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Assistive technology includes a variety of products such as mobility devices, hearing aids, visual aids, and cognitive support devices that help improve the physical, sensory, and cognitive abilities of elderly and disabled individuals. Assistive devices help people live independently by enhancing their mobility, hearing, vision, or communication abilities. The assistive technology market comprises a wide range of products such as wheelchairs, mobility scooters, daily living aids, medical furniture, positioning devices, hearing aids, and communication aids.
The global assistive technology Market is estimated to be valued at US$ 11,219.19 Mn in 2023 and is expected to exhibit a CAGR of 3.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Increasing healthcare expenditure is expected to flourish the assistive technology market over the forecast period. Rapidly increasing healthcare costs have pushed governments across the globe to increase their healthcare spending. For instance, healthcare spending in the US is expected to grow at a rate of 5.5% annually through 2027 and is estimated to reach $6.2 trillion according to the Centers for Medicare and Medicaid Services. Rising healthcare budgets allow for greater investments in assistive devices that help improve quality of life for disabled and elderly individuals.
Another major driver for the market is the growing geriatric population worldwide. As per the United Nations (UN), the population aged 60 years and above is expected to grow to 1.4 billion in 2030 from 962 million in 2017. Older populations are more prone to disabilities that impair mobility, vision, hearing, and cognitive functions, thus driving demand for assistive devices that aid independent living.
Market Dynamics:
The global rising healthcare expenditure across developed and emerging economies is expected to fuel the assistive technology market growth over the forecast period. Governments worldwide are increasing their budgets to provide better access to healthcare for their citizens. This allows greater investments in innovative assistive devices and technologies that improve patient outcomes and quality of life. According to the National Health Expenditure Projections report published by the Centers for Medicare and Medicaid Services, healthcare spending in the US is estimated to grow at an annual rate of 5.5% from 2019-2028 and reach $6.2 trillion by 2028.
Growing geriatric population worldwide is another key factor driving the assistive technology market. The United Nations projects that the population aged 60 years and above will grow to 1.4 billion in 2030 from 962 million in 2017.
Segment Analysis
The assistive technology market is broadly segmented into mobility, vision & hearing, medical devices, and others. The mobility segment dominates the market and accounts for over 30% share due to high demand for mobility equipment like wheelchairs & mobility scooters from geriatric and disabled population. aids such as mobility scooters, walkers and wheelchairs help the disabled and elderly individuals to carry out their routine tasks independently.
PEST Analysis
Political: Governments worldwide are formulating regulations to promote the use of assistive technologies and improve accessibility for disabled people.
Economic: Rising healthcare spending coupled with growing elderly population is fueling the demand. Aging population is a major driver of chronic diseases necessitating assistive devices.
Social: Increasing cases of disabilities due to accidents and diseases is prompting social support for assistive technologies.
Technological: Advancements in areas of bioengineering, artificial intelligence, sensors and 3D printing are leading to innovations in assistive devices.
Key Takeaways
The global assistive technology Market is estimated to be valued at US$ 11,219.19 Mn in 2023 and is expected to exhibit a CAGR of 3.3% over the forecast period 2023 to 2030.
Regional analysis- North America dominates the market currently due to supportive regulations and advanced healthcare infrastructure in the region. Asia Pacific is expected to be the fastest growing market in the coming years led by large patient pool, rising disabilities and improving access to healthcare in developing nations.
Key players operating in the assistive technology market are Sanofi, AstraZeneca, Novartis AG, Pfizer Inc., Mylan. Key players focus on developing novel and smart devices to gain competitive edge. Sanofi leads the market with its diverse portfolio of medical mobility devices while AstraZeneca has a strong presence in hearing and vision assistive devices
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.
