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Assistive technology refers to devices or equipment used by individuals with disabilities in order to perform functions that may be difficult or impossible due to physical, sensory, psychological or intellectual limitations. Some common assistive technologies include mobility devices like walkers, wheelchairs and prosthetics for personal mobility; hearing aids and cochlear implants that improve hearing ability; and screening readers, magnifiers and voice recognition software that help vision-impaired users access digital information and control computers. The global assistive technology market has seen increased adoption over the past decade as more focus is placed on allowing people with disabilities to live more independently and fully participate in education and employment.
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 2024-2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Technological advancements have been a key driver of innovation in assistive technology solutions. Devices are becoming more compact, affordable and user-friendly due to developments in materials science, miniaturization and wireless connectivity standards. Smartphone apps and cloud-based services have also expanded access to assistive aids on mobile platforms. Rapid customization enabled by 3D printing technologies allows assistive devices to be personalized for the unique needs of individual users. The growing emphasis on community living is boosting home healthcare devices as opposed to institutional care-centric products. Continuous R&D in areas such as brain-computer interfaces, powered prosthetics, exoskeletons and artificial organs hold the promise of further improving quality of life for people with disabilities.
Porter’s Analysis
Threat of new entrants: The threat is moderate as high capital investments are required for research and development. However, this market experiences high growth which attracts new players.
Bargaining power of buyers: Buyers have moderate to high bargaining power due to established players and availability of substitutes. They can choose from a variety of assistive technologies.
Bargaining power of suppliers: Suppliers have low to moderate bargaining power as market participants have access to multiple component suppliers and outsourcing options to manufacture assistive technologies.
Threat of new substitutes: Threat is moderate to high as new technologies can disrupt existing products. However, regulations prevent easy substitutions and switching costs are high.
Competitive rivalry: Competition is high among global players to develop new products and expand geographical reach. Market consolidation also fosters competition.
Key Takeaways
The global Assistive Technology market is expected to witness high growth. 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 2024-2030.
Regional analysis related content comprises North America dominates the market currently due to rising aging population and increasing incidence of chronic diseases. However, Asia Pacific is expected to grow at the fastest pace owing to growing medical infrastructure and rising healthcare expenditure.
Key players related content comprises Key players operating in the Assistive Technology market are Sanofi, AstraZeneca, Novartis AG, Pfizer Inc., Mylan N.V. Sanofi dominates the market with wide product portfolio and global presence. Other major players are focusing on new product launches and acquisitions to strengthen their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
