by Market Overview:
Assistive technology products help provide independence and improve the quality of life for millions of people with disabilities. These products include mobility devices like wheelchairs, walkers and canes, hearing aids, visual aids, and speech therapy devices. With technological advancements, assistive devices now also include sophisticated computer software and hardware solutions that allow disabled individuals to access computers and mobile devices.
Market Dynamics:
The rising geriatric population and prevalence of various disabilities such as visual, hearing, physical and speech disabilities are major drivers boosting the demand for assistive technology products. According to WHO, by 2050 around 400 million people in the world will be aged 65 years or older. Also, around 15% of the world’s population lives with some form of disability. Medical advancements have also increased the life expectancy of people living with disabilities thereby increasing the need for assistive devices. Government initiatives to promote inclusive education and healthcare systems also contribute to the market growth. However, high costs associated with certain high-tech assistive devices may hamper the market growth to some extent. Ongoing research and development for innovative products aims to improve affordability.
The global Assistive Technology Market Demand is estimated to be valued at US$ 22.98 Bn in 2023 and is expected to exhibit a CAGR of 4.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Segment Analysis
The assistive technology market can be segmented into mobility, vision and hearing assistive products. Mobility assistive products dominate the market with around 40% share as mobility issues are highly prevalent globally due to ageing, accidents or disabilities among individuals. Advancements in robotics and exoskeleton technologies are further driving the demand for smart mobility devices.
PEST Analysis
Political: Regulations promoting inclusive education and employment are encouraging the growth of assistive technologies. Economic: Rising healthcare spending and favourable reimbursement policies are boosting the market. Social: Growing social awareness about disabilities is increasing the adoption of assistive devices. Technological: Rapid advancements in artificial intelligence, robotics, 3D printing and smart devices are making technologies more affordable and effective.
Key Takeaways
The global assistive technology market is expected to witness high growth, exhibiting CAGR of 4.7% over the forecast period, due to increasing demand for smart assistive solutions driven by digitization and growing ageing population globally. Regionally, North America dominates currently due to advanced healthcare infrastructure and favourable regulations, however Asia Pacific is expected to grow at fastest pace due to large population base and improving economic conditions.
Key players operating in the assistive technology market are Invacare Corporation, Ottobock SE & Co. KGaA, Sonova Holding AG, GN Store Nord A/S, MED-EL, Cochlear Limited, Permobil AB, Sunrise Medical LLC, Tobii AB, ResMed Inc., Sivantos Group, Ai-Media, Phonak AG, Starkey Hearing Technologies, Dynavox Systems LLC. Mobility device manufacturers like Invacare and Ottobock have established strong presence driven by innovations in exoskeleton and robotic prosthetics segments. Cochlear and Sonova are leaders in hearing aids market offering wide product portfolio and after-sales service globally.
Regional analysis indicates Europe and North America currently hold around 65% share of global assistive technology market due to focus on inclusive education and employment. However, Asia Pacific is expected emerge as the fastest growing regional market exceeding 30% share by 2030 led by China and India. Rapid economic growth, rising healthcare infrastructure and growing digitization are driving the demand for assistive devices in Asia.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
