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The assistive technology market holds promising growth opportunities owing to the rising prevalence of disabilities worldwide. Assistive technology includes a wide range of devices that help people with disabilities, chronic diseases, or age-related concerns in their daily living and activities. Some key assistive products are hearing aids, medical mobility devices, bathroom safety equipment, and vision & reading aids. The growing geriatric population, rising cases of neurological diseases, and increasing incidences of amputations have boosted the demand for assistive technologies considerably.
The global assistive technology market is estimated to be valued at US$ 11,219.19 Mn in 2024 and is expected to exhibit a CAGR of 3.3% over the forecast period 2023 to 2030.
Key Takeaways
Key players in the assistive technology market:
Key players operating in the assistive technology market are Sanofi, AstraZeneca, Novartis AG, Pfizer Inc., Mylan N.V., Teva Pharmaceutical Industries Ltd., GlaxoSmithKline Pharmaceuticals, Otonomy Inc., Merck & Co., Dr. Reddyâ€TMs Laboratories Ltd., Allergan plc, Cochlear Ltd., Sonova Holding AG, Siemens Healthcare, Starkey Laboratories Inc., William Demant Holding A/S, Widex A/S, GN ReSound A/S, Sonic Innovations Inc., Panasonic Corp., Beltone, Rexton Inc., Avada Hearing Care, Miracle-Ear Inc., MED-EL GmbH, Nuear Hearing Aids Inc., Audiosync Inc., Bernafon, American Hearing Systems Inc., Unitron Hearing Inc., and Zounds Inc.
Key opportunities: The growing demand for low-cost assistive solutions especially from emerging economies and increased R&D investments by key companies to develop novel assistive technologies are expected to create significant opportunities for market players during the forecast period.
Global expansion: Favorable government initiatives for accessible infrastructure and provision of assistive devices are helping the market grow worldwide. Emerging Asia Pacific countries are expected to witness fastest growth owing to rising healthcare expenditures and increasing disability rates in the region.
Market drivers:
The key driver for the assistive technology market is the rising prevalence of disabilities among the aging population. As per WHO, over 1 billion people worldwide live with some form of disability. Other drivers include increasing cases of hearing impairment and accidents leading to amputations and physical disabilities. Growing medical awareness and provision of assistive technology-based rehabilitation are further propelling the market growth.
PEST Analysis
Political: Changes in health regulations that support assistive technologies reduce barriers to access assistive devices. Regulations that mandate accessibility standards also promote the assistive technology market.
Economic: Rise in healthcare expenditure and growth of the elderly population worldwide drive the demand for affordable assistive products. Technologies that enable independent living support lower costs of healthcare.
Social: Growing acceptance of disabilities in societies lowers stigma related to assistive products. Need for quality of life improvements and independent living of people with disabilities expands the social need for such technologies.
Technological: Rapid innovation leads to miniaturization, improved functionality and lower costs of devices. Advancements in materials, sensors, connectivity and AI enable assistive technologies to better adapt to users’ needs and environments.
Market concentration in terms of value
North America holds the largest share of the global assistive technology market currently due to advanced healthcare infrastructure, availability of reimbursement policies and high adoption rates among its aging population. Europe follows North America in market share on account of government initiatives to improve accessibility in the region.
Fastest growing region
The Asia Pacific region is poised to grow at the fastest pace over the forecast period. Increasing healthcare expenditure, large population base requiring assistive products and growing medical tourism are major factors driving market growth in Asia Pacific.
*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.
