Assistive Technology Market

Market Synopsis

The Global Assistive Technology Market was valued at USD 21.95 Billion in 2022 and is projected to reach a value of USD 31.22 Billion by 2030. The Global Market is anticipated to grow to exhibit a Compound Annual Growth Rate (CAGR) of 4.5% over the forecast period.

Assistive Technology devices are items, equipment, or gadgets that help people with impairments increase, enhance, or retain their functional abilities. Growth in technology advancement in assistive equipment, solutions, or services across several organizations can enable clinics, hospitals, home care, and other end-users. A wide spectrum of people around the world requires assistive technologies to optimize their physical and mental health, such as persons with chronic health conditions, people with impairments, and the aged. Furthermore, they require the assistance of numerous gadgets and equipment to carry out all of life's necessities, therefore these devices assist both disabled and elderly patients in making their lives more calm, easy, and autonomous.

The growing number of disabled people contributes to the expansion of the market for impaired assistive equipment. The market expands because of an increase in the number of assistive device manufacturers investing in Research and Development (R&D) for these innovations. People's increasing proactiveness and advantage incurred for better health circumstances, on the other hand, are predicted to give the disabled and aged Assistive Technology Market excellent growth prospects over the projection period. The rising costs of a few modern techniques, along with poor adoption rates in emerging economies, may stymie the expansion of the disabled assistive devices market. The significant rise in the number of people living with dementia is expected to boost the market growth of impaired adaptive equipment during the forecast period.

Market Segmentation

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The Assistive Technology Market is segmented based on Product Type, End Users, and Region. Based on the Product Type, the market is further segmented into Hearing Aids & Vision, Reading Aids, Sensory Aids, and Other Product Types. Furthermore, based on End Users, the market is segmented into Hospitals, Home Care Settings, and Other End-Users.

Based on End Users

The Hospital segment holds a significant share in the growth of the market over the upcoming years. This is due to an increase in the number of accidents worldwide, a large pool of admitted patients, and a growing older population, all of which contribute to a rise in the number of assistive devices. In addition, hospitals have a significant demand for medical beds, recliner chairs, transferred lifts, and patient mechanical lift handling, which is driving the segment growth.

Based on Product Type

The Mobility Impairment segment is anticipated to grow at the highest rate during the forecast period. This is due to the high need for mobility aids among the country's elderly and disabled citizens. As a result of road traffic accidents, a greater number of persons suffer non-fatal injuries, which result in disability. Thus, increased road traffic accidents are one of the primary drivers of the global need for mobility aids.

North America is expected to hold the highest share in the Market During the Forecast Period

North America holds a significant share in the market during the forecast period. This region leads the cognitive impairment assistive devices market because of increased demand for assistive devices, a growing aging population, and a government focus on patient security in this region. In addition, there has been a significant increase in demand for Assistive Technology for a variety of end-users such as Assistive Technology education, clinics, and clinics, among others. The rising use of stroke adaptive equipment by physicians to treat post-stroke consequences is expected to boost demand for stroke assistive devices, enhancing revenue creation in the stroke assistive devices market. The aged and disabled assistive devices industry is estimated to have substantial market potential, particularly in Latin America.

Also, an increase in the demand for assistive devices due to an increase in the trend of an independent lifestyle would fuel global market expansion.

Competitive Landscape

The key players in the Global Assistive Technology Market include- William Demant Holding A/S (Denmark), GF Health Products Inc. (U.S.), GN Store Nord AS (Denmark), Invacare Corp. (U.S.), Medical Depot Inc. (Canada), Medline Industries Inc. (U.S.), Nordic Capital (Sweden), Pride Mobility Products Corp. (U.S.), Sunrise Medical (Germany), Med-El Corporation (Austria) and others.

Segmentation of the Global Assistive Technology Market