Assistive technology refers to devices or equipment that helps people with disabilities in performing tasks that might otherwise be difficult or impossible. This includes hearing aids, wheelchairs, walkers and software that helps disabled people use computers. The growing elderly population and rising cases of disabilities drive 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:
Technological advancements in assistive technology devices have greatly improved their functionality and affordability. Wireless and portable devices provide more mobility to users. Emerging technologies like augmented and virtual reality, artificial intelligence and 3D printing are also finding applications in assistive devices. Wearable assistive technology is gaining popularity due to features like compact size, portability and real-time data monitoring. Hearables in particular have benefited greatly from the increased use of wireless and Bluetooth technologies. Their use allows patients to take calls, listen to music and get notifications discreetly without relying on bulky devices.
SWOT Analysis
Strength: The assistive technology market has strong growth potential due to rising geriatric population and increasing incidence of disabilities. Technologies like hearing aids, mobility aids and vision aids help improve quality of life.
Weakness: High costs of assistive devices limit their adoption. Lack of adequate insurance coverage also poses challenges.
Opportunity: Growth opportunities exist in developing innovative and affordable devices. Rising health awareness in emerging nations will boost demand.
Threats: Significant R&D investments by key players increase competition. Stringent regulations for new products approval could delay market launch.
Key Takeaways
The global assistive technology market is expected to witness high growth, exhibiting CAGR of 3.3% over the forecast period, due to increasing health awareness and supportive government policies for persons with disabilities.
Regional analysis:
North America dominates the assistive technology market currently. However, Asia Pacific is anticipated to grow at the fastest pace during the forecast period owing to rising healthcare expenditure and growing senior population in countries like China and India.
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.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
