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The Assistive Technology Market is estimated for 2023 for the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights. The global assistive technology market size is estimated to be valued at US$ 22.98 billion in 2023 and is projected to reach US$ 31.70 billion by 2030, growing at a CAGR of 4.7% during the forecast period
Market Overview:
Assistive technology includes mobility devices, assistive furniture, hearing aids, and communication aids that help improve the physical, sensory, and cognitive abilities of elderly and disabled individuals.
Market Dynamics:
Assistive technology is witnessing rapid technological advancement with products integrated with AI, virtual reality, and advanced sensors. Technologies like augmented reality and virtual reality are being incorporated into assistive devices to improve independence and quality of life of users. Advancements are also being made in areas of smart prosthetics, robotic exoskeletons, and implantable devices. Rapid technological innovation is expected to drive the demand for assistive technology during the forecast period. Growing focus on development of assistive technology solutions tailored for specific disabilities and personalized to individual needs and likings will also propel the market growth.
Growing Awareness about Disabilities and Benefits of Assistive Technology
With rising awareness about disabilities and inclusion worldwide, assistive technology has gained more prominence. Assistive technology helps people with disabilities live independently and participate actively in work and social activities. Governments and NGOs are working to promote awareness about various assistive solutions and their benefits. This has led to growing demand for mobility aids, prosthetics and orthotics, vision and hearing aids, and other devices.
Rising Geriatric Population spurs Demand for Assistive Living Solutions
The global population is aging rapidly. According to the UN, over next three decades, the number of people aged 60 years and above will more than double. As the elderly population grows, so does the need for assistive devices that can help them perform daily activities independently? Therefore, assistive living solutions like walking frames, emergency response systems, smart glasses and hearing aids are witnessing strong demand. The aging population is a major driver boosting sales in the assistive technology market.
High Cost of Advanced Assistive Devices
While assistive technology enhances quality of life, advanced devices come at a steep price which restricts widespread adoption. Cutting-edge prosthetics, wheelchairs, orthotics and other aids involve high research, development and production costs. This is passed on to consumers. Moreover, ongoing costs for maintenance, repairs and upgrades make such technologies unaffordable for many. Lack of adequate insurance cover for assistive products is another factor keeping costs high. This price barrier hinders market growth, especially in developing nations.
Untapped Opportunities in Developing Regions
Developing countries in Asia Pacific, Latin America, Middle East and Africa present significant opportunities in the assistive technology industry due to growing disability populations and improving economic conditions. However, lack of awareness, insufficient regulatory frameworks and low spending priority for disability care are key challenges. With government support through partnerships and funding, assistive technology can reach wider populations in need. Companies stand to gain by devising low-cost, customized products and distribution models for developing markets.
Rise of 3D Printing and AI in Assistive Technology Design
Technological advancements like 3D printing and AI are revolutionizing assistive technology design and development. 3D printing enables customized prosthetics and orthotics to be produced cost-effectively and with design adjustments possible. AI helps develop assistive devices like intelligent wheelchairs, smart prosthetics and AI-powered hearing aids with improved functionalities. Further, AI assistants, virtual reality and augmented reality can enhance independent living for disabled individuals. The convergence of next-gen technologies is set to make assistive solutions more affordable and effective in future.
