Assistive technology includes electronic devices as well as mobility devices that help improve the capabilities of individuals with disabilities or aging population. These devices help improve the quality of life of users by enhancing their mobility, hearing, vision, and communication abilities. They are extensively used in various applications such as learning disabilities, mental challenges, physical disabilities, and others. Growing emphasis on independent living and advancements in assistive devices is boosting the demand for various assistive technology products.
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:
Growing investment in healthcare infrastructure development in developing regions has created growth opportunities for assistive technology market. According to data published by WHO, public spending on healthcare as a percentage of GDP has increased from 4.3% in 2000 to 5.3% in 2016 worldwide. Increasing government funding for assistive technology products has propelled the market growth. Moreover, advancement in 3D printing technology has enabled the production of customized assistive devices as per user requirements. This has accelerated the demand for technologically advanced assistive products globally. Growing popularity of digital health platforms for distribution of assistive devices has also positively impacted the market growth over the past few years.
Segment Analysis
The global assistive technology market can be segmented based on product type, application, and geography. Assistive listening devices dominated the market in 2023 owing to the growing geriatric population globally, which is more prone to hearing problems and disorders. These devices are wearable and help amplify sounds, thereby making them popular among users.
Key Takeaways
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.
Regional analysis: North America held the largest share of the assistive technology market in 2023 due to favorable government policies for people with disabilities and high healthcare spending in the region. The Asia Pacific region is expected to grow at the fastest rate during the forecast period due to increasing acceptance of assistive devices and a large patient pool in countries such as China and India.
Key players: Key players operating in the assistive technology market are Sanofi, AstraZeneca, Novartis AG, Pfizer Inc., Mylan Pharmaceuticals Inc. Sanofi dominates the market with its wide range of assistive listening devices for patients with hearing impairment. AstraZeneca is a leading player in medical mobility aids offered for orthopedic conditions.
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