Assistive technology includes medical devices and equipment that help people with disabilities, injuries, hearing impairment and neurological disorders regain or maintain their physical capabilities. This includes mobility devices, hearing aids, prosthetics and others. Assistive technology helps improve functional abilities and independence for people. This has led to improved quality of life.
The 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 Dynamics:
Increasing geriatric population is one of the major drivers estimated to propel growth of the assistive technology market over the forecast period. As per UN estimates, the geriatric population is expected to reach 2 billion by 2050 globally, which in turn is projected to drive demand for assistive devices. As age increases, disabilities and losses in functional abilities also increase necessitating assistive devices. Further, favorable government regulations and initiatives to promote use of assistive devices are also estimated to boost market growth over the forecast period. For instance, the Affordable Care Act (ACA) offers Medicaid state plan coverage for assistive technologies in the U.S. However, high costs associated with certain assistive devices may hinder market growth over the forecast period.
SWOT Analysis
Strength: The assistive technology market has a wide range of products to help people with disabilities. There is growing awareness and demand for assistive devices. Manufacturers are innovating to develop more advanced and affordable solutions.
Weakness: High costs of advanced assistive devices limits their adoption. Lack of support infrastructure and awareness in developing nations. certain devices require regular maintenance and calibration.
Opportunity: Rising elderly population drives the need for assistive products. Growth in remote patient monitoring creates opportunities. Developing economies offer scope for market expansion.
Threats: Stringent regulations delay product approvals. Reimbursement issues and economic slowdowns impact market sales. Technological obsolescence is a challenge.
Key Takeaways
The global assistive technology market is expected to witness high growth, exhibiting a CAGR of 3.3% over the forecast period, due to increasing aging population globally. The market size for 2023 is US$ 11,219.19 Mn.
Regional analysis: North America dominates the global assistive technology market currently due to presence of supportive policies and regulations. Asia Pacific is expected to grow at the fastest rate due to rising medical expenditures and increasing disability rate in the region's aging population.
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. 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.
