Assistive technology refers to items, pieces of equipment, or products that are used to increase, maintain, or improve functional capabilities of individuals with disabilities. Assistive technology products like mobility devices, hearing aids, and visual aids help the elderly and disabled population in performing daily activities independently.
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 key trends:
Rapidly increasing geriatric population prone to disabilities and hearing impairment is a major factor driving growth of the assistive technology market. According to the United Nations, the global population aged over 65 years is estimated to reach 1.5 billion by 2050 from 703 million in 2019. Moreover, growing prevalence of vision impairment is also estimated to boost the market during the forecast period. For instance, according to the WHO, at least 2.2 billion people have a vision impairment or blindness, of whom at least 1 billion have a vision impairment that could have been prevented or has yet to be addressed. The rising cases of vision defectsare expected to drive demand for vision assistive aids like braille displays and reading machines. Increasing awareness regarding benefits of assistive technologies is also fueling growth of the market.
Porter’s Analysis
Threat of new entrants: Low threat due to requirements of huge capital investment and well established presence of key players.
Bargaining power of buyers: Moderate bargaining power due buyers can switch between products from different brands.
Bargaining power of suppliers: Moderate power due to presence of large number of suppliers.
Threat of new substitutes: Low threat due to lack of substitute products for assistive technologies.
Competitive rivalry: High competitive rivalry among existing players to gain market share.
SWOT Analysis
Strengths: Innovative products to aid patients, rising healthcare spending globally.
Weaknesses: High costs of assistive devices limiting adoption in low-income regions, lack of awareness in developing nations.
Opportunities: Untapped growth potential in emerging markets, increasing cases of disabilities worldwide.
Threats: Stringent regulatory approvals delaying new product launches, reimbursement issues hindering sales.
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 prevalence of disabilities worldwide driven by aging population and rising cases of hearing and mobility impairments.
Regionally, North America is expected to dominate the global assistive technology market during the forecast period. This is attributable to factors such as favorable healthcare policies, rapid technological advancements, and presence of key assistive device manufacturers in the region. Asia Pacific is anticipated to exhibit fastest growth during the forecast period, owing to growing patient population, rising healthcare spending, and increasing medical tourism in the region.
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.
