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, medical furniture, vision & hearing aids that help elderly and disabled individuals overcome barriers in daily living. These devices enhance independence and quality of life for individuals with disabilities.
Market Dynamics:
Assistive technology market is driven by increasing adoption by elderly population and rising cases of disabilities. It is estimated that by 2050, over 16% of the world's population will be aged over 65 years. Also, around 15% of the global population lives with some form of disability. Assistive devices cater to their requirements for mobility, hearing, vision and cognition. Furthermore, advancements in technologies such as artificial intelligence, 3D printing and cloud computing are aiding development of innovative assistive products. For example, robotic exoskeletons powered by AI are enabling paralyzed individuals to walk again.
Growing awareness and interest in assistive technology
The assistive technology market has been witnessing significant growth due to the growing awareness among people about the various assistive products and devices available in the market. There is a rising interest among consumers to learn about new and innovative solutions that can help in overcoming physical disabilities or limitations. Various government policies and initiatives focused on creating accessibility for assistive technologies have further boosted the adoption. For instance, many developed nations have framed laws and regulations regarding the provision of reasonable accommodation for people with disabilities at educational institutions, workplaces etc. This has propelled organizations to invest more in innovative assistive devices. Moreover, rising healthcare spending on rehabilitation and support services has enhanced the uptake of different mobility, living, and medical device aids. Overall, higher exposure about various assistive solutions through extensive educational programs, publicity campaigns etc. has emerged as a key driver favoring the expansion of this industry.
Financial constraints hindering widespread adoption
While the need for assistive technologies is growing significantly, their high costs continue to restrict broader acceptance, especially in developing regions. For many consumers with disabilities and the elderly population relying on pensions or fixed incomes, expensive electronic devices or custom-made mobility equipment are simply not affordable. The out-of-pocket expenses associated with such products impose a heavy financial burden. Even basic assistive solutions come at a significant premium compared to items for mainstream use. Although some nations offer subsidies or tax relief on assistive devices, funding remains limited. Commercial insurance plans also have restrictive coverage policies for such products. This financial barrier deprives many people from availing the benefits of life-improving assistive solutions. The high dependency on private funding negatively impacts the market penetration for this industry to some extent despite rising clinical needs. Overall cost reduction through mass production and innovation in affordable technologies is the need of the hour.
Telehealth and remote patient monitoring opening new opportunities
Telehealth and remote patient monitoring technologies are revolutionizing healthcare delivery and chronic condition management. They are also creating immense opportunities for assistive technology companies to develop innovative virtual care solutions. While telehealth was gaining steady traction even before the pandemic, its popularity and acceptance have skyrocketed over the last two years amid strict lockdowns and social distancing norms. This has accelerated the focus on connected health and digital therapeutics. Assistive product manufacturers can capitalize on this shift by introducing smart home-based monitoring devices, AI-powered tele-rehabilitation tools etc. They can help deliver therapy, support, skills training and behavioral coaching to patients in the comfort of their homes. Remote management solutions also aid in early detection of health deteriorations or emergencies. Besides improving access and convenience, virtual care models can potentially reduce the overall healthcare costs in the long run. The rapid digital transformation of the industry will present massive prospects for augmented and virtual reality-based assistive devices as well.
Rising demand for smart assistive devices
The penetration of artificial intelligence, IoT, and connected devices is having a transformative effect on the entire assistive technology space. There is a growing demand among consumers for smart assistive solutions that leverage cutting-edge technologies. The market is witnessing healthy growth opportunities in areas such as powered prosthetics, robot-assisted rehabilitation, AI-based language therapists, and smart medical wearables. Technologies like machine learning, computer vision, predictive analytics etc. are helping manufacturers bring more human-centered innovations. Cloud-based connectivity allows for remote monitoring, assistance on demand as well as regular over-the-air software updates. The development of 5G networks will further augment the potential of IoT-enabled assistive tools in the future. Smart homes integrated with assistive devices can help independent living. Overall, augmented and virtual reality are opening new vistas for inclusive design. The preference for technologically advanced digital solutions is a major trend that is expected to sustain the high demand for this industry in the long run.
Research Nester released a report titled “Hearing Assistive Technology (HAT) Market: Global Demand Analysis & Opportunity Outlook 2029” which delivers detailed overview of the hearing assistive technology (HAT) market in terms of market segmentation by device type, device, application and region.Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.The hearing assistive technology (HAT) market is projected to grow with a moderate CAGR during the forecast period, i.e., 2021-2029 on account of the rising middle class in many developing countries, advances in technology, increasing geriatric population on a global level, along with the growing investment in the development of hearing assistive technology.
According to the data collected from United Nations, by 2050, 1 in 6 people in the world will be over the age of 65, up from 1 in 11 in 2019.Get Sample Copy of This Report @ https://www.researchnester.com/sample-request-2934The market is segmented by device type into wireless device, and wired device.
Among these segments, the wireless device segment is anticipated to hold the largest share by the end of 2021 in the hearing assistive technology (HAT) market as a result of freedom and extended mobility offered by wireless devices, the surge in IoT devices, rapid development and proliferation of wireless technologies.On the basis of region, the market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa, out of which, the hearing assistive technology (HAT) market in the Asia Pacific is projected to grow at the highest CAGR throughout the forecast period.
This can be attributed to the presence of leading hearing assistive technology providers in the region, especially in the United States, who are extensively involved in the research and development for innovative hearing assistive technologies.Technological Advancements in Hearing Assistive Technology to Drive Market GrowthAs per the analysis of International Telecommunication Union, the Individuals using the Internet (% of population) has risen from 36.6% in 2013 to 48.9% in 2019.The growth in internet penetration globally has accelerated the development of hearing assistive technologies.
Furthermore, growth in OTT platforms, and growing number of smartphone users has put a huge focus on the development of hearing assistive technology catering to the personal use of the individuals is also expected to boost the market growth in upcoming years.
However, the high cost of many existing marketed devices and lack of awareness in Awareness about the benefits of hearing assistive technologies are some of the factors that are estimated to restrain market growth in the near future.This report also provides the existing competitive scenario of some of the key players of the hearing assistive technology (HAT) market which includes company profiling of ClearSounds (NYSE: PFE), Sennheiser electronic GmbH & Co. KG (TYO: 4503), Clarity (NYSE: JNJ), Williams AV (ETR: BAYN), Diglo Inc. (HEL: ORNBV), Serene Group, Inc. (NYSE: MRK), Sonic Alert Inc. (NASDAQ: CLVS), AMPLICOM (SWX: NOVN), Geemarc Telecom and HUMANTECHNIK-Group (LON: AZN).Get Sample Copy of This Report @ https://www.researchnester.com/sample-request-2934The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments.
