The growing elder population and their rising medical needs will continue to drive the global medical device market, says GlobalData, a leading data and analytics company.

A recent report by GlobalData, ‘Aging Population and Medical Devices – Thematic Research’, reveals that, as life expectancy increases around the globe, medical device companies will need to meet the unique demands of a growing aging population. Medical devices and technologies that help seniors become more independent and live at their own home are in high demand.

Assistive devices aid and support the elderly to improve their quality of life and regain independence and confidence. They can compensate for a variety of different acquired disabilities. They include a range of devices, from wheelchairs and hearing aids to robotics.

As the population ages, the market for assistive technology grows. For example, the value of the hearing implants market is expected to reach $3.1 billion by 2030, growing at a compound annual growth life (CAGR) of 4.4%, according to GlobalData. While the market was negatively impacted by COVID-19 in 2020, there was a surge in sales in 2021.

Azadeh Laffafian, Medical Devices Analyst at GlobalData, comments: “In addition to hearing implants, the demand for assistive devices that aid with mobility, promote safety, and support daily activities will continue to rise.”

While old age brings more chronic and complicated health problems and increases reliance on the healthcare system, the preference for aging at home has continued to increase. Wearable and remote monitoring devices can assist with this challenge. Wearable devices can monitor a variety of health metrics including blood pressure, heart rate, blood oxygen levels, and blood sugar. They can also detect falls and send alerts to facilitate independent living. Certain barriers exist to the wide adoption of wearables by seniors, such as technological literacy and age-related changes to motor and sensory functions. For example, many seniors suffer from reduced visual acuity and wearable technology that presents information in small text is problematic.

Laffafian adds: “Wearable devices can help seniors become more independent, continue to live in their own homes, and live a healthier lifestyle. However, companies need to keep the preferences and unique needs and challenges of the elderly population in mind when designing new devices.”