Global Assistive Technology Market Size study & Forecast, by Product Type (Mobility Aids, Hearing Aids and Vision, Reading Aids, Sensory Aids, Others), By End-user (Hospitals, Home Care Settings, Others) and Regional Analysis, 2023-2030

Global Assistive Technology Market Size study & Forecast, by Product Type (Mobility Aids, Hearing Aids and Vision, Reading Aids, Sensory Aids, Others), By End-user (Hospitals, Home Care Settings, Others) and Regional Analysis, 2023-2030

Global Assistive Technology Market is valued at approximately USD 21.95 billion in 2022 and is anticipated to grow with a healthy growth rate of more than 4.5% over the forecast period 2023-2030. Assistive technology refers to any tool, device, software, or equipment that is designed to help individuals with disabilities or special needs to overcome challenges and improve their quality of life. These technologies are specifically developed to address physical, cognitive, sensory, and communication limitations that individuals may experience due to various disabilities, including but not limited to mobility impairments, visual or hearing impairments, cognitive disabilities, and language disorders. The Assistive Technology market is expanding because of factors such as rising number of orthopedic & neurological disorders and rise in ageing global population.

Assistive technology can greatly enhance the independence, productivity, and participation of individuals with disabilities in various aspects of life, including education, employment, communication, and daily living activities. Its prevalence has progressively increased during the last few decades. According to the Pan American Health Organization, in 2019, regionwide Neurological conditions account for 533,172 deaths, 40% in men, and 60% in women. Furthermore, as per Statista, the orthopedic devices market in the United States is estimated to reach up to USD 15.28 billion in 2023 at an annual growth rate of 5.49% between 2023 to 2027, resulting in a market volume of USD 18.92 billion in 2027. Another important component driving space is growing ageing global population. According to the World Bank Group, the global old age population was 727 million in 2020, and it is predicted to treble over the next three decades, reaching about 1.5 billion by 2050. In addition, as per World Health Organization, by the year 2050, 80% of older people will be living in low- and middle-income countries. Also, rise in non-communicable diseases and rising government initiatives in healthcare sector would create a lucrative growth prospectus for the market over the forecast period. However, lack of awareness regarding assistive technology stifles market growth throughout the forecast period of 2023-2030.

The key regions considered for the Global Assistive Technology Market study include Asia Pacific, North America, Europe, Latin America, and Rest of the World. North America dominated the market in terms of revenue, owing to the increased demand for assistive products and services, and government initiatives in increasing the focus towards the rights of disabled people in the region. According to Statista, the North American walker market was estimated to reach up to USD 260 million by 2024. Furthermore, Asia Pacific is expected to grow with the highest CAGR during the forecast period, owing to factors such as rising geriatric and target populations, and active participation of government and nonprofit organizations in the market space.

Major market players included in this report are:
Mant AS
GF Health Products Inc.
GN Store Nord AS,
Invacare Corp.
Medical Depot Inc.
Medline Industries Inc.
Nordic Capital
Pride Mobility Products Cor
Arphi Electronic Pvt Ltd
Freedom Scientific, Inc.

Recent Developments in the Market:
In November 2021, Inovalon, a leading provider of cloud-based platforms enabling data-driven healthcare, wasacquired by an equity consortium led by Nordic Capital and joined by Insight Partners as lead co-investor. The Inovalon stockholders will get $41.00 in cash for each share of Class A and Class B common stock, according to the terms of the deal. Inovalon is now a privately held firm as a result of the transaction, and shares of Inovalon Class A Common Stock are no longer available for purchase.

Global Assistive Technology Market Report Scope:
Historical Data – 2020 - 2021
Base Year for Estimation – 2022
Forecast period - 2023-2030
Report Coverage - Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
Segments Covered – Product Type, End-user, Region
Regional Scope - North America; Europe; Asia Pacific; Latin America; Middle East & Africa

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.

The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players.

The detailed segments and sub-segment of the market are explained below:

By Product Type

Mobility Aids
Hearing Aids and Vision
Reading Aids
Sensory Aids
Others

By End-user

Hospitals
Home Care Settings
Other

By Region:
North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
ROE
Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico

Middle East & Africa
Saudi Arabia
South Africa
Rest of Middle East & Africa


Companies Mentioned

Mant AS
GF Health Products Inc.
GN Store Nord AS,
Invacare Corp.
Medical Depot Inc.
Medline Industries Inc.
Nordic Capital
Pride Mobility Products Cor
Arphi Electronic Pvt Ltd
Freedom Scientific, Inc.

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