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The assistive technology market is estimated to grow at a CAGR of 4.95% between 2022 and 2027. The size of the market is forecast to increase by USD 6,300.03 million. A comprehensive analysis, market size and forecast, trends, growth drivers, challenges, and vendor analysis for about 15 vendors are all included in the study on the market for assistive technology.
The growth of the market depends on several factors, including a growing number of orthopaedic and neurological disorders, the demand for wheelchairs is growing and the rising demand for progressive medical services after treatment. The increasing number of people living with these conditions has resulted in a growing demand for mobility aids, particularly wheelchairs. Mobility devices such as canes and crutches are also needed for people recovering from orthopaedic surgeries, including bone fractures, as well as for individuals with orthopaedic conditions such as knee problems and rheumatoid arthritis. These devices allow patients to move around independently, without relying on others for assistance.
The market segmentation by the device such as sensory aids, mobility aids, and others, The End-user segmentation by hospitals, homecare settings, and others. The geography is segmented by North America, Europe, Asia, and the Rest of the World (ROW). By 2027, it is anticipated that North America will contribute 35%. The development of cutting-edge healthcare facilities, rising healthcare spending, and the existence of government organisations like Medicaid, which offer medical assistance to people with limited financial resources and income, all contribute to the growth of the healthcare industry in North America.
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Vendors 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.
Drive Medical.de - The company offers assistive technology solutions such as wheelchairs with armrests that can be swivelled away with adjustable angles and folding footrests as standard and leg support, which is height adjustable to five positions. Also, the company is primarily engaged in manufacturing orthopedic, prosthetic, and surgical appliances and supplies, arch supports and other foot appliances, fracture appliances, elastic hosiery, abdominal support products, braces, and trusses.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors 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 vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The development of new products is a notable trend in market growth, although factors such as growing demand for higher-cost of mobility products is may impede the market growth. Our researchers analyzed the data with 2022 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.
Key Assistive Technology Market Trend
The increase in the development of new products will fuel the global assistive technology market growth. One of the main trends in the global assistive technology market is the continuous development of new products by vendors that are investing heavily in R&D. Such product upgrades in the market will lead to an increase in the demand for assistive technology. In addition, upgraded products will lead to competitors losing their position in the market.
Some new product developments in the global assistive technology market are mentioned; for instance, in June 2021, GN Group announced the launch of the Jabra enhanced Pro, which is a new premium hearing aid line-up to be launched in more than 700 Costco hearing aid centres globally. Such factors are driving the growth of the global assistive technology market during the forecast period.
Key Assistive Technology Market Challenge
The high cost of mobility products is a major challenge to the global assistive technology market growth. Wheelchairs are one of the most extensively used mobility aids in hospital-based and home-based patient care services. Among clinical mobility products, manual wheelchairs are considered low-end premium products. Electric wheelchairs are being rapidly adopted by the geriatric population and patients with mobility issues due to their minimum need for human effort. However, the significant price difference influences the purchase decision of consumers. For example, in developing countries such as India, China, and a few African countries, the chance of purchasing a walker is comparatively higher than a wheelchair due to the substantial price difference and the higher product penetration of the former in these markets.
Local vendors in these countries manufacture low-cost products, which are more affordable than the products offered by global vendors, leading to the rapid adoption of these products by price-sensitive end-users. Furthermore, in many developed and developing countries, governments do not provide reimbursements for these products, which limits the adoption of electric wheelchairs, thereby adversely affecting the revenue generated by the global assistive technology market during the forecast period.
Key Assistive Technology Market Customer Landscape
The 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 growth strategies.
Global Assistive Technology Market Customer Landscape
The market share growth by the sensory aids segment will be significant during the forecast period. The growth in demand for hearing devices such as implant devices/hearing aids, Teletype (TTY) and telecommunication devices for the deaf (TDD), and personal amplifiers can be attributed to the global increase in the number of people with hearing impairment and related disorders, resulting from factors such as noise pollution, genetics, and ageing. A rise in the adoption of binaural hearing aids is witnessed among people with bilateral hearing loss. Vendors such as Invacare Corp. (Invacare), Sonova Holding AG (Sonova), and Demant AS (Demant), which offer hearing aids, are increasingly focusing on manufacturing products in compliance with industrial standards while incorporating advanced technologies. Such factors are expected to drive the segment during the forecast period.
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The sensory aids segment showed a gradual increase in market share from USD 10092.52 million in 2017 and continued to grow by 2021. During the forecast period, behind-the-ear (BTE) hearing aids are likely to gain popularity in the market over other types of hearing devices as they are ideal for most people with hearing problems. These hearing aids reduce the problem of feedback due to the sufficient distance between the receiver and the microphone. BTE hearing aids are also suitable for children as they not only fit easily into smaller ears but can also accommodate various earmold sizes to cater to the needs of growing children. This is expected to increase the market demand for BTE hearing aids during the forecast period.
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In the interest of patient safety, the FDA adopted a number of regulatory criteria, particularly to lessen the possibility of people becoming caught, trapped, or entangled in hospital beds. For instance, the FDA received 901 complaints about hospital bed incidents between 1985 and 2012. According to the Centers for Medicare and Medicaid Services (CMS), in 2020, the US spent USD 4.1 trillion on healthcare, and the total US healthcare expenditure reached USD 12,530 per person. Also, CMS projects that by 2028, healthcare spending in the US is expected to reach USD 6.19 trillion and is expected to account for 19.7% of GDP, up from 17.7% in 2018. Thus, substantial funding will lead to improved healthcare facilities, thereby ensuring the availability of advanced products such as wheelchairs, mobility devices, and hearing devices.
The report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027. The market has been segmented by type, product, distribution channel, and region.
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Assistive Technology Market Scope |
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Report Coverage |
Details |
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Page number |
164 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 4.95% |
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Market growth 2023-2027 |
$ 6,300.03 million |
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Market structure |
Fragmented |
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YoY growth (%) |
4.02 |
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Regional analysis |
North America, Europe, Asia, and Rest of World (ROW) |
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Performing market contribution |
North America at 35% |
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Key countries |
US, Germany, UK, France, and Japan |
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Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Boundless Assistive Technology LLC, Demant AS, Drive Medical GmbH and Co. KG, GF Health Products Inc., GN Store Nord AS, Hoveround Corp., Invacare Corp., Karma Medical Products Co. Ltd., MED EL Elektromedizinische Gerate GmbH, Medline Industries LP, NOVA Medical Products, Ossenberg GmbH, Ostrich Mobility Instruments Pvt. Ltd., Ottobock SE and Co. KGaA, Permobil AB, Persona Medical, Pride Mobility Products Corp., Roma Medical, Sonova AG, and Sunrise Medical LLC |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
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Customization purview |
If our 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 Device
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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