The assistive technology market comprises products and devices that help individuals with disabilities conduct important tasks of daily living and work. Some key products include mobility aids such as wheelchairs, walkers, and canes; medical furniture; lifting devices; orthopedic braces and supports; hearing aids; and vision and reading aids. Rapid digitalization in healthcare and increased acceptance of smart assistive devices have augmented the adoption of assistive technologies. Advancements such as artificial intelligence, cloud computing, and wearable devices are facilitating the remote and independent living of disabled individuals.
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 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. Reddy’s 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.
The key opportunities in the assistive technology market include growing geriatric population, rising incidence of disability due to chronic diseases and conditions, and increasing government initiatives to promote assistive technologies.
Technological advancements such as the integration of artificial intelligence and Internet of Things are allowing assistive devices to become smarter and more customized. This is improving independent living and reducing healthcare costs.
Market drivers
The main driver for the assistive technology market is the rapidly growing elderly population worldwide who are more prone to disabilities or mobilities issues. As per WHO, the number of people aged 65 years and above is projected to reach 1.5 billion by 2050 from 703 million in 2019. Other major drivers include high incidence of target diseases like hearing loss, rising healthcare expenditure, and increasing awareness about rehabilitation and assistive products. Favorable regulatory frameworks and insurance coverage for assistive technologies are further boosting the market growth.
Challenges in the Assistive Technology Market
The assistive technology market faces several challenges in terms of adoption and affordability. The cost of assistive devices poses a major barrier for many users, especially in developing countries where budgets for healthcare are limited. Lack of awareness about the various assistive products also holds back the market’s progress. Some health conditions still remain untreated or undiagnosed, reducing the potential customer base. Technical challenges persist in terms of miniaturizing products, improving functionality, and developing technologies that can match human capabilities. Overall, while demand is rising on account of the aging population, challenges around awareness, access and affordability need to be addressed for the market’s full potential to be realized.
SWOT Analysis
Strength: High unmet need for assistive products with increasing age and disability rates. Growing R&D efforts expanding product categories.
Weakness: High costs of specialized, advanced devices limiting widespread adoption. Complex reimbursement landscape impacting sales.
Opportunity: Emerging nations like India and China presenting new customer segments. Ongoing innovation in areas like smart prosthetics, exoskeletons.
Threats: Stiff competition from generic equivalents on price. Stringent regulatory compliance requirements increasing compliance costs.
Geographical Regions
North America currently dominates the assistive technology market, accounting for over 40% revenue share. Presence of leading manufacturers, favorable reimbursement scenarios and high healthcare spending have contributed to North America’s large market size. Going forward, Asia Pacific is expected to be the fastest growing regional market, driven by the rising geriatric population and improving economic conditions in India and China. These emerging countries will expand the affordable mid-range segment at a rapid pace.
The European assistive technology market holds significant value owing to universal health coverage systems and initiatives for disabled populations across major countries like Germany, UK and France. Japan is another major regional market with high demand for medical and daily living assistive devices as a result of its superaged population structure. While developed markets will continue dominating in terms of revenue contribution, growth rates will trend higher in developing Asian and Latin American countries.
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1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it