by The global Assistive Technology Market is estimated to be valued at US$22.98 Billion In 2023 and is expected to exhibit a CAGR of 4.7% over the forecast period 2023-2030 as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Assistive technology refers to devices, equipment, and systems that aid individuals with disabilities in performing tasks, enhancing their mobility, communication, and overall quality of life. These technologies include wheelchair and mobility aids, hearing aids, vision aids, communication devices, and more. The growing aging population, coupled with the increasing prevalence of disabilities, is driving the demand for assistive technology products. These products enable individuals to maintain independence, participate in daily activities, and improve their overall well-being.
Market Key Trends:
One key trend in the Assistive Technology Market is the integration of artificial intelligence (AI) and Internet of Things (IoT) technologies to enhance the functionality of assistive devices. AI algorithms and IoT connectivity enable real-time monitoring, predictive maintenance, and advanced data analytics, leading to improved device performance and user experience. For example, smart hearing aids can automatically adjust sound settings based on the user’s environment, and smart wheelchairs can navigate through obstacles using AI algorithms. The integration of AI and IoT in assistive technology is expected to drive market growth and provide innovative solutions for individuals with disabilities.
Porter’s Analysis
Threat of new entrants: The assistive technology market currently faces a moderate threat of new entrants. The high barriers to entry, such as extensive research and development costs, complex regulatory requirements, and the need for strong distribution channels, make it difficult for new players to establish themselves in the market.
Bargaining power of buyers: The bargaining power of buyers in the assistive technology market is moderate. While buyers have the option to choose from a variety of products and suppliers, the specialized nature of assistive technology limits their bargaining power to some extent. Moreover, the strong demand for these products gives suppliers an advantage in negotiating prices.
Bargaining power of suppliers: The bargaining power of suppliers in the assistive technology market is relatively high. With a limited number of suppliers offering specialized products, they have the ability to dictate terms and prices to a certain extent. Additionally, the high costs involved in switching suppliers further strengthens their bargaining power.
Threat of new substitutes: The threat of new substitutes in the assistive technology market is low. The need for specialized products that cater to specific disabilities makes it challenging for substitutes to provide the same level of functionality and customization that assistive technologies offer.
Competitive rivalry: The competitive rivalry in the assistive technology market is intense. The market is dominated by a few major players who compete based on factors such as technological advancements, product quality, pricing, and distribution channels. The presence of established players and the constant need for innovation make the market highly competitive.
Key Takeaways
The global assistive technology market is expected to witness high growth, exhibiting a CAGR of 4.7% over the forecast period. The increasing prevalence of disabilities, rising geriatric population, and advancements in assistive technologies are key drivers for market growth. For instance, the development of smart devices and AI-powered solutions has significantly enhanced the capabilities of assistive technologies, providing customized solutions for individuals with disabilities.
In terms of regional analysis, North America is expected to be the fastest-growing and dominating region in the assistive technology market. Factors such as the presence of advanced healthcare infrastructure, favorable government initiatives, and a higher adoption rate of novel technologies contribute to the region’s growth. Additionally, the rising aging population and increasing awareness about assistive technologies further propel market growth in North America.
Key players operating in the 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, and Dynavox Systems LLC. These companies are focusing on developing innovative products, expanding their distribution networks, and engaging in strategic partnerships to gain a competitive edge in the market.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
