counties, the government is taking several initiatives to promote awareness about physical disabilities among people. They are organizing various programs and camps for people with physical disabilities.

Read the full report: https://www.reportlinker.com/p05778675/?utm_source=PRN

Furthermore, the rise in medical costs has made it necessary for people who are elderly or with disabilities to depend on medical insurance policies. Certain personal assistance devices such as walk-in bathtubs bath lifts, grab bars, and handheld showerheads have costly installation charges. The presence of government initiatives and medical insurance reduces the pricing pressure on assistive solutions, especially for elderly and disabled people, and thus is expected to augment the growth of the global market during the forecast period. Our analysts have predicted that the elderly and disabled assistive solutions market will register a CAGR of over 8% by 2023.

Market Overview

Growing number of road accidents resulting in serious injuries

Injuries that commonly occur while playing sports, as well as those sustained in road accidents, are the two significant factors for the increasing use of mobility devices and BSE globally. These injuries can result in dislocations and fatal fractures, and patients need to undergo surgery to treat them. The rise in the number of accidents and serious injuries will fuel the growth of the global elderly and disabled assistive solutions market. These devices provide comfort and care to patients with such injuries and can help these people in performing their basic daily tasks with relative ease and safety.

High cost of solutions

Many disabled and older adults are opting for various assistive devices. However, the high price of these devices hinders their full-scale adoption, especially among middle-income and lower-income class groups. The high level of technological innovation and the extremely concentrated market scenario allow manufacturers to justify the premium pricing for advanced assistive solutions for the elderly and disabled, thus restricting the growth of the market during the forecast period.

For the detailed list of factors that will drive and challenge the growth of the elderly and disabled assistive solutions market during 2019-2023, view our report.

Competitive Landscape

The market appears to be moderately fragmented, and with the presence of several companies, including Demant AS and Drive DeVilbiss Healthcare, the competitive environment is quite intense. Factors such as growing initiatives by governments and NGOs and the growing number of road accidents resulting in serious injuries will provide considerable growth opportunities to elderly and disabled assistive solutions manufacturers. Invacare Corp., NOVA Medical Products, and Sonova Holding AG. are some of the major companies covered in this report.

Read the full report: https://www.reportlinker.com/p05778675/?utm_source=PRN

About Reportlinker
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SOURCE Reportlinker

Copyright 2019 PR Newswire

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