Source: iHealthcareAnalyst, Fortune Business Insights
The global market for elderly and disabled assistive devices is estimated to reach $34.5 billion by 2029, growing at a CAGR of 5.6% over the forecast period, according to iHealthcareAnalyst. This surge is driven by the increasing aging and disabled population, with baby boomers approaching retirement becoming more comfortable with assistive technology and home modifications.
Several factors contribute to this growth, including technological advances in assistive devices and strong governmental support for disabled and elderly individuals, aimed at providing better facilities and improving their quality of life.
The global market for elderly and disabled assistive devices is segmented by product, including medical mobility aids and ambulatory devices, medical furniture and bathroom safety products, hearing aids, and vision and reading aids. Among these, hearing aid devices dominate the market, with the segment expected to continue growing rapidly during the forecast period.
Hearing aids, essential electronic devices aiding those with mild to moderate hearing loss, are witnessing a significant uptick in demand. According to Fortune Business Insights, the global Hearing Aids Market, valued at US$11.29 billion in 2022, is projected to grow to US$21.09 billion by 2030, exhibiting a CAGR of 8.4%. This growth is fueled by an increasing number of patients suffering from hearing loss, coupled with global awareness initiatives promoting the adoption of hearing aids.
A crucial advancement driving this growth is the integration of artificial intelligence (AI) in hearing aids. According to soundly.com, traditional digital hearing aids operated with fixed programs or modes tailored to different environments. However, AI-powered hearing aids operate differently. These devices listen to the myriad sounds individuals encounter daily and make real-time adjustments, providing a personalized and adaptive hearing experience.
AI-driven hearing aids prioritize voices familiar to the wearer, enhance specific sounds, such as TV, and even adapt to various speech patterns, such as those muffled by masks. Moreover, studies indicate that the ear is an accurate location for tracking general health signals. Some AI hearing aids can monitor heart rate, detect falls, track fitness metrics, and even help predict early signs of conditions like dementia, according to soundly.com.
While some of these features are still in the testing phase, the foundation for the next generation of AI-powered hearing aids has been laid, promising a future where individuals with hearing impairments can enjoy a seamless and personalized auditory experience tailored to their unique needs and lifestyles.