ASSISTIVE TECHNOLOGY MARKET SIZE & SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2023 - 2030)

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. The growth of the market can be attributed to the increasing prevalence of disabilities, rising geriatric population, and technological advancements in assistive technology devices.

The market is segmented by product type, end-user, and region. By product type, the market is segmented into mobility impairment devices, visual impairment devices, hearing impairment devices, and other product types. The mobility impairment devices segment is projected to account for the largest share of the market during the forecast period. This is due to the increasing prevalence of chronic diseases such as arthritis, stroke, and spinal cord injury, which lead to mobility impairments.

Assistive Technology Market Regional Insights

• North America is projected to account for the largest share of the market during the forecast period, with a share of 35.2% in 2022. This is due to the high prevalence of disabilities and technological advancements in assistive technology devices in the region. The United States is the largest market for assistive technology in North America, followed by Canada.
• Europe is projected to be the second-largest market for assistive technology, with a share of 27.3% in 2022. This is due to the presence of a large patient pool and improvements in healthcare infrastructure in the region. Germany, the United Kingdom, and France are the leading markets for assistive technology in Europe.
• Asia Pacific is projected to be the fastest-growing market for assistive technology, with a CAGR of 5.2% during the forecast period. This is due to the rising geriatric population and increasing awareness about assistive technology in the region. China, India, and Japan are the leading markets for assistive technology in Asia Pacific.

Figure 1. Global Assistive Technology Market Share (%), by Region, 2023

Assistive Technology Market Drivers

• Aging Population: The global population is aging, and there is an increasing demand for assistive technologies to support the elderly. AT solutions such as mobility aids, hearing aids, and vision enhancement devices help older adults maintain their independence and quality of life.
• Increasing Disability Rates: Disabilities are becoming more prevalent worldwide due to various factors, including chronic health conditions, accidents, and injuries. Assistive technology plays a crucial role in enabling individuals with disabilities to participate fully in society by providing them with tools and devices tailored to their needs.
• Technological Advancements: Rapid advancements in technology have led to the development of innovative assistive devices. Improved sensor technology, artificial intelligence, robotics, and wearable devices have expanded the range of AT solutions available. These advancements enhance the functionality and usability of assistive technology, making it more accessible and effective.
• Government Initiatives and Policies: Governments around the world are recognizing the importance of assistive technology in improving the lives of individuals with disabilities. Many countries have implemented policies and regulations to support the development and adoption of AT solutions. Government funding and subsidies for assistive technology programs also contribute to market growth.

Assistive Technology Market Opportunities

• Customization and Personalization: There is a growing demand for assistive technology solutions that can be tailored to individual needs. Customization and personalization options allow users to have AT devices and software adapted to their specific disabilities, preferences, and capabilities. This opportunity opens up avenues for developers to create versatile and adaptable AT solutions.
• Mobile and Wearable Technology: The widespread use of smartphones, tablets, and wearable devices presents significant opportunities for the assistive technology market. Mobile apps and wearable devices can provide a range of AT solutions such as communication aids, mobility assistance, health monitoring, and cognitive support. Leveraging mobile and wearable technology can enhance accessibility and convenience for users.
• Internet of Things (IoT): The integration of assistive technology with IoT devices offers new possibilities for improved accessibility and independence. IoT-enabled AT solutions can connect devices, sensors, and systems to create smart environments that adapt to the needs of individuals with disabilities. For example, smart homes equipped with IoT-based AT can automate tasks, monitor health conditions, and enhance safety.
• Artificial Intelligence (AI) and Machine Learning (ML): AI and ML technologies have the potential to revolutionize assistive technology. These technologies can power advanced speech recognition, natural language processing, image recognition, and predictive modeling capabilities. AI-driven AT solutions can enable real-time decision-making, automate repetitive tasks, and enhance user experience by learning and adapting to user preferences.

Assistive Technology Market Trends

• Integration of AI and Machine Learning: Artificial intelligence (AI) and machine learning (ML) technologies are increasingly being integrated into assistive technology solutions. AI algorithms enable advanced functionalities such as voice recognition, natural language processing, and predictive modeling, enhancing the effectiveness and adaptability of AT devices. ML algorithms also facilitate personalized user experiences by learning from user interactions and preferences.
• Internet of Things (IoT) Integration: The Internet of Things (IoT) is playing a pivotal role in the evolution of assistive technology. IoT devices and sensors can connect and communicate with AT solutions, creating smart environments that provide real-time monitoring, data analysis, and automation. This integration enables seamless interaction between AT devices, wearables, and home automation systems, enhancing accessibility and independent living.
• Wearable Technology Advancements: Wearable devices are becoming increasingly sophisticated and offer new opportunities for assistive technology. Wearable AT solutions such as smart glasses, smartwatches, and body sensors provide real-time feedback, monitoring, and assistance. These devices can assist individuals with visual impairments, hearing impairments, mobility challenges, and cognitive disabilities, enabling greater independence and functionality.
• Focus on User-Centered Design: There is a growing emphasis on user-centered design in the development of assistive technology. Manufacturers and developers are actively involving individuals with disabilities in the design process to ensure that AT solutions meet their specific needs and preferences. This trend promotes inclusivity, accessibility, and usability, resulting in more intuitive and user-friendly AT products.

Assistive Technology Market Restraints

• High Costs: Cost is a significant restraint in the AT market. Many AT solutions, such as advanced prosthetics, communication devices, and mobility aids, can be expensive, making them unaffordable for some individuals with disabilities. The high development and production costs associated with AT devices contribute to their elevated prices. Limited insurance coverage and lack of funding options further impede access to AT solutions.
• Lack of Awareness and Accessibility: Despite efforts to raise awareness about assistive technology, there is still a lack of knowledge and understanding among the general public, healthcare professionals, and even individuals with disabilities themselves. This lack of awareness hinders the adoption and utilization of AT solutions. Additionally, there are challenges related to accessibility, both in physical environments and digital platforms, which can restrict the effective use of assistive technology.
• Limited Research and Development: The field of assistive technology requires ongoing research and development to innovate and improve existing solutions. However, limited investment in research and development can hinder progress. Insufficient funding and resources allocated to AT research can result in a slower pace of innovation and limited advancements in the market.
• Fragmented Market and Standards: The AT market comprises various stakeholders, including manufacturers, developers, healthcare providers, and policymakers. The lack of standardized practices, interoperability, and common guidelines across different AT devices and platforms can create fragmentation in the market. This fragmentation makes it challenging for users to find suitable and compatible AT solutions and for developers to ensure compatibility and integration among different devices.

Recent Developments

New product launches

• Eyedaptic Eye5 smart glasses:These glasses use AI to help visually impaired people see better. They have a built-in camera that captures images of the environment and then uses AI to enhance the images so that the user can see them more clearly.
• Nexart Eyewey app:This app uses augmented reality to help visually impaired people navigate their surroundings. It projects a virtual path on the ground that the user can follow, and it also provides audio cues to help the user avoid obstacles.
• Ottobock MyoPro3 hand exoskeleton: This exoskeleton helps people with limited hand function to grip and release objects more easily. It is controlled by the user's own muscle signals, so it is very natural to use.

Acquisition and partnerships

• In 2022, Invacare Corporation acquired Pride Mobility Products Corp. for $1.3 billion. This acquisition expanded Invacare's product portfolio and gave it a stronger foothold in the homecare market.
• In 2021, GN Store Nord AS acquired Interton Group. This acquisition gave GN Store Nord a leading position in the hearing aid market.
• In 2020, Medline Industries Inc. acquired VitalSource Technologies. This acquisition gave Medline a leading position in the e-learning market for assistive technology devices.

Figure 2. Global Assistive Technology Market Share (%), by Age group, 2023

Top companies in Assistive Technology Market

1. Invacare Corporation
2. Ottobock SE & Co. KGaA
3. Sonova Holding AG
4. GN Store Nord A/S
5. MED-EL
6. Cochlear Limited
7. Permobil AB
8. Sunrise Medical LLC
9. Tobii AB
10. ResMed Inc.
11. Sivantos Group
12. Ai-Media
13. Phonak AG
14. Starkey Hearing Technologies
15. Dynavox Systems LLC

*Definition: Assistive Technology refers to devices, equipment, and systems that are designed to enhance the functional capabilities and independence of individuals with disabilities or limitations. These technologies aim to mitigate barriers and provide support in various areas such as mobility, communication, sensory impairments, cognitive abilities, and activities of daily living. Assistive Technology encompasses a wide range of products, including mobility aids, hearing aids, communication devices, prosthetics, wheelchairs, adaptive software, and sensory augmentation devices. The goal of assistive technology is to empower individuals with disabilities to participate more fully in society, improve their quality of life, and promote inclusivity.