ASSISTIVE TECHNOLOGY MARKET ANALYSIS

Global assistive technology market size was valued at US$ 22.98 Bn in 2023 and is estimated to reach US$ 32.25 Bn by 2030, exhibiting a compounded annual growth rate (CAGR) of 4.7% during the forecast period. The growth of the market can be attributed to the increasing prevalence of disabilities, rising geriatric population, and technological advancements in assistive technology devices.

The market is segmented into product type, disability type, age group, end user, and region. By product type, the market is segmented into mobility impairment devices, visual impairment devices, hearing impairment devices, and other product types. The mobility impairment devices segment is projected to account for the largest market share during the forecast period. This is due to the increasing prevalence of chronic diseases such as arthritis, stroke, and spinal cord injury, which lead to mobility impairments.

Global Assistive Technology Market- Regional Insights

• North America is projected to account for the largest share of the market during the forecast period, with a share of 35.2% in 2022. This is due to the high prevalence of disabilities and technological advancements in assistive technology devices in the region. The S.is the largest market for assistive technology in North America, followed by Canada. For instance, according to data published by Centers for Disease Control and Prevention, 61 Mn adults in the U.S. live with a disability. According to the same source, mobility accounts for 13.7% mobility disability (serious difficulty walking or climbing stairs), 10.8% cognition (serious difficulty concentrating, remembering, or making decisions), and others.
• Europe is projected to be the second-largest market for assistive technology, with a share of 27.3% in 2022. This is due to the inorganic growth strategies by market players in the region. Germany, the U.K. and France are the leading markets for assistive technology in Europe. For instance, on July 18 2023, Cadence Design Systems, Inc., a computer software company, announced that it has successfully collaborated with a consortium that included GlobalFoundries (GF), Hoerzentrum Oldenburg gGmbH and Leibniz University Hannover to develop the industry’s first binaural hearing aid system-on-chip (SoC) prototype, which is programmable with high-programming languages and enables customers to create hearing aids that process critical sounds more optimally while simultaneously reducing background noise.
• Asia Pacific is projected to be the fastest-growing market for assistive technology, with a CAGR of 5.2% during the forecast period. This is due to the rising geriatric population and increasing awareness about assistive technology in the region. China, India, and Japan are the leading markets for assistive technology in Asia Pacific.

Figure 1. Global Assistive Technology Market Share (%), By Region, 2023

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Analyst View:

The assistive technology market remains a highly promising space with several opportunities for growth and innovation. Driven by rising aging populations and greater needs for independent living solutions, the mobility aids and devices segment is expected to see steady demand. North America currently dominates usage and spend on assistive products while European nations are also major adopters.

However, cost remains a restraint in many developing markets where reimbursements or public funding is still limited for such specialized devices. Efforts to educate users and their families as well as push for better insurance coverage could help expand access to assistive solutions over time. Meanwhile, newer players are exploring affordable gadgets tailored for mass-market appeal beyond traditional customer bases.

Overall, the potential for assistive technologies to improve quality of life makes this an impactful sector. While challenges persist, focus on addressing unmet needs, lowering barriers and designing for inclusion should help sustain long-term momentum across global assistive technology markets.

Global Assistive Technology Market Drivers

• Aging population: The global population is aging, and there is an increasing demand for assistive technologies to support the elderly population. Assistive Technologies solutions such as mobility aids, hearing aids, and vision enhancement devices help older adults maintain their independence and quality of life.
• Increasing disability rates: Disabilities are becoming more prevalent worldwide due to various factors, including chronic health conditions, accidents, and injuries. Assistive technology plays a crucial role in enabling individuals with disabilities to participate fully in society by providing them with tools and devices tailored to their needs. For instance, , in 2019, according to data published by United Nations Economic Commission for Europe, around 98,500 people died as a result of road traffic accidents. This represents an average of 270 persons dying each day from RTAs in the region. In addition to fatalities, countries also reported nearly 5 Mn people were injured in 2019 from RTAs.
• Technological advancements: Rapid advancements in technology have led to the development of innovative assistive devices. Improved sensor technology, artificial intelligence, robotics, and wearable devices have expanded the range of Assistive Technologies solutions available. These advancements enhance the functionality and usability of assistive technology, thus making it more accessible and effective.
• Government initiatives and policies: Governments around the world are recognizing the importance of assistive technology in improving the lives of individuals with disabilities. Many countries have implemented policies and regulations to support the development and adoption of Assistive Technology solutions. Government funding and subsidies for assistive technology programs also contribute to market growth.

Global Assistive Technology Market Opportunities

• Customization and personalization: There is a growing demand for assistive technology solutions that can be tailored to individual needs. Customization and personalization options allow users to have AT devices and software which are adapted to their specific disabilities, preferences, and capabilities. This opportunity opens up avenues for developers to create versatile and adaptable AT solutions.
• Mobile and wearable technology: The widespread use of smartphones, tablets, and wearable devices presents significant opportunities for the assistive technology market. Mobile apps and wearable devices can provide a range of AT solutions such as communication aids, mobility assistance, health monitoring, and cognitive support. Leveraging mobile and wearable technology can enhance accessibility and convenience for users.
• Internet of things (IoT): The integration of assistive technology with IoT devices offers new possibilities for improved accessibility and independence. IoT-enabled AT solutions can connect devices, sensors, and systems to create smart environments that adapt to the needs of individuals with disabilities. For example, smart homes which are equipped with IoT-based AT can automate tasks, monitor health conditions, and enhance safety.

Global Assistive Technology Market Trends

• Integration of AI and machine learning: Artificial intelligence (AI) and machine learning (ML) technologies are increasingly being integrated into assistive technology solutions. AI algorithms enable advanced functionalities such as voice recognition, natural language processing, and predictive modeling, enhancing the effectiveness and adaptability of AT devices. ML algorithms also facilitate personalized user experiences by learning from user interactions and preferences.
• Internet of Things (IoT) integration: The Internet of Things (IoT) is playing a pivotal role in the evolution of assistive technology. IoT devices and sensors can connect and communicate with AT solutions, thus creating smart environments that provide real-time monitoring, data analysis, and automation. This integration enables seamless interaction between AT devices, wearable’s, and home automation systems, thus enhancing accessibility and independent living.
• Wearable technology advancements: Wearable devices are becoming increasingly sophisticated and offer new opportunities for assistive technology. Wearable AT solutions such as smart glasses, smart watches, and body sensors provide real-time feedback, monitoring, and assistance. These devices can assist individuals with visual impairments, hearing impairments, mobility challenges, and cognitive disabilities, enabling greater independence and functionality.
• Focus on user-centered design: There is a growing emphasis on user-centered design in the development of assistive technology. Manufacturers and developers are actively involving individuals with disabilities in the design process to ensure that AT solutions meet their specific needs and preferences. This trend promotes inclusivity, accessibility, and usability, thus resulting in more intuitive and user-friendly AT products.

Global Assistive Technology Market Restraints

• High costs: Cost is a significant restraint in the AT market. Many AT solutions, such as advanced prosthetics, communication devices, and mobility aids, can be expensive, thereby making them unaffordable for some individuals with disabilities. The high development and production costs associated with AT devices contribute to their elevated prices. Limited insurance coverage and lack of funding options further impede access to AT solutions.
• Lack of awareness and accessibility: Despite efforts to raise awareness about assistive technology, there is still a lack of knowledge and understanding among the general public, healthcare professionals, and even individuals with disabilities among themselves. This lack of awareness hinders the adoption and utilization of AT solutions. There are challenges related to accessibility, both in physical environments and digital platforms, which can restrict the effective use of assistive technology.
• Limited research and development: The field of assistive technology requires ongoing research and development (R&D) to innovate and improve existing solutions. However, limited investment in research and development can hinder progress. Insufficient funding and resources allocated to AT research can result in a slower pace of innovation and limited advancements in the market.
• Fragmented market and standards: The AT market comprises of various stakeholders, including manufacturers, developers, healthcare providers, and policymakers. The lack of standardized practices, interoperability, and common guidelines across different AT devices and platforms can create fragmentation in the market. This fragmentation makes it challenging for users to find suitable and compatible AT solutions and for developers to ensure compatibility and integration among different devices.

Counterbalances:  The key market players should focus on setting the costs of the assistive technology reasonable, so that it can be easily available by the individuals. More research and development activities should be carried out by the key players to make more advancements and innovation in the global assistive technology market.

Recent Developments

New product launches

• On May 31, 2023, Cognex Corporation, the leader in industrial machine vision, launched the Advantage 182 vision system designed to automate complex location, classification, and inspection tasks. This all-in-one vision system includes advanced machine vision, barcode reading, and edge learning technology to automate a variety of tasks—from simple presence/absence detection and track-and-trace applications to high-precision alignment and complex color inspections.
• On June 05, 2023, Apple, unveiled Apple Vision Pro, a revolutionary spatial computer that seamlessly blends digital content with the physical world, while allowing users to stay present and connected to others. Apple Vision Pro creates an infinite canvas for apps that scales beyond the boundaries of a traditional display and introduces a fully three-dimensional user interface controlled by the most natural and intuitive inputs possible — a user’s eyes, hands, and voice.
• In November 2020, Envision, the award-winning AI-assistive technology company that empowers blind and visually impaired people with greater independence and access to the visual information around them, officially launched the Envision Glasses, the most advanced, AI-powered, assistive glasses available on the market.

Acquisition and partnerships

• On September 08, 2023, Body Vision Medical, a leader in AI-driven intraoperative imaging, and Mediflex, a leading developer and producer of unique, innovative surgical devices entered into a distribution agreement that enables Body Vision Medical to sell Mediflex’s Bronchoscope Stabilization System (BSS) product globally.
• On June 14, 2023, Vuzix Corporation, a leading supplier of Smart Glasses and Augmented Reality (AR) technology and products, announced the distribution agreement with ASK Corporation, a Japan-based leading distributor providing products, services and solutions to consumer, commercial, and professional users of IT equipment. Vuzix Corporation received and shipped a large volume purchase order from ASK Corporation, who will distribute Vuzix products to its customers across Japan.
• On January 06, 2023, Smart Vision Device is an innovative Artificial Intelligence (AI)-based wearable device which can help the visually impaired to read, navigate, and recognize objects and people. Commemorating World Braille Day by empowering persons with vision impairment, 26 of these devices were distributed at an event organized in collaboration and support with Vision-Aid, by the Vasantha-Krupa Palakurthi Vision-Aid Resource Centre of Excellence - Institute for Vision

Figure 2. Global Assistive Technology Market Share (%), By Age group, 2023

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Top companies in Global Assistive Technology Market

• 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

Definition: Assistive technology refers to devices, equipment, and systems that are designed to enhance the functional capabilities and independence of individuals with disabilities or limitations. These technologies aim to mitigate barriers and provide support in various areas such as mobility, communication, sensory impairments, cognitive abilities, and activities of daily living. Assistive technology encompasses a wide range of products, including mobility aids, hearing aids, communication devices, prosthetics, wheelchairs, adaptive software, and sensory augmentation devices. The goal of assistive technology is to empower individuals with disabilities to participate more fully in society, thereby improving their quality of life, and promote inclusivity.