by 
The global Assistive Technology Market provides products and services that aid people with disabilities and ageing populations in carrying out day to day activities, thereby significantly improving their quality of life. Assistive technologies include mobility devices such as wheelchairs and scooters, hearing aids, prosthetics and orthotics, communication devices and computer access tools. Such technologies enable greater independence and community involvement for people with disabilities. Advances in prosthetics, orthotics and computer access tools are allowing people with disabilities to function efficiently at work and home while enhancing mobility and independent living.
The global 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: One of the key trends shaping the Assistive Technology Market is the growing demand for smart and portable assistive devices. Technological advancements are enabling the integration of connectivity into assistive devices such as mobility aids, hearing aids, prosthetics and orthotics. The ability to connect to smartphones allows for easier configuration, monitoring and updating of assistive devices through remote troubleshooting. Portability is also a desirable feature which helps improve convenience. The development of foldable and lightweight mobility aids, hearing aids and prosthetics has boosted their adoption. Furthermore, artificial intelligence and machine learning capabilities are driving innovations in assistive technologies. AI-enabled assistive devices can be customized for users’ specific needs while continuously learning and improving performance over time through data analytics. This is expected to increase access to high-quality assistive solutions in the coming years.
Porter’s Analysis
Threat of new entrants: Low-to-moderate threat as significant capital investments and R&D efforts are required to develop assistive technology solutions. Regulatory compliance also poses a key barrier.
Bargaining power of buyers: Moderate bargaining power as the market offers differentiated products and technologies from various manufacturers. However, pricing is largely standardized.
Bargaining power of suppliers: Low bargaining power as manufacturers source standardized components from multiple global suppliers.
Threat of new substitutes: Low threat as assistive technologies provide unique benefits that cannot be replicated by alternative solutions.
Competitive rivalry: High competition owing to large number of established players offering a variety of products. Companies focus on innovative solutions, strong branding, and regional expansion to gain competitive edge.
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 aging population leading to greater demand for care solutions.
The North American region dominates the global market currently. However, Asia Pacific is expected to offer lucrative opportunities with growth rates higher than the global average, led by increasing health awareness and focus on independent living in developing nations.
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.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
Ravina Pandya, a content writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemicals and materials, etc. With an MBA in E-commerce, she has expertise in SEO-optimized content that resonates with industry professionals.
