Global Disabled and Elderly Assistive Technologies Industry

Global Disabled and Elderly Assistive Technologies Industry

  • April 2021 •
  • 376 pages •
  • Report ID: 5988003 •
  • Format: PDF
Abstract:
- As the World’s Population Ages, New Healthcare Challenges Will Need to Be Managed With Great Planning & Care to Avert a Social Crisis. Disabled & Elderly Assistive Technology to Reach $34 Billion
- The global market for Disabled & Elderly Assistive Technology is projected to reach US$34 billion by the year 2027, trailing a post COVID-19 CAGR of 5.6% over the analysis period 2020 through 2027. Advances in medical technology, healthcare and lifestyle are resulting in people living longer than ever before. Advancements in treatment of heart disease, cancer & stroke although has reduced mortality has increased the risk of people living longer with ever deteriorating quality of life & long-term disability. Therefore there is a pressing need for communities to rethink issues such as housing, transportation, social services, health & wellness programs. Assistive technology refers to technology, devices and equipment used for providing assistance to the elderly population or people suffering from disabilities. Elderly people and disabled individuals confront significant difficulties in independently carrying out activities of daily living (ADLs) or even with assistance. ADLs refer to routine self-care activities such as mobility, eating, dressing, grooming, toileting, bathing and personal devices care. Assistive technologies are designed to provide assistance to such individuals facing limited capabilities in performing ADLs. With assistive technology, it is possible to provide some degree of independence to people and enabling them to perform tasks that would otherwise be difficult to carry out. Mobility assistance, assistive furniture aids, bathroom safety & assistance products, and communication aids, among others. For instance wheelchairs offer independent mobility to people who cannot walk, whereas some assistance devices help people in feeding aids. Besides enabling people with disabilities and the elderly to lead independent and social lives, assistive technology is also important for reducing institutional costs.
- The pandemic has brought into focus aging-in-place is a powerful driver for assisted living technologies with over 9 in 10 seniors expressing willingness to live in their current homes over the next 6 to 12 years. Aging-in-place is making a comeback after devastating statistics of virus mortalities in nursing homes. The pandemic’s impact was the worst on senior living facilities. Thousands of seniors died both because of the virus and because of ignored advices of over a decade that senior care facilities can be the most vulnerable places during such public health emergencies and therefore need much precaution. More than 50% COVID-19 fatalities across Europe were in nursing homes while in the US around 40% of all deaths due to virus were in long term care facilities, as per the WHO. In the United States, several states failed to recognize this vulnerability in the initial days. Not much was done for protecting senior care facilities and nursing homes. Senior care facilities are more complex than nursing homes. They are a combination of numerous products, services, providers and payors, taking care of more than 50 million US population, aged over 65. Majority residents in senior care facilities struggle with chronic conditions and cognitive disorders. These people are completely dependent for their daily living on dedicated caretakers at long term care facilities. Social isolation and poverty also impact most of these seniors.
- In addition the pandemic has also brought definitive changes to how senior living providers are conducting their business. Facilities are now compelled to rethink strategies for better coordinating care. One of the major changes that the pandemic brought forth is the care centers becoming more of healthcare providers. Earlier, focus of the facilities was primarily on providing care and housing to seniors while for healthcare services for the residents they relied on outside healthcare services. This old model is anticipated to gradually fade and the model of providing healthcare to older adults, in the senior care facilities itself would become predominant. The pandemic led to older adults increasingly fear hospitals, doctor’s office or emergency rooms as these places have been linked to the deadly coronavirus spread. Senior living providers are now able to better coordinate healthcare service while at the same time offering social engagement and programming that the facilities are known for. Also, many facilities are not providing healthcare services to their residents by themselves but instead entering into partnerships with dedicated healthcare providers that offer care at facilities. Nonetheless, whether they provide healthcare services themselves or engage other providers, the facilities would now have to become more aggressively involved in managing health conditions of residents because it is on this parameter that the centers would be judged. Senior living facilities are also making the most of modern technologies such as AI, remote monitoring and telehealth among others. Use of telehealth skyrocketed during the COVID-19 pandemic, especially for helping seniors residing at long-term care facilities and the trend of rapid growth is anticipated to continue well into the future. A massive opportunity is therefore taking shape for technologies & products that enable independent living & empower caregivers to provide a higher level of care.

- Select Competitors (Total 163 Featured) -
  • Demant A/S
  • DRIVE MEDICAL
  • GN Hearing A/S
  • Invacare Corporation
  • MED-EL (Austria)
  • NORDIC CAPITAL (SUNRISE MEDICAL LLC)
  • Ottobock SE & Co. KGaA
  • Permobil Group (Sweden)
  • Pride Mobility Products® Corporation
  • Sonova Holding AG
  • Starkey Hearing Technologies
  • Widex A/S
  • WS Audiology Denmark A/S