Norway 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: 03-Oct-2024 | No of Pages: 119 | No. of Tables: 87 | No. of Figures: 52 | Format: PDF | Report Code : HC2692
Norway Disabled & Elderly Assistive Device Market Overview
The Norway Disabled & Elderly Assistive Device Market size was valued at USD 749.6 million in 2023, and is predicted to reach USD 1709.4 million by 2030, at a CAGR of 11.4% from 2024 to 2030.
The market for disabled & elderly assistive devices 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 sector 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.
The market is further 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 Investment Fuels the Demand for Assistive Devices
Norway's substantial investment in healthcare significantly fuels the demand for the disabled & elderly assistive device market. Through allocating a significant portion of its GDP to healthcare, Norway secures ample funding for healthcare infrastructure, services, and advanced medical devices.
According to the European Commission report 2024, through healthcare expenditure Norway contributed 10.1% toward its GDP. This financial dedication facilitates the development and accessibility of a diverse array of assistive devices aimed at enhancing the quality of life for senior disabled individuals.
The Rising Disability Rate Boosts the Demand for Assistive Devices
The escalating disability rate in the country is a major catalyst for the rising Norway disabled & elderly assistive device market demand. As the number of individuals affected by aging, chronic illnesses, and accidents increases, there is a growing requirement for devices that facilitate independent living and improve overall quality of life.
According to the Eurostat report 2024, the disability rate of Norway stood at 20.9% among the overall population. This emphasizes the importance of innovative solutions such as mobility aids, sensory enhancements, and advanced medical devices, which are pivotal in addressing the diverse needs of people with disabilities in Norway.
Efforts by the government and healthcare sector to enhance accessibility and affordability of these assistive devices aim to ensure broader adoption and utilization across the population, hence driving the Norway disabled & elderly assistive device market expansion.
The Regulatory Challenges Hinders the Growth of the Market
The Norway disabled & elderly assistive device market growth faces significant regulatory challenges that restrain expansion and innovation.
Regulatory bodies such as the Ministry of Health and Care Services (HOD), 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 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 the Norway disabled & elderly assistive device industry includes Stryker Corporation, Invacare Corporation, Starkey Hearing Technologies, Baxter, Thuasne, Sonova, MEYRA GmbH, Ottobock, Dynamic Controls, Permobil, and others.
Norway 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
-
-
Hearing Impairments
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Hearing aids
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FM System
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Deafblind communicators for hearing
-
-
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
-
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
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Starkey Hearing Technologies
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Baxter
-
Thuasne
-
Sonova
-
MEYRA GmbH
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Ottobock
-
Dynamic Controls
-
Permobil
REPORT SCOPE AND SEGMENTATION:
|
Parameters |
Details |
|
Market Size Value in 2023 |
USD 749.6 million |
|
Revenue Forecast in 2030 |
USD 1709.4 million |
|
Value Growth Rate |
CAGR of 11.4% 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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