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Asia Pacific Elderly and Disabled Assistive Devices Market to Exhibit Highest Growth from 2013 to 2019 Owing to Rising Population: Transparency Market Research

Albany - NY, Oct. 20, 2015 (GLOBE NEWSWIRE) -- A recent report published by Transparency Market Research (TMR) offers a detailed and informative study on the elderly and disabled assistive devices market, with respect to market segments, trends, and growth prospects of the industry.The market study is titled, "Elderly and Disabled Assistive Devices Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019", and presents a comprehensive assessment of the global elderly and disabled assistive devices market highlighting the past and the present condition of this market.

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The elderly and disabled assistive devices market had reached a value of US$12.37 billion in 2012. This market is likely to reach an expected value of US$19.68 billion in 2019 to increase at a 6.9% CAGR from 2013 to 2019.Elderly and disabled assistive devices help geriatric and disabled patients in their routine activities such as listening, reading, and physical movement. These devices are available in two designs: Those that can be easy to use and those that are complex in structure and applications. Devices such as cranes, wheelchairs, scooters, and crutches are simple in design, whereas reading machines, hearing aids, and transfer lifts exhibit intricate designs. The market for elderly and disabled assistive devices can be classified into medical furniture and bathroom safety products, medical mobility aids and ambulatory devices, hearing aids, and vision and reading aids.

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The elderly and disabled assistive devices market had reached a value of US$12.37 billion in 2012. This market is likely to reach an expected value of US$19.68 billion in 2019 to increase at a 6.9% CAGR from 2013 to 2019.Elderly and disabled assistive devices help geriatric and disabled patients in their routine activities such as listening, reading, and physical movement. These devices are available in two designs: Those that can be easy to use and those that are complex in structure and applications. Devices such as cranes, wheelchairs, scooters, and crutches are simple in design, whereas reading machines, hearing aids, and transfer lifts exhibit intricate designs. The market for elderly and disabled assistive devices can be classified into medical furniture and bathroom safety products, medical mobility aids and ambulatory devices, hearing aids, and vision and reading aids.

The development of the market for elderly and disabled assistive devices is credited to the rise in government initiative and assistance, which ensures the presence of these devices for a wider range of consumers. An increment in global geriatric and disabled population is also proving to be supportive towards the development of the elderly and disabled assistive devices market. The report anticipates that the geriatric population across the globe will rise to 2,000 million by 2050. However, the growth of the elderly and disabled assistive devices market can be negatively impacted by the high prices of products. For instance, bone anchored hearing aids are currently priced at around US$10,000 per device.

In terms of revenue, hearing aids held the biggest share of the elderly and disabled assistive devices market in 2012 owing to a large population base suffering from hearing impairments. The medical mobility aids and ambulatory devices segment is likely to increase at an 8% CAGR from 2013 to 2019.Regionally, North America is likely to dominate the global elderly and disabled assistive devices industry and account for the largest share in the global market as most of the major producers of these elderly and disabled assistive devices are based in the U.S. The Asia Pacific region is estimated to experience the highest growth at 8.1% CAGR due to the increase in government support and significant rise in geriatric population base.

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Source:Transparency Market Research