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The assistive technology (AT) market size is forecast to increase by USD 6.60 billion at a CAGR of 4.91% between 2023 and 2028. The market is witnessing significant growth due to the increasing number of hospital admissions resulting from road traffic accidents and non-fatal injuries. According to the World Health Organization, approximately 1.3 million people die annually due to road traffic accidents, and an additional 20-50 million suffer non-fatal injuries. In hospitals, assistive technology is increasingly being used to enhance the functional capabilities of patients with orthopedic and neurological disorders. This includes medical beds, recliner chairs, and transferred lifts, which provide patient security and improve their overall hospital experience. The rising demand for customization in assistive technology is another major growth factor. However, the high cost of mobility products remains a challenge for the market, limiting their accessibility to a significant portion of the population.
Overall, the market for assistive technology is poised for growth, driven by the need to address the increasing burden of injuries and disabilities.
The market caters to people with disabilities, encompassing a wide range of product types designed to enhance functional abilities and improve the quality of life. The market includes assistive equipment for various disability types, such as orthopaedic disorders and neurological disorders, including epilepsy and learning disabilities. The age group for these products extends from children to the elderly. Product innovations continue to evolve, integrating advanced technologies like AI and ML into wearable technology, IoT, and gadgets. User-centered design principles ensure these solutions cater to the unique needs of individuals, enabling them to perform daily tasks with greater ease. Assistive products are utilized in clinics and home care settings, addressing the functional capabilities required for people with impairments. Developing economies are increasingly adopting these technologies, recognizing their potential to bridge the gap in functional abilities and promote inclusion.
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD billion" for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.
The hospital segment is estimated to witness significant growth during the forecast period. The market encompasses a range of devices designed to enhance hearing and vision capabilities for individuals with disabilities. Two prominent categories include hearing aids and vision enhancement devices. However, high costs and insufficient awareness hinder the widespread adoption of these technologies. Apple, a leading tech giant, is set to enter the market with the Apple Vision Pro, a smart vision device, aiming to revolutionize the industry.
Moreover, notable examples include multispecialized hospitals with state-of-the-art laboratories and over 500 beds. These institutions prioritize advanced equipment and integrated operating rooms to provide the most technologically advanced services and treatment options.
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The hospitals segment was valued at USD 9.07 billion in 2018 and showed a gradual increase during the forecast period.
Europe is estimated to contribute 36% to the growth of the global market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
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The market in North America is experiencing significant growth due to advanced healthcare facilities, increased healthcare spending, and government programs like Medicaid. In 2020, the US allocated approximately USD4 trillion towards healthcare, equating to around USD 10,000 per person. This substantial investment leads to improved healthcare infrastructure, ensuring the availability of advanced devices such as hearing aids and vision enhancement tools from companies like Apple's Apple Vision Pro, Envision Glasses by Body Vision Medical, Mediflex, and Smart Vision Device. Regulatory bodies like the FDA implement stringent safety standards to ensure patient safety and prevent incidents such as entanglement or injury.
Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The rising number of orthopedic and neurological disorders is the key driver of the market. The market caters to individuals with various disabilities, providing them with innovative product types tailored to their specific needs. Orthopedic and neurological conditions, including arthritis and bone fractures, necessitate the use of mobility aids such as wheelchairs, canes, and crutches. These devices enable individuals to maintain their independence and mobility, particularly among the elderly population who are more susceptible to such conditions. The market's growth is fueled by factors such as the increasing number of medical emergencies, short-term and long-term disabilities, and surgical procedures. Advancements in technology, such as AI, ML, IoT, and wearable technology, have led to user-centered designs that cater to the unique requirements of different disability types. GlobalFoundries and other leading technology companies are investing in research and development to create more sophisticated and accessible assistive technology solutions.
Rising demand for assistive technology in customization is the upcoming trend in the market. The market is witnessing significant growth due to the increasing number of individuals with disabilities requiring specialized solutions. The product types in this market cater to various disability types, including mobility impairments, visual or hearing impairments, and cognitive challenges. Global tech giants like AI, ML, IoT, and wearable technology companies are investing heavily in this sector, focusing on user-centered design to create customized solutions. Age is also a crucial factor, with an increasing number of elderly individuals requiring assistive technology. Companies like GlobalFoundries are leveraging advanced technologies to develop personalized solutions that cater to specific user needs. Mass customization and personalization are becoming essential strategies, enabling assistive technologies to address a wide range of requirements effectively. This trend is driven by the evolving technological landscape, add-on features, and equipment, and the need for tailored solutions for individuals with disabilities.
The high cost of mobility products is a key challenge affecting the market growth. Assistive technology, designed to enhance the lives of individuals with disabilities, encompasses a diverse range of product types catering to various disability types and age groups. Manual and electric wheelchairs are among the most widely used mobility aids, particularly in hospital and home care settings. Manual wheelchairs considered low-end premium products, require minimal human effort for propulsion. In contrast, electric wheelchairs are increasingly adopted by the geriatric population and individuals with mobility challenges due to their convenience and reduced requirement for physical exertion. However, the substantial price difference between these products influences consumer purchasing decisions. In developing countries, such as India, China, and several African nations, the adoption of mobility aids like walkers is more prevalent due to their affordability and local availability.
Moreover, global companies, including GlobalFoundries, offer advanced assistive technology solutions, such as those integrating Artificial Intelligence (AI), Machine Learning (ML), Internet of Things (IoT), and wearable technology, employing user-centered design principles to create more accessible and inclusive solutions. Despite the price disparity between locally manufactured and globally sourced products, The market is expected to witness significant growth, driven by the increasing awareness and acceptance of these technologies.
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Demant AS: The company offers assistive technology solutions that help people with hearing loss connect and communicate with the world around them.
The market research and growth report includes detailed analyses of the competitive landscape of the market and information about key companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market caters to people with disabilities by providing product types tailored to various disability types and age groups. These include mobility aids like wheelchairs, hearing aids, and vision enhancement devices. However, high costs and lack of awareness hinder market growth. Innovations in AI, ML, IoT, and wearable technology are driving proactiveness in this sector. User-centered design plays a crucial role in creating functional abilities gadgets and equipment for disabled people. Products range from sensory aids for the visually impaired, such as reading aids and Braille devices, to other product types like medical beds, recliner chairs, and transferred lifts for patients with health circumstances in hospitals and home care settings.
Moreover, the hospital segment, which includes accidents and admitted patients, is a significant market for assistive technology. Modern techniques and emerging economies are driving acceptance rates, with companies focusing on creating smart vision devices, such as Apple's Vision Pro and Envision Glasses, and Body Vision Medical's Smart Vision Device. The Neurological Alliance addresses neurological disorders like epilepsy, muscle action, and weight-bearing load. The market faces poor adoption rates due to the rising costs of healthcare expenditure and disposable incomes in developing economies.
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Market Scope |
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Report Coverage |
Details |
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Page number |
162 |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 4.91% |
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Market growth 2024-2028 |
USD 6.60 billion |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
4.25 |
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Regional analysis |
North America, Europe, Asia, and Rest of World (ROW) |
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Performing market contribution |
Europe at 36% |
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Key countries |
US, Germany, UK, France, and Japan |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Boundless Assistive Technology, Demant AS, Freedom Scientific Inc., GF Health Products Inc., GN Store Nord AS, Invacare Corp., Karma Medical Products Co. Ltd., MED EL Elektromedizinische Gerate GmbH, Medical Depot Inc., Medline Industries LP, NOVA Medical Products, Ostrich Mobility Instruments Pvt. Ltd., Ottobock SE and Co. KGaA, Permobil AB, Persona Medical, Pride Mobility Products Corporation, Sonova Holding AG, Starkey Laboratories Inc., Sunrise Medical LLC, and Ossenberg GmbH |
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Market dynamics |
Parent market analysis, market growth inducers and obstacles, market forecast, fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, market condition analysis for the forecast period |
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Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-user
7 Market Segmentation by Device
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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