April 18, 2024

The Global Assistive Technology Market is Estimated to Witness High Growth Owing to Advances in Neurotechnology

The assistive technology market is comprised of a wide range of technologies and equipment that aid those with disabilities or impairments. This includes hearing aids and cochlear implants to help the hearing impaired, mobility devices like wheelchairs, walkers and prosthetics for those with physical disabilities, as well as learning and communication devices for conditions such as autism and Alzheimer’s disease. Advances in areas like neurotechnology, brain-computer interfaces, and assistive robotics are helping to overcome challenges and improve quality of life for millions globally.

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 from 2023 to 2030.

Key Takeaways

Key players: Key players operating in the assistive technology market include 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: Rising incidence of disabilities and chronic diseases coupled with increasing healthcare expenditure is expected to drive the demand. Growing elderly population will further boost sales as age-related impairments rise. Emerging economies represent major untapped opportunities with large patient bases and improving access.

Technological advancements: Advances in neurotechnology including brain-computer interfaces, neural implants, intelligent prosthetics and assistive exoskeletons are allowing new possibilities that were previously unimaginable. Miniaturized devices, artificial intelligence, 3D printing and apps are also enhancing user experience.

Market drivers

Population aging: Global life expectancy has increased substantially, resulting in over 700 million people aged 65 years and older globally. Age-related disabilities tend to increase along with the aging boom.

Rising disability prevalence: According to WHO, over 1 billion people live with some form of disability worldwide. Progressive conditions like hearing loss, vision impairment, dementia are contributing to disability growth.

Regulatory policies: Stringent regulations and reimbursement schemes in developed countries mandate coverage for assistive products aiding disabled patients. Favorable laws support the market expansion.

Current Challenges in the Assistive Technology Market
The adoption of assistive technology faces certain challenges. There is limited awareness about the various available assistive products, especially among those in remote areas. The high cost of some premium assistive devices also restricts widespread adoption. Most devices are designed for developed markets and may not suit the requirements and environments in developing nations. Battery and power availability remain key concerns for mobility aids. Additionally, lack of proper training limits the effective use of assistive products.

SWOT Analysis
Strength: Growing elderly population and increasing disabilities drive demand. Rapid technological advancements enable innovative solutions.
Weakness: High costs of sophisticated products remain unaffordable for many. Limited customization possibilities for products designed overseas.
Opportunity: Untapped needs in developing nations present significant market potential. Expanding health insurance coverage to include assistive products.
Threats: Substitute products from local manufacturers impact established brands. Stringent regulations delay product approvals and market entry.

Geographical Regions
North America continues to dominate the assistive technology market, accounting for over 35% share in value terms. This is driven by the region’s high healthcare spending as well as presence of major industry players. Asia Pacific is the fastest growing regional market with annual growth exceeding 5%. China, India and other emerging nations contribute significantly to the rising demand on the back of growing population and improving economic conditions.

The European assistive technology market is concentrated in Western European nations like Germany, U.K, France and Italy. Collectively they account for about half of the regional market value due to universal healthcare coverage and disabled friendly infrastructure. Germany alone holds over 15% share due to high research funding and custom product manufacturing capabilities.

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  1. Source: Coherent Market Insights, Public sources, Desk research
  2. We have leveraged AI tools to mine information and compile it