Market Overview:
Assistive technology refers to devices or equipment that help people with disabilities perform tasks that may otherwise be difficult or impossible. This includes mobility devices like wheelchairs, hearing aids that help with hearing impairment, computer software and hardware that aids people with visual and mobility impairment. The growing geriatric population and increasing cases of chronic illnesses and disabilities have intensified the need for assistive technologies.
Market key trends:
One of the major trends driving the assistive technology market is increasing prevalence of disabilities worldwide. According to WHO, over 1 billion people live with some form of disability globally. The numbers are expected to increase multi-fold with aging population. Technological advancements are enabling development of more effective and affordable assistive devices. Wearable and ambient assisted living technologies are gaining traction. Furthermore, supportive government policies for people with disabilities coupled with improving access to rehabilitation services are further propelling the demand for assistive devices.
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.
Porter's Analysis
Threat of new entrants: The assistive technology market requires significant investments in R&D making it difficult for new players to enter. Bargaining power of buyers: Individual consumers have low bargaining power due to availability of limited product options. However, governments and large organizations have high bargaining power due to bulk purchasing. Bargaining power of suppliers: Major players control the supply chain resulting in moderate level of bargaining power of suppliers. Threat of new substitutes: Technological innovations may lead to new substitutes, increasing threat over the forecast period. Competitive rivalry: The market is consolidated with top players holding major market share intensifying competitive rivalry.
SWOT Analysis
Strengths: Established brands and extensive product portfolios. Large R&D investments result in continuous product innovations. Weaknesses: High costs of assistive devices limit accessibility. Lack of adequate insurance coverage and reimbursement policies. Opportunities: Growing geriatric population and rising awareness drives demand. Expanding into emerging markets offers new opportunities. Threats: Slow adoption rate in developing nations. Stringent regulatory norms delay product approvals.
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 incidence of disabilities worldwide. North America dominates the market currently owing to supportive reimbursement policies and advanced healthcare infrastructure in the US and Canada. Europe follows next led by Germany, UK and France.
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. Major players focus on partnerships, mergers and acquisitions for business expansion to strengthen their market presence.
