The assistive technology market comprises products and technologies that help improve the physical, sensory, and cognitive functions of individuals with disabilities or impairments. Assistive products include mobility aids like wheelchairs and mobility scooters, living aids that help with daily tasks like bathing and dressing, and monitoring and assistive devices that aid communication, hearing, vision, and cognition. The growing needs of an aging population and the rising incidence of accidents and disability have fueled the demand for assistive technologies in recent years.
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.
Key Takeaways
Key players operating in the assistive technology are Invacare Corporation, Ottobock SE and 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, and Dynavox Systems LLC. The companies are focusing on developing user-friendly products through technological advancements and partnerships. For instance, in 2021, Tobii AB partnered with Microsoft to integrate eye tracking technology into Windows applications.
The growing geriatric population and rising cases of mobility issues, hearing loss, and visual impairments are driving the Assistive Technology Market Demand. As per the WHO, by 2050, the number of people aged 60 years and older will total more than 2 billion, up from 1 billion in 2020. The increasing aging population prone to disabilities will require assistive devices for mobility, hearing, and vision support.
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