The assistive technology market is anticipated to witness high growth owing to rising geriatric population globally who are prone to disabilities and diseases. Assistive technologies include medical devices such as hearing aids, wheelchairs, walking frames, prostheses, and others which help elderly and disabled individuals to enhance their functional capabilities. Growing incidences of chronic diseases such as diabetes, arthritis, and cardiovascular diseases have increased the demand for assistive devices for mobility, hearing, and vision assistance. These medical devices play a vital role in improving the quality of life and independence of individuals with disabilities.
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 rising awareness about assistive products, advancement in 3D printing and brain-computer interface technology. The increasing accessibility and adoption of assistive devices in developing countries is expected to fuel the global expansion of the market during the forecast period.
Growing digitization and adoption of smart devices is providing an impetus to global expansion of assistive technology market. The advancements in internet of things (IoT) and artificial intelligence (AI) are enabling devices with more intelligence, customization, and ease-of-use.
Market drivers: Rising geriatric population globally and increasing healthcare expenditure are some of the major market drivers. As per the United Nations report, people aged 60 and over are projected to outnumber children under 10 by 2050. This offers lucrative opportunities for assistive technology players.
Market restraints: High cost of assistive products and inadequate reimbursement policies for medical devices in some regions are some of the major challenges faced by the market. Additionally, lack of awareness about availability and proper fitting of assistive products also restrains the market growth.
Segment Analysis
The assistive technology market is dominating by wheelchair segment. Wheelchairs are devices that help people who have difficulty walking or are unable to walk to move around independently. They are widely used by elderly population and people suffering from physical disabilities. Rising geriatric population and injuries are majorly driving the demand for wheelchairs. Other prominent segments in this market include mobility aids like walkers and canes, hearing aids, and vision aids. Hearing aids sub segment is another fast growing segment. According to WHO, over 5% of world's population requires rehabilitation to maximise their ear and hearing skills. Increasing cases of hearing loss is surging the demand for hearing aids worldwide.
Global Analysis
Regionally, North America dominates the assistive technology market with largest share. This is attributed to rising healthcare expenditure, early adoption of advanced technologies, favourable reimbursement policies for assistive devices, and presence of key players in the region. Asia Pacific is projected to witness fastest growth over the forecast period. Factors such as increasing healthcare spending, large patient pool, growing geriatric population, and rising awareness about assistive technologies are expected to drive the APAC market. Europe holds second position in terms assistive technology market share owing to supportive government initiatives for disabled and elderly population. Developing regions like Latin America and Middle East & Africa also show promise due to improving access to healthcare facilities.
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