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The assistive technology market comprises products such as mobility devices, hearing aids, magnifiers and reading machines that help improve the capabilities of the disabled population. Mobility devices including wheelchairs and walkers assist the physically disabled in moving independently and easily. Hearing aids amplify sounds to help the hearing impaired, while magnifiers and reading machines aid the visually impaired in reading through enlarged texts. The need for such assistive devices has increased manifolds in light of an aging global population and rising cases of 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 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 growing geriatric population globally is driving the demand for mobility aids and hearing aids. Furthermore, favorable government policies for disabled population are aiding the adoption of assistive devices.
The global assistive technology market is witnessing expansion into new geographic regions led by increasing disability cases and improving access of healthcare services. Major players are investing in R&D to develop advanced devices to address the unmet needs of disabled population.
Market Key Trends
Technological advancements are a key trend in the assistive technology market. Companies are developing smart and digital assistive devices that combine features like connectivity, portability and powerful batteries. For instance, hearing aids are being integrated with artificial intelligence and wireless connectivity to enhance speech recognition and improve sound quality. Furthermore, camera-based and sensor-based technologies are enabling the development of smart devices like smart glasses and exoskeletons that assist mobility and independence in innovative ways. Such emerging digital technologies are expanding the scope and applications of assistive technology.
Porter’s Analysis
Threat of new entrants: The assistive technology market needs significant capital investments and has patents which provide advantages to existing players, lowering the threat of new entrants.
Bargaining power of buyers: Individual buyers have low bargaining power due to availability of several product options, while governments and organizations can negotiate on price and quality as large volume buyers.
Bargaining power of suppliers: A few major companies dominate the supply chain, giving them stronger bargaining power over manufacturers.
Threat of new substitutes: Technology advances open doors for new innovative substitutes that can disrupt existing models.
Competitive rivalry: Large multi-national companies compete on technology and pricing in a consolidating market space.
By geographical regions, North America dominates the assistive technology market with the largest value share as countries like the US and Canada have supportive policies and high healthcare spends.
Asia Pacific exhibits the fastest growth for the assistive technology market due to rising incomes, growing awareness, favorable regulations and expanding healthcare infrastructure in emerging countries like India and China.
*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.
