Assistive Technology Market to grow by USD 6.60 billion between 2024-2028
According to a research report “ Assistive Technology Market” by End-user (Hospitals, Homecare settings, Others) Device (Sensory aids, Mobility aids, Others) Geography (North America, Europe, Asia, Rest of World (ROW))- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 6.60 billion at a CAGR of 4.91% during the forecast period. The orthopedic and neurological sectors witness a surging demand for assistive technology, particularly wheelchairs. This trend is driven by an escalating prevalence of conditions like rheumatoid arthritis, knee issues, and post-surgery recovery. Factors such as medical emergencies, disabilities, and the rising number of surgical procedures further fuel market growth. Notably, the older population, who are disproportionately affected by conditions like arthritis and bone fractures, increasingly rely on assistive devices for mobility, thereby increasing their dependence on caregivers and family members..
Browse market data tables, figures, and in-depth TOC on “Assistive Technology Market” by End-user (Hospitals, Homecare settings, Others) Device (Sensory aids, Mobility aids, Others) Geography (North America, Europe, Asia, Rest of World (ROW)) Global Forecast to 2028.
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By End-user, the Hospitals segment is projected to dominate the market size in 2024.
The global Assistive Technology Market for hearing devices, including implant systems, hearing aids, TTY and TDD, and personal amplifiers, is experiencing significant growth. This expansion is driven by the increasing prevalence of hearing impairments and related disorders, caused by factors such as noise pollution, genetics, and aging. Notably, there is a rising trend towards the adoption of binaural hearing aids among individuals with bilateral hearing loss. Leading vendors, such as Invacare, Sonova, and Demant, are responding to this demand by manufacturing products that adhere to industrial standards and integrating advanced technologies.
By Device, Sensory aids segment is expected to hold the largest market size for the year 2024.
The hospital sector has experienced significant growth, driven by the increasing availability of hospitals supplying advanced assistive technology equipment. This equipment includes wheelchairs, mobility devices, and hearing aids. Hospitals serve as primary consumers of assistive technology due to their extensive healthcare facilities and high patient volume. To enhance their offerings, hospitals are prioritizing advanced facilities and integrated operating rooms. A prominent multispecialty hospital, boasting over 500 beds and state-of-the-art laboratories, is at the forefront of delivering technologically superior services and treatment options.
North America is forecasted to hold the largest market size by region in 2024.
In North America, the burgeoning assistive technology market is fueled by substantial healthcare expenditures, reaching approximately USD4 trillion in the US alone in 2020, translating to around USD10,000 per person. This significant investment drives the development of sophisticated healthcare facilities, enabling the provision of advanced assistive devices such as wheelchairs, mobility aids, and hearing solutions. Regulatory bodies, including the FDA, implement stringent standards to ensure patient safety, reducing risks associated with hospital beds and enhancing overall patient well-being.
The Assistive Technology Market t growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:
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Research Analysis Overview
In the assistive technology market, developments in weight-bearing load technology have significantly improved muscle action for disabled people and aged individuals with neurological disorders, such as Epilepsy and learning disabilities. The Neurological Alliance advocates for functional capabilities and innovations that cater to the unique needs of this population. Assistive products, including equipment and gadgets, have become essential for enhancing the functional abilities of those with orthopaedic disorders. User-centered design plays a crucial role in the development of these technologies, ensuring they meet the specific requirements of their users. Wearable technology, IoT, ML, and AI are at the forefront of these advancements, providing customized solutions for various age groups and disability types. GlobalFoundries and other leading technology companies continue to invest in research and development to create product types that cater to the diverse needs of people with impairments, enabling them to live more independent lives in their homes and access essential services in clinics.
Market Research Overview
In the rapidly evolving world of healthcare and assistive technology, the market for disposable incomes to invest in solutions for neurological and orthopaedic disorders is expanding. Nordic Capital, among other investors, recognizes the potential in this sector, particularly in developing economies where acceptance rates for assistive products are still low. The market encompasses various segments, including hospitals, home care settings, and other product types. Assistive technology caters to diverse needs, such as sensory aids for vision and hearing impairments, mobility aids for aged people and those with impairments, and functional capabilities enhancement devices for epilepsy, learning disabilities, and neurological disorders. Modern techniques, rising costs, and health circumstances necessitate proactiveness and innovations in this field. User-centered design, wearable technology, IoT, ML, and AI are transforming the landscape, with companies like GlobalFoundries focusing on age group and disability type-specific product development. Despite the benefits, challenges persist, including lack of awareness and high costs. However, the potential for improving patient security, functional abilities, and quality of life for disabled people is immense. Key players in this market include Vision-Aid, Mediflex, Body Vision Medical, Envision Glasses, Apple Vision Pro, and Apple, among others. World Braille Day serves as a reminder of the importance of assistive technology in enhancing the lives of those with disabilities. Smart Vision Devices, hearing aids, and other vision enhancement devices are just a few examples of the gadgets that can make a significant difference.
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