About Aid for The Elderly and Disabled
Aid for the elderly and disabled meets the needs and expectations of senior citizens and the disabled. It includes services such as assisted living, adult day-care, long-term care, nursing homes (also known as residential care), hospice care, and home care. It is currently estimated that 15% of the global population, or approximately 1 billion people, suffer from one or more disabling conditions. More than 46% of older people (those aged 60 and up) have a disability, and more than 250 million older people have moderate to severe disabilities. With rising life expectancy, more people are reaching an age where declining physical and mental health forces them to rely on others for assistance. This has an effect on long-term care spending, which is rising faster than health and pension spending.
Attributes | Details |
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Study Period | 2017-2027 |
Base Year | 2021 |
Unit | Value (USD Million) |
To entice more end users, market players are focusing on providing Aid to the elderly and disabled with higher quality while adhering to all regulatory standards. In the global Aid for the elderly and disabled market, there are numerous large and small-scale service providers. They are also concentrating on the implementation of numerous advanced technologies in the development of better scents. Furthermore, the numerous industry profits have led to the entry of new players, raising the level of rivalry in an already competitive market. The Aid for the elderly and disabled market is currently expanding due to the rapid advancement of biotechnology and AIML. Some of the key players in this market follow strategies, which include new product offerings, product approvals, partnerships and alliances, mergers and acquisitions, and business expansions. Analyst at AMA Research estimates that Europe Players will contribute the maximum growth to Global Aid for The Elderly and Disabled market throughout the forecasted period. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Ai Squared (Japan), Bausch & Lomb, Inc. (Canada), Blue Chip Medical Products, Inc. (United States), Drive Medical Design and Manufacturing (United States), Freedom Scientific Inc. (United States), GN Resound Group (Denmark), Invacare Corporation (United States), Permobil AB (Sweden), Siemens Healthineers AG (Germany) and Sonova Holding AG (Switzerland) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research coverage are Sunrise Medical, LLC (United States), William Demant Holding A/S (Denmark) and Wintriss Engineering Corporation (United States).
Segmentation Overview
AMA Research has segmented the market of Global Aid for The Elderly and Disabled market by Type (Mobility Aids Devices, Reading and Vision Aids, Hearing Aids, Medical Furniture and Bathroom Safety Devices), Application (Hearing disability, Mobility and Others) and Region.
On the basis of geography, the market of Aid for The Elderly and Disabled has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Components, the sub-segment i.e. Hardware will boost the Aid for The Elderly and Disabled market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by End User, the sub-segment i.e. Hospitals will boost the Aid for The Elderly and Disabled market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Aid for The Elderly and Disabled Market Dynamics:
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Growth Drivers | - The subsequent increase in chronic disorders in the elderly has been driving the market growth
- The rapid technological advancement has been offering better technology for an independent lifestyle
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Influencing Trends | - The growing healthcare cost has made people more health conscious
- Technological development by integration of sensor technology and IoT
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Restraints | - Low reimbursement from medical insurers is restraining the growth of the market
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Road Blocks / Challenges | - The high cost of products and low level of acceptance for few products
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Gaps & Opportunities | - The growing geriatric population will be bringing more opportunities for market
- The technological advancement of AI has brought many opportunities for better products
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After five years of development, In July 2022, Intuition Robotics officially released the ElliQ system this spring to help the aging population stay active, connected, and engaged.
The ADIP Scheme is in operation since 1981 with the main objective to assist the needy disabled persons in procuring durable, sophisticated and scientifically manufactured, modern, standard aids and appliances that can promote their physical, social and psychological rehabilitation by reducing the effects of disabilities and enhance their economic potential. Assistive devices are given to PwDs with an aim to improve their independent functioning and to arrest the extent of disability and occurrence of secondary disability. The aids and appliances supplied under the Scheme must have due certification. The scheme also envisages conduct of corrective surgeries, wherever required, before providing an assistive device.
Key Target Audience
Biotechnology Companies, AIML Companies, Consumer Electronics Companies, Nursing Homes, Healthcare Industry, New Entrants and Investors, Venture Capitalists, Government Bodies, Corporate Entities, Government and Private Research Organizations and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.