by Market Overview:
Assistive technology refers to devices that help disabled and elderly individuals in performing daily activities requiring mobility, hearing, vision, and cognition. This includes mobility devices, hearing aids, magnifiers, voice assistants, and others. These devices help improve the lives of people with disabilities.
Market key trends:
The increase in the elderly population worldwide is expected to drive the growth of the assistive technology market. According to the UN estimates, the number of people aged over 60 years is projected to reach more than 2 billion by 2050. Age-related disabilities such as vision and hearing impairments are resulting in high demands for vision aids, hearing aids, prosthetics, and other elderly assistive products. Moreover, advancement in technologies such as artificial intelligence (AI), machine learning (ML), and augmented reality (AR) is assisting in developing innovative assistive products. For instance, companies are developing AI-based voice assistants to help the elderly and disabled perform daily tasks independently. Growing initiatives by governments and non-profit organizations to assist the disabled community through technologies is also expected to boost the market growth during the forecast period.
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.
The Assistive Technology market has been witnessing increased adoption across various sectors such as healthcare, education, and employment. Advances in technologies such as IoT, AI, and cloud computing are enabling assistive solutions to offer enhanced functionality and value to users. Growing awareness and recognition of rights of disabled individuals have also boosted the demand for assistive devices that can improve mobility, hearing, vision, and communication abilities.
SWOT Analysis:
Strength: Wide range of products for various disabilities. Technological advancements are improving functionalities.
Weakness: High costs of premium products reduce affordability. Lack of awareness in developing nations.
Opportunity: Untapped growth potential in developing countries. Rising investment in innovation.
Threats: Stringent quality regulations increase market entry barriers. Threat from open-source/DIY assistive solutions.
Key Takeaways:
The global Assistive Technology market is expected to witness high growth, exhibiting a CAGR of 4.7% over the forecast period, due to the increasing aging population and prevalence of disabilities.
Regional analysis:
North America dominated the market with over 30% share in 2023 due to supportive regulations and high healthcare spending. Asia Pacific is expected to exhibit growth at a CAGR of around 6% during 2023-2030 on the back of unmet needs, growing medical tourism, and increasing healthcare investment in developing countries like India and China.
Key players:
Some of the major 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.
*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.
