The global cognitive dysfunction devices market in 2020 is estimated for more than US$ 10,724.5 Mn and expected to reach a value of US$ 34,000.9 Mn by 2028 with a significant CAGR of 15.6%
Global Cognitive Dysfunction Devices Market, by Product Type (hearing aids, voice recognition devices, pill dispensers & reminders, prostheses, mobility aids), By Distribution Channel (Hospitals, Clinics, e-commerce, rehabilitation centers), and By Region (North America, Europe, Asia Pacific, Latin America, Middle East, & Africa) is expected to grow at a significant CAGR for the period between 2020 and 2028.
As per the report, the rise in the prevalence of dementia and Alzheimer’s disease is attributed to the growth of the cognitive dysfunction devices market. According to WHO estimates the worldwide prevalence of dementia in the population above 60 years is 5% to 8%. In Canada, these rates are as high as 14.9% for the aged 65 and above. Cognitive dysfunction or cognitive impairment is associated with dementia and Alzheimer’s disease. Over 20 million individuals have a cognitive disability in the U.S.
Moreover, improving life expectancy is also contributing to the increased prevalence of cognitive dysfunctions. In the U.S. there are over 526,000 individuals over 60 years of age with mental retardation and other developmental disabilities. Some other risk factors for cognitive dysfunction are attention deficit hyperactivity disorder (ADHD), traumatic brain injury, Cerebral Vascular Incidents (CVA), Autism, stroke etc. Traumatic brain injury can affect different cognitive functions such as memory, language, reasoning, learning, etc. About 2 million people in the U.S. have a brain injury every year, and about 10% of those have long-term cognitive deficits that interfere with their everyday functioning.
Furthermore, Meridian Market Consultants (MMC) Study identifies that cognitive dysfunction devices are commonly used by elderly patients. These devices may help to slow functional decline in this population and help prevent patients from becoming more seriously ill. Cognitive dysfunction devices can significantly compensate for physical and sensory deficits, but they may pose risks to health and safety if not used properly. Cognitively impaired patients are found to use these devices for their physical impairment mainly because of worries relating to safety.
Cognitive dysfunction devices can be customized to the patient’s needs. However, the lack of training for assistive device use explains the lower rate of device use among geriatric patients with cognitive deficits. A study conducted in Sweden concluded that the more complex the technology, the less likely are elders with cognitive impairments to use it effectively.
MMC Study identifies some of the key participating players in the cognitive dysfunction devices market globally are Siemens AG, Signia, Rexton, HearUSA, Phonak (Sonova), Starkey, Sonic Innovations, Belton, Oticon, Unitron, Bernafon, Earnet, Hansaton, Interton, etc. among others.
About Meridian Market Consultants (MMC):
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