Assistive Technology Market Size, Share & Industry Analysis, By Product Type (Mobility Aids, Hearing Aids and Vision, Reading Aids, Sensory Aids, Others), By End-user (Hospitals, Home Care Settings, Others) And Regional Forecast, 2024-2032

Assistive technology consists of technology used by people with disabilities to maintain or improve the functional capabilities that might otherwise be difficult to perform. Assistive technology helps the person in moving and conducting everyday activities which consequently augment the growth of the market over the forecast period. For instance, as per WHO, it is estimated that more than 2 billion people will require at least 1 assistive product like hearing aids, wheelchairs or memory aids by 2030 due to rise in ageing global population along with a rise in non-communicable diseases.

The growing number of orthopaedic and neurological disorders is estimated to drive the assistive technology market over the forecast duration. For instance, in 2019, according to the Neurological Alliance, there were around 14.7 million neurological cases. It equates to at least 1 in 6 people living with one or more neurological condition which leads to learning disabilities, epilepsy etc. and therefore assistive technology helps in augmentation of muscle action, and reduction of weight-bearing load which will supplement the market growth.

However, higher price associated with assistive technology is estimated to restrain the market growth during the forecast period. Additionally, lower acceptance rate for the assistive products in the developing economies will obstruct the growth of the market. For instance, in 2018, as per world Health Organization (WHO), only 1 out of 10 people in need have access to assistive technology because of higher cost and a lack of awareness, policy and financing.

Market Segmentation:

Globally, the assistive technology market can be segmented into type, end-user and region. Based on type, the market has been divided into mobility aids, hearing aids and vision, reading aids, sensory aids and others.  Based on segmentation of end-user, the market can be categorized into hospitals, home care settings and others.

Geographically, the assistive technology market can be segmented into North America, Europe, Asia Pacific, Latin America, Middle East and Africa.

Key Players Covered:

Some of the major companies that are present in the assistive technology market are Demant AS, GF Health Products Inc., GN Store Nord AS, Invacare Corp., Medical Depot Inc., Medline Industries Inc. Nordic Capital, Pride Mobility Products Corp. and others prominent players

Key Insights:

• Technological Advancements in Assistive Technology Market


• Key Industry Developments – Merger, Acquisitions, and Partnerships


• Prevalence of orthopaedic Disease by Key Countries/Regions


• Key Product Launches


• COVID-19 Impact on Assistive Technology Market

Regional Analysis:

Based on segmentation of the region, the global assistive technology market can be segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. North America is projected to dominate the market in 2020 and is estimated to retain its leading position over the forecast duration. Factors such as increased demand of assistive products and services, rising geriatric population and government initiatives in increasing the focus towards rights of disable people are propelling the market growth in the region. For example, as per U.S. Bureau of Labor Statistics, the percentage of population employed with a disability was 17.9 percent in 2020. The European region is estimated to secure the second position in the market respectively, owed to the factors such as presence of large patient pool and improvements in healthcare infrastructure. For example, In 2020, as per European commission, one-fifth of the EU population have some form of disability. The EU and its member states are committed to improve economic situation of persons with disabilities by building the charter of fundamental rights. The APAC region is estimated to be the fastest growing market as greater initiatives are being undertaken by the governments, and presence of various well-established players in the market. The market growth in the region is also supplemented by increase in healthcare expenditure and increasing disposable incomes in countries such as India and China. The market in countries of Latin America and Middle East and Africa are expected to grow at a slower rate as compared to other regions owed to limited awareness related to assistive technology.

Segmentation

Assistive Technology Market Industry Developments 

• In June 2021, GN hearing, GN, the global leader in sound and hearing innovation, announced the launch of Jabra Enhance Pro – a new, premium hearing aid line-up to be launched in more than 700 Costco Hearing Aid Centres worldwide.


• In April, 2019, Demant A/S along with Philips announced the introduction of Philips branded hearing aids to the market. Philips brand entered the hearing healthcare market with wide range of premium hearing aids, accessories, and applications to best serve hearing aid users.