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.
Market Overview:
Assistive technology refers to devices or equipment used to maintain or improve the functional capabilities of individuals with disabilities or functional limitations. This includes communications devices, mobility devices, assistive listening devices, environmental control units, cognitive aids, and various other medical rehabilitation equipment. The assistive technology products help individuals with disabilities in areas such as vision, hearing, learning, daily living, and mobility, empowering them to live independently. They play a vital role in improving the quality of life for individuals with disabilities.
Market key trends:
Growing geriatric population which is prone to various disabilities is a key factor driving the growth of the assistive technology market. According to the United Nations, the global geriatric population in 2050 is expected to reach 2 billion, up from 900 million in 2015. Furthermore, rising cases of hearing impairment, paralysis, and other long-term disabilities are increasing the demand for assistive technologies. According to WHO, over 5% of the world’s population requires one or more assistive products. Technological advancements are resulting in the development of innovative and advanced assistive technology products. For instance, growing adoption of 3D printing is resulting in customization and miniaturization of assistive devices. In addition, artificial intelligence technology is enabling assistive devices to become more efficient according to the user’s needs and preferences.
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.
Porter’s Analysis
Threat of new entrants: New players need to invest heavily in research and development as assistive technology requires innovation and specialized expertise. Regulatory compliances also pose entry barriers.
Bargaining power of buyers: Individual customers have low bargaining power due to variety of needs and dependence on assistive devices for mobility and communication. Large organizations can negotiate on pricing but demand for essential devices restricts bargaining.
Bargaining power of suppliers: A few prominent players dominate the supply of assistive devices globally, putting them in stronger position against buyers. Patents provide exclusivity to new technologies.
Threat of new substitutes: Technology is continuously evolving but suitable alternatives are rarely available for customized assistive solutions required for disabilities. Demand depends more on level of disability.
Competitive rivalry: The assistive technology market is consolidated with few large multi-national players. Market dominance, new product innovations and acquisitions characterize the competition in this market.
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 geriatric population suffering from age-related disabilities. The Asia Pacific region is expected to be the fastest-growing market due to rising cases of disability and increasing investments by governments in assistive care.
North America dominates the assistive technology market currently owing to supportive government initiatives and regulations regarding use of assistive devices. The presence of key market players and the availability of advanced technologies also contribute to its large market share.
Key players operating in the Assistive Technology 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. These players are focusing on business expansion, partnerships, new product innovations and acquisitions to gain competitive advantage in the market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
