Burlingame, Oct. 12, 2023 (GLOBE NEWSWIRE) -- According to Coherent Market Insights, global assistive technology market is estimated to be valued at USD 22.98 billion in 2022 and is expected to exhibit a CAGR of 4.7% during the forecast period (2022-2030). The assistive technology market is witnessing strong growth due to several factors such as increased awareness of disabilities, aging population, advancements in technology, and supportive government policies. This market entails categories, like communication aids, mobility devices, hearing aids, vision aids, and cognitive aids.
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Market Drivers:
The global assistive technology market is growing on the account of increasing rate of disability. According to the World Health Organization, an estimated 1.3 billion people – or 16% of the global population – experience a significant disability today. This number is growing because of an increase in noncommunicable diseases and people living longer.
Assistive Technology Market Report Coverage
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 4.7% |
| Market Size in 2023 | $22.98 billion |
| 2030 Value Projection | $31.70 billion |
| Base Year | 2022 |
| Historical Data for | 2017 to 2021 |
| Segments covered | By Product Type, By Disability Type, By Age Group, By Distribution Channel |
| Growth Drivers | • Aging Population • Increasing Disability Rates • Technological Advancements • Government Initiatives and Policies • Declining Cost of DNA Synthesis |
Aging population to augment market growth
Growing geriatric population is creating demand for supportive devices. This in turn augmenting market growth assistive technology market. According to an estimate by the World Health Organization, between 2015 and 2050, the share of the world’s population over 60 years is expected to double from 12 to 22 percent. The pace at which the population is aging has increased incrementally worldwide. In addition, human life expectancy has also increased at a rapid rate.
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Market Opportunities:
Incoporation of AI and machine learning in assistive technology that gives advanced functionalities such as natural language processing, voice recognition, and predictive modeling is expected to create lucrative market growth opportunities. For instance, in March 2020, OrCam Technologies, a in personal, AI-driven innovations, will officially launch its newest assistive technology device, the handheld OrCam Read, at the CSUN Assistive Technology Conference, taking place March 9-13 in Anaheim, California.
Market Key Developments:
In 2022, Invacare Corporation acquired Pride Mobility Products Corp. for $1.3 billion. This acquisition expanded Invacare's product portfolio and gave it a stronger foothold in the homecare market.
In 2021, GN Store Nord AS acquired Interton Group. This acquisition gave GN Store Nord a leading position in the hearing aid market.
Market Restrain:
Lack of awareness regarding the diablities especially across developing region is limiting the adoption of AT solutions. Moreover, there are also challenges associated with the accessibility of of assistive device in terms of both physically and digital platforms. Hence, lack of awareness regarding the assistive technology is hampering the market growth.
Key Trends and Analysis of the Global Assistive Technology Market:
Growing government initiatives for raising awareness regarding disability and importance of assistive technology is a growing trend. For instance, in August 2023, Aiming to bridge the existing knowledge gap, broken supply chain and high prices of devices, the electronics and IT ministry's software technology parks of India (STPI) and the National Centre for Promotion of Employment for Disabled People are planning to establish an "Assistive Technology Hub" to help India emerge as a global hub for AT devices used by the disabled
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Key Market Takeaways:
Global Assistive Technology market is expected to exhibit a CAGR of 4.7% during the forecast period, owing to growing rate of disability, growing geriatric population, and increasing technological advancement in assistive technology.
On the basis of Product Type, mobility devices segment is expected to hold a dominant position, owing to the growing rate of disability worldwide.
On the basis of Disability Type, mobility impairment segment is expected to hold a dominant position, owing to the growing geriatric population and increasing number of accidents leading to disability.
On the basis of Age Group, elderly segment is expected to hold a dominant position, owing to the growing geriatric population.
On the basis of Distribution Channel, Others (specialty stores, assistive technology centers) segment is expected to hold a dominant position, owing to the growing number of specialty stoers and assistive technology centres.
On the basis of region, North America is expected to hold a dominant position over the forecast period, due to increasing technological advancement and high rate of disabilities in the region.
Key players operating in the global Assistive Technology market include Invacare Corporation, Ottobock SE & Co. KGaA, Sonova Holding AG, GN Store Nord A/S, MED-EL, Cochlear Limited, Permobil AB, Sunrise Medical LLC, Tobii AB, ResMed Inc., Sivantos Group, Ai-Media, Phonak AG, Starkey Hearing Technologies, Dynavox Systems LLC
Detailed Segmentation:
- Global Assistive Technology Market, By Product Type:
- Mobility Devices
- Hearing Aids
- Vision and Reading Aids
- Communication Devices
- Daily Living Aids
- Prosthetics and Orthotics
- Assistive Software and Apps
- Others (cognitive aids, sensory stimulation devices, environmental control systems)
- Global Assistive Technology Market, By Disability Type:
- Mobility Impairment
- Hearing Impairment
- Visual Impairment
- Speech and Language Impairment
- Cognitive Impairment
- Others (autism, developmental disorders, multiple disabilities)
- Global Assistive Technology Market, By Age Group:
- Children
- Adults
- Elderly
- Global Assistive Technology Market, By Distribution Channel:
- Retail Stores
- Online Retail
- Healthcare Institutions
- Others (specialty stores, assistive technology centers)
- Global Assistive Technology Market, By Geography:
- North America
- U.S.
- Canada
- Europe
- Germany
- Italy
- U.K.
- France
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- Australia
- India
- ASEAN
- South Korea
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Argentina
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- Israel
- South Africa
- Rest of Middle East & Africa
- North America
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