Assistive Technology Is Estimated To Witness High Growth Owing To Increasing Geriatric Population
Market Overview:
Assistive technology refers to devices or equipment used by persons with disabilities or elderly population in their daily activities and tasks that may otherwise prove difficult without external aid. This includes mobility aids like wheelchairs, walkers, prosthetics etc., hearing aids, magnifiers and Braille displays for vision impaired. Assistive technology helps improve independence and quality of life.
Market Dynamics:
The key drivers propelling the growth of assistive technology market include increasing geriatric population globally and high prevalence of disabilities. As per UN estimates, there were over 703 million people aged 65 years and over globally in 2019 which is projected to nearly double to 1.5 billion in 2050. Also, over 15% of the global population lives with some form of disability according to WHO. As age advances, risk of disabilities increases thereby driving demand for mobility, hearing and vision assistive devices. Additionally, growing awareness aboutavailability and benefits of assistive products along with regulatory mandates are further fueling the market growth.
The global Assistive Technology Market Demand is estimated to be valued at US$ 22.98 Bn in 2023 and is expected to exhibit a CAGR of 4.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
SWOT Analysis
Strength: Assistive technology offers independence and improved quality of life to disabled individuals which is a major strength. It provides customised solutions for varied disabilities. Rapid technological advancements have improved functionalities of various assistive devices.
Weakness: High costs of specialized assistive devices limit their adoption. Lack of public awareness and social stigma associated with certain assistive technologies.
Opportunity: Growing geriatric population suffering from age-related disabilities will drive the demand. Increased R&D and investments from private players are expected to further develop innovative and affordable solutions.
Threats: Stringent regulations delay new product launches. Expiry of patents may increase competition.
Key Takeaways:
The global Assistive Technology market is expected to witness high growth, exhibiting CAGR of 4.7% over the forecast period, due to increasing prevalence of disabilities worldwide. Conditions such as hearing impairment, visual impairment, physical disabilities and neurological disorders are major drivers for assistive devices adoption.
Regional analysis North America dominates the global assistive technology market with a share of over 35% in 2023 owing to presence of supportive regulatory framework and availability of advanced healthcare infrastructure in the region. Asia Pacific exhibits the fastest growth owing to large population base, improving healthcare spending and rising medical tourism in countries such as China, India and Japan.
Key players operating in the assistive technology market are 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. The companies are focusing on new product launches, partnerships and acquisitions to strengthen their market position and provide better care to people with disabilities through innovative assistive solutions.
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