The assistive technology market comprises assistive devices and products such as mobility devices, hearing aids, and communication aids that help disabled and elderly individuals live independently and perform day-to-day activities. assistive devices include mobility equipment such as wheelchairs, walkers, and stair-lifts; hearing aids to help individuals with hearing loss; and communication aids such as speech therapy to help individuals with speech impairments. Such assistive devices help enhance functional capabilities and quality of life of differently-abled individuals. The growing geriatric population, coupled with the increase in incidence of disabilities worldwide, is fueling demand for assistive technologies.

The Global Assistive Technology Market is estimated to be valued at US$ 11,219.19 Mn in 2024 and is expected to exhibit a CAGR of 3.3% over the forecast period from 2023 to 2030.

Key Takeaways

Key players operating in the assistive technology market are Sanofi, AstraZeneca, Novartis AG, Pfizer Inc., Mylan N.V., Teva Pharmaceutical Industries Ltd., GlaxoSmithKline Pharmaceuticals, Otonomy Inc., Merck & Co., Dr. Reddy’s Laboratories Ltd., Allergan plc, Cochlear Ltd., Sonova Holding AG, Siemens Healthcare, Starkey Laboratories Inc., William Demant Holding A/S, Widex A/S, GN ReSound A/S, Sonic Innovations Inc., Panasonic Corp., Beltone, Rexton Inc., Avada Hearing Care, Miracle-Ear Inc., MED-EL GmbH, Nuear Hearing Aids Inc., Audiosync Inc., Bernafon, American Hearing Systems Inc., Unitron Hearing Inc., and Zounds Inc.

The growing geriatric population globally is fueling the demand for assistive devices as risk of disabilities increases with age. As per estimates, over 80% of disabled populations reside in developing nations. Hence, increasing initiatives by governments and global health organizations to make assistive devices accessible in developing countries is expected to boost the market growth.

Market Trends

Inclination towards self-driving wheelchairs - Wheelchair manufacturers are focused on integrating advanced sensor technologies to develop autonomous wheelchairs that can navigate obstacles and crowds without any human assistance. Such innovations are expected to improve mobility of severely disabled individuals.

Market Opportunities

- Untapped elderly population in developing regions present lucrative growth opportunities. Favorable regulations and partnership models can help boost adoption rates.

Fastest growing region for Assistive Technology Market
Asia Pacific region is poised to become the fastest growing market for assistive technologies during the forecast period. This is attributed to factors like rapidly expanding medical infrastructure, rising geriatric population, growing government initiatives for integrating disabled people in the communities and increasing per capita spending on healthcare. In addition, growing penetration of smartphones is widening the accessibility to assistive mobile apps. Rising middle class population with greater affordability further enhances the opportunities. Countries like China, Japan and India are witnessing rising cognizance about disabilities rights and independent living among people. With more support policies and awareness programs underway, the APAC assistive technology market is anticipated to register significant growth over the coming decade.