The assistive technology market comprises of wide range of medical equipment and devices that enable people with disabilities to perform tasks independently. Assistive devices include mobility devices such as walking and wheelchairs, hearing aids, reading and vision aids, as well as devices helping the physically impaired. Due to increasing cases of disabilities associated with hearing loss, the demand for hearing aids has seen significant growth globally. Hearing aids are small electronic devices that amplify and modulate sounds to help the hearing impaired individuals listen, communicate and participate more effectively in daily activities.

The global assistive technology market is estimated to be valued at US$ 11,219.19 Mn in 2024 and is expected to exhibit a CAGR of 3.3% over the forecast period 2023 to 2030.

Key Takeaways

Key players operating in the assistive technology market 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. Key opportunities in the assistive technology market include development of innovative and advanced hearing aid devices as well as multi-functional assistive products. Many leading players are focusing on expanding their global footprint by establishing production facilities and distribution networks across regional markets to strengthen their market presence.

Market drivers and restrain: The major driver for the growth of assistive technology market is the rising geriatric population which requires assistive devices. As per WHO, the number of people aged 60 years and older is estimated to reach 2 billion by 2050. Also, increasing awareness about disabilities and various assistive devices available is fueling the market growth. However, high cost of technologically advanced assistive products is a major challenge for widespread adoption, especially in developing regions. Other restraint includes lack of experienced professionals for training on complex devices.

Segment Analysis
The assistive technology market can be segmented based on product into mobility devices, assistive furniture, bathroom safety equipment, and monitoring devices. The mobility devices segment is dominating the market as it held the largest share in 2024. Mobility devices help people with disabilities to move independently and safely. They include products like wheelchairs, walkers, canes, and crutches. The growing elderly population globally is fueling the demand for mobility devices as disability increases with age.

Global Analysis
On the basis of region, North America dominated the assistive technology market in 2024 with the highest share. This is attributed to factors like rising healthcare expenditure, high disability rates, growing geriatric population, and favorable reimbursement policies in the US and Canada. Asia Pacific is projected to be the fastest growing region during the forecast period owing to rising incidence of disabilities, increasing healthcare spending, improving accessibility standards, and growing focus on patient safety and independence. China, India, and Japan will emerge as major markets in Asia Pacific. Emerging markets offer immense growth potential for players due to unmet needs in terms of disability care and assistance.

About Author:

Ravina Pandya, 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, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191