As stated in our extensive report, the Global Assistive Technology Market accounted forUSD 21.8 Billionin the year 2021.
The technology used by people with impairments to preserve or enhance functional abilities that might otherwise be challenging to accomplish is known as Assistive Technology. Assistive products and the services that go with them are referred to as Assistive Technology. Traditional disability aids, including wheelchairs, hearing aids, and visual aids, were included in the category of assistive products. It also offers advancedAssistive Technology options that enable people with disabilities to live happier lives by having more security, control, and social interaction. People with chronic illnesses, those with disabilities, the elderly, and those with disabilities heavily rely on Assistive Technology to improve their physical and mental well-being.
Assistive Technology makes it easier for a person to move about and carry out daily tasks, which will therefore accelerate market growth throughout the projection period. For instance, the WHO estimates that by 2030, more than 2 billion people will need at least one assistive product, such as a wheelchair, hearing aid, or memory help, due to an aging world population and an increase in non-communicable diseases. Throughout the forecast, it is anticipated that the market for Assistive Technology will be driven by the rising incidence of orthopedic and neurological ailments. Due to several variables, including the aging population, rising healthcare expenses, Assistive Technology providers' landscape, and Assistive Technology advancements, the market is expected to experience substantial expansion. Another main trend in the Assistive Technology Market is the rising use of hearing aids with rechargeable batteries, such as lithium-ion and zinc rechargeable batteries.
The market is distinguished by the presence of numerous domestic and foreign competitors. International players provide a wide range of Assistive Technology, gadgets, and equipment for severe health conditions like paralysis, hearing loss, and limb injuries or disabilities. The majority of local vendors serve persons with certain illnesses or disabilities. The regional marketplaces are experiencing fierce rivalry as a result. Due to the substantial expenditures that many businesses are making in emerging countries, it is anticipated that market rivalry will increase during the projection period. Market participants' prevalence of orthopedic and neurological illnesses will present significant growth prospects. The high price of mobility products may limit the market's growth potential.
North Americaholds the largest Assistive Technology Market share over the forecast period. The region's market is expanding due to rising senior populations, greater demand for assistive goods and services, and government measures to focus more on the rights of the disabled. The governments are taking more measures, and many well-established firms are on the market. Increased healthcare costs and rising disposable incomes in the area also contribute to the market expansion. The extensive financing for healthcare facility improvements has made it possible for cutting-edge items like wheelchairs, mobility aids, and hearing aids to be readily available. The regional market is expanding due to the rising incidence of traffic accidents and the high prevalence of orthopedic conditions and spinal injuries.Some of the key players in the Global Assistive Technology Market include- William Demant Holding A/S, GF Health Products Inc., GN Store Nord AS, Invacare Corp., Medical Depot Inc., Medline Industries Inc., Nordic Capital, Pride Mobility Products Corp., Sunrise Medical Inc., Med-El Corporation, and others.