WASHINGTON, Aug. 18, 2022 (GLOBE NEWSWIRE) -- Vantage Market Research’s recent analysis of the Global Assistive Technology Market finds that the increasing demand for assistive devices globally is expediting market growth. In addition, the high rates of non-communicable diseases and rapid rise in the geriatric population are projected to expand the Global Assistive Technology Market growth during the forecast period.
The Global Assistive Technology Market revenue is expected to reach a value USD 28.8 Billion in 2028.
The Global Market revenue was valued at USD 21.8 Billion in 2021 and is expected to grow to exhibit a Compound Annual Growth Rate (CAGR) of 4.8% during the forecast period; states Vantage Market Research, in a report, titled “Assistive Technology Market Size, Share & Trends Analysis Report by Product Type (Mobility Impairment Devices, Visual Impairment Devices, Hearing Impairment Devices, Other Product Types), by End-User (Hospitals, Home Care Settings, Other End-Users), by Region (North America, Europe, Asia Pacific, Latin America) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)”.
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Key Industry Findings & Insights from the report:
- The global Assistive Technology Market was valued USD 21.8 Billion in 2021 and is all set to surpass USD 28.8 Billion by 2028, exhibiting a CAGR of 4.8% during the forecast period 2022-2028.
- In terms of revenue, the application segment held the largest revenue share of in 2021 and is estimated to maintain its dominance for the forecast period.
- In terms of revenue, the product segment held the second largest market share of in 2021 and is estimated to grow rapidly during the forecast period.
- The growth can be attributed to rapid urbanization, technological advancement, an increase in investment by developing countries.
- North America captured the lion share in 2021 and is projected to retain its position over the forecast period. This can be attributed to the existence of a significant number of Assistive Technology industry companies and the high adoption rate owing to government measures that stimulate this industry in this region. The growth is primarily due to the increasing collaborations.
Market Dynamics:
Driver:
Increase in Disabilities Worldwide to Drive the Market Growth
Assistive Technology Market reduces the reliance of the disabled person on others and assists in improving the quality of their life. As stated by the United Nations, the worldwide elderly population will likely reach 2 billion by 2050. Furthermore, about 15 percent of the worldwide population has disabilities. Therefore, global market players offer a broad range of assistive technologies, devices, and equipment for health disabilities such as paralysis, hearing disabilities, leg injuries or disabilities, and so on. As a result, such factors are estimated to propel the Global Assistive Technology Market growth during the forecast period.
Implementation of Advanced Technologies to Stimulate Market Growth
The top manufacturers are extensively investing in integrating highly developed technologies for the assistive devices and the Research and Development (R&D) activities of these technologies, which will provide the customers with top services and a better quality of life. Furthermore, technological advancements, especially in mobility assistive devices, offer companies huge prospects. As a result, this will help the Global Assistive Technology Market to expand in the near future. Moreover, to fund and prioritize access to assistive products/devices, UNICEF and WHO called on the industry, governments, donors, and civil society.
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Segment Analysis:
- Product Type
- Mobility Impairment Devices
- Visual Impairment Devices
- Hearing Impairment Devices
- Other Product Types
- End-User
- Hospitals
- Home Care Settings
- Other End-Users
- Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
The report on Assistive Technology Market highlights:
- Assessment of the market
- Premium Insights
- Competitive Landscape
- Historic Data, Estimates, and Forecast
- Company Profiles
- Global and Regional Dynamics
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Regional Analysis:
North America Dominated the Global Assistive Technology Market
North America dominated the Global Assistive Technology Market and is likely to continue the same during the forecast period. This is attributed mainly to key factors such as a massive geriatric population, augmented prevalence of several non-communicable diseases, and increased healthcare spending. As stated by the US CDC, in 2017, about 17.6 million adults had problems walking a quarter mile, and about 38.2 million people faced physical functioning problems. Furthermore, the intensifying investments in the adoption of technologically advanced disabled assistive tools and the presence of various leading manufacturers in this region are anticipated to fuel the regional market growth in the future. Besides, the aged population base in the United States is probably to reach 95 million by the year 2050.
List of Prominent Players in Assistive Technology Market:
- William Demant Holding A/S
- GF Health Products Inc.
- GN Store Nord AS
- Invacare Corp.
- Medical Depot Inc.
- Medline Industries Inc.
- Nordic Capital
- Pride Mobility Products Corp.
- Sunrise Medical Inc.
- Med-El Corporation
Browse market data Tables and Figures spread through 142 Pages and in-depth TOC on "Assistive Technology Market Size, Share & Trends Analysis Report by Product Type (Mobility Impairment Devices, Visual Impairment Devices, Hearing Impairment Devices, Other Product Types), by End-User (Hospitals, Home Care Settings, Other End-Users), by Region (North America, Europe, Asia Pacific, Latin America) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)".
Recent Developments:
May 2022: The first Centre for Technology Intervention for the Elderly & Disabled (CTIED) of India was launched at the National Institute of Technology Srinagar.
Key Questions Answered in The Report:
- Which region will show the fastest and highest growth in the near future?
- Which are the top five players and their weakness and strength of the Market?
- What will be the future innovation in the upcoming six years?
- Which application and product will lead the largest share of the Market?
- What are the growth drivers, restraints and challenges of the industry?
- What will be the CAGR and size of the Assistive Technology Market for the base year and forecast period?
This market titled “Assistive Technology Market” will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:
| Parameter | Details |
| Market Size Provided for Years | 2016-2028 |
| Base Year | 2021 |
| Historic Years | 2016-2020 |
| Forecast Years | 2022-2028 |
| Segments Covered |
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| Region & Counties Covered |
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| Companies Covered |
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| Report Coverage | Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis |
Customization of the Report:
The report can be customized as per client needs or requirements. For any queries, you can contact us on sales@vantagemarketresearch.com or +1 (202) 380-9727. Our sales executives will be happy to understand your needs and provide you with the most suitable reports.
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- Top Companies in Assistive Technology Market | Key Players Growth Analysis.
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