Latin America Disabled and Elderly Assistive Device Market by Type (Mobility Impairments, Hearing Impairments, Visual Impairments, Cognitive Impairments, and Self-Care), and by End User (Hospitals, Elderly Nursing Homes, Home Care, and Other End Users) – Opportunity Analysis and Industry Forecast, 2024 – 2030
Industry: Healthcare | Publish Date: 02-Oct-2024 | No of Pages: 120 | No. of Tables: 87 | No. of Figures: 52 | Format: PDF | Report Code : HC2698
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Latin America Disabled & Elderly Assistive Device Market Overview
The Latin America Disabled & Elderly Assistive Device Market size was valued at USD 724.1 million in 2023, and is predicted to reach USD 1746.0 million by 2030, at a CAGR of 12.4% from 2024 to 2030.
The Latin America disabled & elderly assistive device market refers to a wide range of products and services designed to support the aging population and individuals with disabilities in maintaining their autonomy and improving their quality of life. This market covers medical furniture, hearing aids, mobility aids and living aids, that are crucial for managing chronic conditions and ensuring safety.
Innovations in these areas are driven by the need to address the growing challenges of an aging population and the diverse requirements of individuals with disabilities, making this market integral to enhancing accessibility and wellbeing. Latin America disabled & elderly assistive device market growth is fueled by growing rate of disabled individuals, rapid technological advancements, and evolving regulatory landscapes, the assistive device industry prioritizes inclusivity and continuously adapts to meet the ever-changing needs of its diverse user base.
Increasing Disability Rates Propels the Demand for Assistive Devices in the Region
The rising disability rate across Latin America significantly driving the demand for assistive devices. As more individuals in the region confront disabilities from aging, chronic illnesses, and accidents, there is an increasing need for advanced assistive devices. These innovations aim to enhance mobility, sensory functions, and overall quality of life for people with disabilities in Latin America.
According to the Government of Brazil report 2023, nearly 18.6 million persons aged 2 years and over in Brazil had some type of disability and 47.2% of persons with disability were aged 60 years and over. This trend underscores the importance of developing and improving devices such as mobility aids, daily living aids, and personalized medical equipment to meet diverse needs and enhance accessibility across the region.
Increasing Aging Population Across the Region Fuels the Growth of the Market
The aging population is a further fueling the demand for assistive devices across the region. As the region's elderly demographic grows, there is an increasing prevalence of age-related health issues and mobility challenges. According to the United Nations report 2022, Latin America’s population aged 60 and more accounted for 88.6 million that is equivalent to 13.4% of total population.
This demographic shift necessitates a greater need for innovative devices and devices that support independent living and improve the quality of life for seniors. The Latin America disabled & elderly assistive device market demand for solutions such as mobility aids, home care equipment, and advanced medical devices is expanding rapidly, driven by the desire to meet the evolving needs of Latin America’s aging population.
The High Cost Associated with Assistive Devices Hinders the Growth of the Market
The high cost of assistive devices creates significant barriers for people in developing and underdeveloped countries, particularly those with low or fixed incomes. These essential tools, that greatly improve the quality of life for individuals with disabilities, often remain out of reach due to the stark economic disparities and limited financial resources. Factors such as high import costs, inadequate government support, and lack of affordable financing options exacerbate this problem, preventing many from accessing devices such as living aids, hearing aids and mobility aids.
The Integration of AI Into Assistive Device is Expected to Create Ample Growth Opportunity for the Market
The integration of assistive technology such as artificial intelligence (AI) and advanced sensors into disabled & elderly assistive devices represents a transformative leap towards a future where these devices are not only more advanced but also more personalized and accessible than ever before.
AI enables assistive devices to evolve beyond static solutions, becoming dynamic and adaptable to the specific needs of each user. Through machine learning algorithms, these devices learn from user interactions, continuously improving their functionality and responsiveness.
Competitive Landscape
The promising key players operating in the Latin America disabled & elderly assistive device industry includes Lifante, Stryker Corporation, Starkey Hearing Technologies, Medline Industries, Inc., Baxter, United Surgical, MEYRA GmbH, Sonoco, Dayang MedTech, Ostrich Mobility, and others.
Latin America Disabled & Elderly Assistive Device Market Key Segments
By Type
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Mobility Impairments
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Wheelchairs
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Walkers and Rollators
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Canes and Walking Sticks
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Crutches
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Portable Ramps
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Others
-
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Hearing Impairments
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Hearing aids
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FM System
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Deafblind communicators for hearing
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Visual Impairments
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Screen readers
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Optical magnifiers
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Smart phones for vision
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Braille writing equipment
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Talking Devices
-
-
Cognitive Impairments
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Self-Care
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Shower Chairs
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Grab-bars/handrails
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By End User
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Hospitals
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Elderly Nursing Homes
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Home Care
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Other End Users
Key Players
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Lifante
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Stryker Corporation
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Starkey Hearing Technologies
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Medline Industries, Inc.
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Baxter
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United Surgical
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MEYRA GmbH
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Sonoco
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Dayang MedTech
-
Ostrich Mobility
REPORT SCOPE AND SEGMENTATION:
|
Parameters |
Details |
|
Market Size Value in 2023 |
USD 724.1 million |
|
Revenue Forecast in 2030 |
USD 1746.0 million |
|
Value Growth Rate |
CAGR of 12.4% from 2024 to 2030 |
|
Analysis Period |
2023–2030 |
|
Base Year Considered |
2023 |
|
Forecast Period |
2024–2030 |
|
Market Size Estimation |
Million (USD) |
|
Growth Factors |
|
|
Companies Profiled |
10 |
|
Customization Scope |
Free customization (equivalent up to 80 working hours of analysts) after purchase. Addition or alteration to country, regional, and segment scope. |
|
Pricing and Purchase Options |
Avail customized purchase options to meet your exact research needs. |
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