by 
Assistive technology refers to devices that help individuals with disabilities or chronic health conditions in performing tasks of daily living that might otherwise be difficult or impossible. This includes products like wheelchairs, hearing aids, visual aids, communication boards and voice amplifiers. Assistive technology improves mobility, allows visually impaired people to read and provide alternative methods of communication. It improves quality of living and makes people independent.
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:
The Assistive Technology market is primarily driven by the increasing prevalence of disabilities and chronic health conditions. According to the World Health Organization, over a billion people, representing about 15% of the world’s population live with some form of disability. Increasing ageing population is also leading to rising cases of conditions like arthritis, hearing or vision impairments which require assistive devices for support.
Another key driver is advancement in technology which is resulting in innovative assistive products. For instance, introduction of voice controlled smart wheelchairs, prosthetics with advanced functionalities and hearing aids with Bluetooth connectivity. Technology integration is helping address unmet needs and improve adoption of assistive devices. Growing awareness about availability of assistive solutions coupled with supporting insurance policies is also contributing to demand growth in the market.
Segment Analysis
The assistive technology market can be segmented into mobility assistive devices, vision & hearing assistive devices, and learning, communication & cognitive assistive devices. The learning, communication & cognitive assistive devices segment dominated the market in 2023 and is expected to continue its dominance during the forecast period. These devices assist patients with cognitive issues as well as learning disabilities and enable them to perform daily tasks independently, which drives the growth of this segment.
PEST Analysis
Political: Governments across the globe are promoting the use of assistive technologies to facilitate independent living and community inclusion for disabled people through various initiatives and favorable reimbursement policies.
Economic: The global assistive technology market size was valued at US$ 11,219.19 Mn in 2023 and is projected to reach US$ 18,392.82 Mn by 2030, exhibiting a CAGR of 3.3% during the forecast period. Favorable economic growth especially in developing nations is fueling the market growth.
Social: Increasing incidence of road accidents, genetic disorders, aging population and rising disabilities worldwide are augmenting the demand for assistive technologies. Growing emphasis on equal rights for disabled also supports their adoption.
Technological: Advancements in areas such as IoT, AI, 3D printing are allowing development of more sophisticated assistive devices. Wearables and mobile-based assistive solutions are gaining popularity.
Key Takeaways
The global assistive technology market is expected to witness high growth, exhibiting CAGR of 3.3% over the forecast period, due to rapid technological advancements and rising incidences of disabilities.
North America dominated the global market in 2023 due to supportive reimbursement structure and high healthcare expenditure in the region. Europe was the second largest regional market. However, Asia Pacific is anticipated to grow at the fastest CAGR during the forecast period with increasing Medical Tourism and rising government initiatives to improve access to assistive technologies in countries like India and China.
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. 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.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
