Assistive technology includes mobility devices, medical devices, living aids and other products that help improve the lives of elderly, visually impaired and disabled individuals. Products like walkers, wheelchairs, hearing aids, prosthetics and glucometers help enhance their mobility and independence. The rising geriatric population and increasing cases of disabilities have fueled the demand for assistive technologies globally.
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 key trends:
The rising adoption of assistive technology among elderly, visually impaired and disabled populations has been a key driver of market growth. Advancements in technology have led to development of smarter assistive devices that can be controlled using voice commands or mobile applications, providing greater flexibility and independence to users. For instance, smart wheelchairs can now be operated using speech recognition technology or apps on smartphones, allowing users to navigate indoors and outdoors more easily. Rising awareness about benefits of assistive technologies through government programs and initiatives is further raising adoption. Development of multi-purpose devices that serve dual functions are also gaining traction in the market.
SWOT Analysis
Strength: Assistive technology provides benefits to individuals with disabilities such as enabling independent living and improving quality of life. Integrating technology allows for remote access to services and assistance.
Weakness: Initial costs associated with assistive technologies can be high for some individuals and institutions. Lack of awareness and training on new assistive products.
Opportunity: Growing geriatric population and prevalence of chronic diseases increase the demand for assistive living technology. Expanding R&D on innovations catering to specific disability needs.
Threats: Data privacy and security concerns from devices connected to the internet. Regulatory hurdles and reimbursement policies impact market potential.
Key Takeaways
The global assistive technology market is expected to witness high growth over the forecast period of 2023 to 2030. 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.
North America currently dominates the market owing to supportive regulatory policies and initiatives. The region is expected to grow at a CAGR of around 4% during the forecast period. Europe is the second largest and fastest growing regional market for assistive technology driven by increasing aging population, growing incidence of disabilities and emphasis on independent living. Key players focus on expanding their presence in emerging European countries.
Key players operating in the assistive technology market are Sanofi, AstraZeneca, Novartis AG, Pfizer Inc., Mylan N.V., GlaxoSmithKline plc. These companies are investing in new product launches and partnerships to cater to the needs of individuals across different disability segments globally. For example, Sanofi’s products are aimed at mobility and hearing impairments while AstraZeneca focuses on chronic disease management solutions.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it