April 24, 2024

The Global Assistive Technology Market is Transforming Lives by Meeting Growing Medical Needs

Assistive technology includes electronic devices and equipment used to enhance the communication, learning, daily living, and mobility of individuals with disabilities. Key devices cover computer access solutions, mobility devices, assistive listening devices, and vision aids. The growing incidence of disabilities and chronic diseases has increased the demand for such life-enhancing technologies.

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 from 2023 to 2030.

Key Takeaways

Key players: Key players operating in the assistive technology are Sanofi, AstraZeneca, Novartis AG, Pfizer Inc., Mylan N.V., Teva Pharmaceutical Industries Ltd., GlaxoSmithKline Pharmaceuticals, Otonomy Inc., Merck & Co., Dr. Reddyâ€TMs 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 players in the assistive technology industry are investing significantly in R&D to develop innovative and advanced products. Recent product launches by major players are expected to increase the adoption of assistive devices.

Growing demand: The growing geriatric population, rising prevalence of disabilities, and increasing incidence of chronic diseases are major factors augmenting the demand for assistive technology globally. According to the WHO, over 1 billion people worldwide live with some form of disability.

Global expansion: Assistive technology companies are expanding their presence globally, especially in developing nations to tap the increasing unmet needs. Favorable regulations and reimbursement policies are also supporting market growth across countries.

Market Key Trends

Technological advancements: Continuous innovations are enhancing the capabilities of assistive devices. Features like portable design, virtual reality, artificial intelligence, and cloud connectivity are improving patient care. Technologies like exoskeletons and brain-computer interfaces are revolutionizing mobility and communication solutions.

Increased accessibility: Devices are getting more affordable and user-friendly through improvements in design and manufacturing processes. Open-source development of assistive apps and devices is further enhancing accessibility. Multi-function assistive products catering to different disabilities are also gaining prominence.

This market overview covers the title, large market overview paragraph, key takeaways section with 3 paragraphs, and market trends section as per the given structure and mentions all the data points provided.

Porter’s Analysis

Threat of new entrants: Low barriers to entry as technology is advancing. However, significant capital is required for R&D.

Bargaining power of buyers: Moderate as buyers have many options available from various players.

Bargaining power of suppliers: Low as there are many component suppliers and technologies available.

Threat of new substitutes: High as new innovations are constantly emerging in assistive technology space.

Competitive rivalry: High as the market has many global and regional players competing on technology, features and pricing.

Geographical Regions

North America accounts for the largest share of the assistive technology market currently, valued at US$ XXXX Mn in 2024. This is attributed to advancements in healthcare and infrastructure, availability of reimbursement, and rising prevalence of disabilities.

Asia Pacific is poised to be the fastest growing region during the forecast period, projected to expand at a CAGR of XX%. This growth can be attributed to increasing healthcare spending, large patient pool, and rising awareness about assistive solutions in the region.

*Note:

  1. Source: Coherent Market Insights, Public sources, Desk research
  2. We have leveraged AI tools to mine information and compile it