Finland 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: 119 | No. of Tables: 87 | No. of Figures: 52 | Format: PDF | Report Code : HC2694
Finland Disabled & Elderly Assistive Device Market Overview
The Finland Disabled & Elderly Assistive Device Market size was valued at USD 734.0 million in 2023, and is predicted to reach USD 1738 million by 2030, at a CAGR of 12% from 2024 to 2030.
The 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. This market 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.
Substantial Healthcare Expenditure Drives the Finland Disabled & Elderly Assistive Device Market Demand
Finland's substantial healthcare expenditure plays a crucial role in driving the demand for assistive devices. By allocating a significant portion of its GDP to healthcare Finland ensures robust funding for healthcare infrastructure, services, and advanced medical devices. According to the European Commission report 2024, through healthcare expenditure Finland contributes 10.1% toward its GDP. This financial commitment supports the development and accessibility of a wide range of assistive devices tailored to improve the quality of life for elderly and disabled individuals.
Robust Regulatory Framework Boosts the Finland Disabled & Elderly Assistive Device Market Growth
Finland's robust regulatory framework significantly increases the demand for assistive devices by ensuring accessibility, quality, and innovation within the healthcare sector. According to the Portulans Institute report 2023, Finland ranks 1st across the Europe and 3rd globally in the Governance pillar that includes regulatory quality, ICT regulatory environment, regulation of emerging devices, and others scoring 89.94 out of 100. The country's comprehensive regulations mandate high standards for the safety and effectiveness of assistive devices, ensuring that individuals with disabilities receive reliable and beneficial solutions.
The Regulatory Challenges Hinders the Growth of the Market
The disabled and elderly assistive device market faces significant regulatory challenges that restrain growth and innovation. Regulatory bodies such as the Finnish Medicines Agency (Fimea), and other national agencies impose stringent approval processes, requiring assistive products, especially medical devices, to undergo extensive testing and certification before entering the market. This ensures safety and efficacy but delays product launches and elevate costs significantly. These factors collectively pose substantial barriers, limiting the availability of assistive devices in the market.
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 players operating in Finland disabled & elderly assistive device industry includes Stryker Corporation, Invacare Corporation, Baxter, Thuasne, Bioservo Technologies, Etac AB, Tukimet Oy, APULAITTEET, Talart oy, Sermax Mobility Ltd., and others.
Finland Disabled & Elderly Assistive Device Market Key Segments
By Type
-
Mobility Impairments
-
Wheelchairs
-
Walkers and Rollators
-
Canes and Walking Sticks
-
Crutches
-
Portable Ramps
-
Others
-
-
Hearing Impairments
-
Hearing aids
-
FM System
-
Deafblind communicators for hearing
-
-
Visual Impairments
-
Screen readers
-
Optical magnifiers
-
Smart phones for vision
-
Braille writing equipment
-
Talking Devices
-
-
Cognitive Impairments
-
Self-Care
-
Shower Chairs
-
Grab-bars/handrails
-
By End User
-
Hospitals
-
Elderly Nursing Homes
-
Home Care
-
Other End Users
Key Players
-
Stryker Corporation
-
Invacare Corporation
-
Baxter
-
Thuasne
-
Bioservo Technologies
-
Etac AB
-
Tukimet Oy
-
APULAITTEET
-
Talart oy
-
Sermax Mobility Ltd.
REPORT SCOPE AND SEGMENTATION:
|
Parameters |
Details |
|
Market Size Value in 2023 |
USD 734.0 million |
|
Revenue Forecast in 2030 |
USD 1738.0 million |
|
Value Growth Rate |
CAGR of 12.0% 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. |
At Next Move Strategy Consulting, we understand that insightful market research is the cornerstone of successful business decisions. That's why we employ a robust and multifaceted approach, combining various methodologies to deliver the most accurate and actionable data for our clients.
Research Landscape
We navigate the world of research with two primary approaches:
Qualitative Approach
Our qualitative research methodologies involve immersive techniques such as in-depth interviews, focus groups, and observational studies. By engaging directly with individuals and stakeholders, we uncover valuable insights that quantitative data alone may overlook.
Quantitative Research
In tandem with qualitative methodologies, NMSC leverages the power of Quantitative Research to provide a robust foundation of numerical insights. Through systematic data collection and analysis, we quantify patterns, preferences, and market trends, offering a comprehensive view of the business landscape.
Our quantitative research approach employs diverse tools, including surveys, experiments, and statistical modelling. These methodologies enable us to gather data from a large and representative sample, ensuring the statistical significance of our findings. By employing structured questionnaires and standardized data collection methods, we guarantee the reliability and validity of the information we present to our clients.
Quantitative research is particularly effective in measuring the prevalence of trends, assessing market size, and gauging the impact of various factors on consumer behavior. The numerical precision attained through this approach equips our clients with actionable insights, facilitating data-driven decision-making and strategy formulation.
Our Specialized Toolbox for Industry-Specific Market Research
We deploy a specialized arsenal of techniques tailored to meet your unique requirements. Here's a glimpse into our comprehensive toolbox:
Information Procurement
The stage entails acquiring market data or relevant information through various sources and methodologies.
Market Research Approach
We utilize both top-down and bottom-up approaches in market research analysis to achieve a comprehensive understanding of the market dynamics, leveraging the broad perspective of industry trends and macroeconomic factors alongside detailed insights from specific segments and individual companies.
Porters Five Forces Analysis
We conduct Porter's Five Forces analysis to evaluate the competitive landscape of an industry, providing us with insights into factors that affect profitability and strategic positioning.
SWOT Analysis
We conduct SWOT analysis to understand market trends, identify potential threats, capitalize on opportunities, and assess our strengths and weaknesses.
Forecasting
We utilize a forecasting model to predict future consumption by considering parameters like population, economics, regulations, market competition, drivers, constraints, technology, and pricing. We also employ statistical techniques such as multilinear regression, exponential smoothing, moving average, ARIMA, and Monte Carlo simulations for accurate predictions. In econometric forecasting, we analyzed short-term and long-term event impacts, attributing values based on regulatory frameworks, economic factors, and market events.
Frequently Asked Questions
Download Free Sample
Speak to Our Analyst
Related Report
Related Blogs
Role Of Companies In Shaping The Blood Gas And Electrolyte Analyzer Market
According to Next Move Strategy Consulting, the global blood...
Analysis of Key Players Operating in the Global Surgical Instrument Industry
Next Move Strategy Consulting forecasts more than 1.7-fold g...
CBCT Industry Is Dominated By Dentsply Sirona, Philips, & Vatech With More Than 45% – Know Why
Next Move Strategy Consulting predicts a significant growth...
