LONDON--(BUSINESS WIRE)--The global elderly and disabled assistive solutions market is expected to post a CAGR of more than 8% during the period 2019-2023, according to the latest market research report by Technavio.
A key factor driving the growth of the global elderly and disabled assistive solutions market is the increasing number of disabled and aged people. The geriatric population is growing at a rapid pace globally owing to the rise in life expectancy. A significant part of the elderly population suffers from ambulatory disabilities, which affect the movement of lower limbs, thus making walking and other related activities difficult. Thus, the need for mobility equipment such as walkers and wheelchairs and BSE is high among this demography. Therefore, the growth in the number of people with physical disabilities, along with increasing awareness of the health benefits of using elderly and disabled assistive solutions will drive market growth during the forecast period.
As per Technavio, the growth of medical tourism will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global elderly and disabled assistive solutions market 2019-2023 research report also analyzes other significant trends and market drivers that will affect market growth over 2019-2023.
Global elderly and disabled assistive solutions market: Growth of medical tourism
Many developing countries, such as China, Thailand, and India, offer high-quality treatment at a lower cost than developed nations. This has resulted in the influx of patients to these countries to avail of different healthcare services at reduced prices. The primary hotspots for the medical tourism sector are China, India, Thailand, Malaysia, Singapore, Brazil, South Korea, the Philippines, Colombia, Mexico, Belgium, and Turkey. Thus, the medical tourism industry is growing at a significant rate, which will increase the demand for elderly and disabled assistive solutions during the forecast period.
“Apart from the growth of medical tourism, factors such as increasing online retail sales, growing customization, rising number of road accidents, and growing initiatives by governments and NGOs will positively impact the growth of the elderly and disabled assistive solutions market during the forecast period,” says a senior research analyst at Technavio.
Global elderly and disabled assistive solutions market: Segmentation analysis
This market research report segments the global elderly and disabled assistive solutions market by product (hearing devices, mobility and ambulatory devices, healthcare furniture and BSE, and vision and reading aids) and geographic regions (North America, Europe, Asia, and ROW)
The North America region led the market in 2018, followed by Europe, Asia, and ROW, respectively. The market growth in North America can be attributed to the prevalence of advanced healthcare facilities, rising healthcare spending, and the presence of government organizations such as Medicaid, which provide medical aid to people with limited income and financial resources.
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Five Forces Analysis
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