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Assistive Technology Market by Device and Geography - Forecast and Analysis 2021-2025

  • Published: Mar 2021
  • Pages: 120
  • SKU: IRTNTR40244
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The assistive technology market share is expected to increase by USD 7.93 billion from 2020 to 2025, and the market’s growth momentum will accelerate at a CAGR of 7.26%.

This assistive technology market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers assistive technology market segmentation by device (sensory aids, mobility aids, and others) and geography (North America, Europe, Asia, and ROW). The assistive technology market report also offers information on several market vendors, including Demant AS, Drive DeVilbiss Healthcare, GF Health Products Inc., GN Store Nord AS, Invacare Corp., MED-EL Elektromedizinische Gerate GmbH, Medline Industries Inc., Permobil AB, Sonova Holding AG, and Sunrise Medical LLC among others.

What will the Assistive Technology Market Size be During the Forecast Period?

Download the Free Report Sample to Unlock the Assistive Technology Market Size for the Forecast Period and Other Important Statistics

 

Assistive Technology Market: Key Drivers, Trends, and Challenges

Based on our research output, there has been a neutral impact on the market growth during and post COVID-19 era. The increasing number of orthopedic and neurological disorders is notably driving the assistive technology market growth, although factors such as high cost of mobility products may impede market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the assistive technology industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Assistive Technology Market Driver

 

The rising cases of orthopedic conditions such as rheumatoid arthritis and knee problems have increased the requirement for mobility devices such as wheelchairs, canes, and crutches. Factors such as medical emergencies, long-term and short-term disabilities, and the rise in surgical operations are further increasing the demand for medical mobility devices. Furthermore, the increasing incidence of spinal muscular atrophy and the rising number of people with cancer will augment sales of mobility aids. As a result, vendors are focusing on developing specialized products called bariatric or heavy-duty power wheelchairs. Therefore, the assistive technology market growth is expected to be substantial over the forecast period.

Key Assistive Technology Market Trend

 

The adoption of hearing aids with rechargeable batteries, such as lithium-ion chargeable batteries and zinc rechargeable batteries, is increasing and is one of the key assistive technology market trends. Lithium-ion chargeable batteries and zinc rechargeable batteries can offer enhanced power compared with traditional rechargeable batteries and can serve a lifetime for hearing aids. The lithium-ion chargeable batteries and zinc rechargeable batteries are non-toxic and non-flammable. Several vendors and companies are focusing on developing silver-zinc rechargeable batteries that are considered safe for the environment and the user.

Key Assistive Technology Market Challenge

There is a substantial price difference between manual wheelchairs and electric wheelchairs. Technological advances and the addition of new features such as stability, power, and balance increase the cost of electric wheelchairs, which, in turn, hinders the growth of the global assistive technology market. Many users find the high cost of electric wheelchairs unaffordable, which makes them opt for other mobility aids such as manual wheelchairs, medical walkers, and rollators. Furthermore, in many developed and developing countries, the 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.

This assistive technology market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2021-2025.

Parent Market Analysis

The growth in the global healthcare technology market will be driven by factors impacting both the healthcare market and the IT spending market. Some of the key factors include continuous pressure to reduce costs, improved care through technology, connected health, and increasing life expectancy. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the assistive technology market during the forecast period.

Who are the Major Assistive Technology Market Vendors?

The report analyzes the market’s competitive landscape and offers information on several market vendors, including:

 

  • Demant AS
  • Drive DeVilbiss Healthcare
  • GF Health Products Inc.
  • GN Store Nord AS
  • Invacare Corp.
  • MED-EL Elektromedizinische Gerate GmbH
  • Medline Industries Inc.
  • Permobil AB
  • Sonova Holding AG
  • Sunrise Medical LLC

 

This statistical study of the assistive technology market encompasses successful business strategies deployed by the key vendors. The assistive technology market is fragmented and the vendors are offering solutions that are suitable for the end-users’ local environmental conditions and requirements to compete in the market.

Product Insights and News

  • GN Store Nord AS - The company is involved in the development, manufacturing, and sales of innovative audio devices across the world.

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The assistive technology market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.

Assistive Technology Market Value Chain Analysis

Our report provides extensive information on the value chain analysis for the assistive technology market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chains is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.

The value chain of the healthcare technology market includes the following core components:

  • Medical device OEMs and software developers
  • Connectivity and enablement
  • Network services
  • Middleware and application platforms
  • Distribution channels
  • System integrators and service delivery
  • Application support and maintenance
  • Marketing and sales
  • Support activities
  • Innovations

The report has further elucidated on other innovative approaches being followed by vendors to ensure a sustainable market presence.

 

Which are the Key Regions for Assistive Technology Market?

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34% of the market’s growth will originate from North America during the forecast period. The US is a key market for assistive technology in North America. However, market growth in North America will be slower than the growth of the market in other regions.

The growth of advanced healthcare facilities and rising healthcare spending will facilitate the assistive technology market growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

COVID Impact and Recovery Analysis

The assistive technology market in North America grew sluggishly in 2020, owing to the outbreak of the COVID-19 pandemic. The rising number of COVID-19 cases impacted various industries in the region. Moreover, the temporary shutdown of operations due to the lockdowns negatively impacted the medical device manufacturing businesses. Such factors hampered the sales for assistive technology-based products and solutions in the first half of 2020. Once the pandemic ceases to exist, the assistive technology market in the region will register significant growth during the forecast period.

What are the Revenue-generating Device Segments in the Assistive Technology Market?

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The assistive technology market share growth by the sensory aids segment will be significant during the forecast period. The growing demand for sensory aids among the elderly and disabled people is a key factor for the growth of this segment during the forecast period.

This report provides an accurate prediction of the contribution of all the segments to the growth of the assistive technology market size and actionable market insights on post COVID-19 impact on each segment.

 

Assistive Technology Market Scope

Report Coverage

Details

Page number

120

Base year

2020

Forecast period

2021-2025

Growth momentum & CAGR

Accelerate at a CAGR of 7.26%

Market growth 2021-2025

$ 7.93 billion

Market structure

Fragmented

YoY growth (%)

3.39

Regional analysis

North America, Europe, Asia, and ROW

Performing market contribution

North America at 34%

Key consumer countries

US, Germany, Japan, UK, and France

Competitive landscape

Leading companies, Competitive strategies, Consumer engagement scope

Key companies profiled

Boundless Assistive Technology LLC, Demant AS, Drive DeVilbiss Healthcare, GF Health Products Inc., GN Store Nord AS, Hoveround Corp., Invacare Corp., Karma Medical Products Co. LTD., MED-EL Elektromedizinische Gerate GmbH, Medline Industries Inc., NOVA Medical Products, Ossenberg GmbH, Ostrich Mobility Instruments Pvt. Ltd., Ottobock SE & Co. KGaA, Permobil AB, Persona Medical, Pride Mobility Products Corp., Roma Medical, Sonova Holding AG, and Sunrise Medical LLC

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 the forecast period

Customization purview

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What are the Key Data Covered in this Assistive Technology Market Report?

  • CAGR of the market during the forecast period 2021-2025
  • Detailed information on factors that will drive assistive technology market growth during the next five years
  • Precise estimation of the assistive technology market size and its contribution to the parent market
  • Accurate predictions on upcoming trends and changes in consumer behavior
  • The growth of the assistive technology industry across North America, Europe, Asia, and ROW
  • A thorough analysis of the market’s competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of assistive technology market vendors

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Executive Summary

Market Landscape

  • Market ecosystem
  • Market Characteristics
  • Value chain analysis

Market Sizing

  • Market definition
  • Market segment analysis
  • Market size 2020
  • Market outlook: Forecast for 2020 - 2025

Five Forces Analysis

  • Five forces summary
  • Bargaining power of buyers
  • Bargaining power of suppliers
  • Threat of new entrants
  • Threat of substitutes
  • Threat of rivalry
  • Market condition

Market Segmentation by Device

  • Market segments
  • Comparison by Device
  • Sensory aids - Market size and forecast 2020-2025
  • Mobility aids - Market size and forecast 2020-2025
  • Others - Market size and forecast 2020-2025
  • Market opportunity by Device

Customer landscape

Geographic Landscape

  • Geographic segmentation
  • Geographic comparison
  • North America - Market size and forecast 2020-2025
  • Europe - Market size and forecast 2020-2025
  • Asia - Market size and forecast 2020-2025
  • ROW - Market size and forecast 2020-2025
  • Key leading countries
  • Market opportunity by geography
  • Market drivers
  • Market challenges
  • Market trends

Vendor Landscape

  • Vendor landscape
  • Competitive Scenario
  • Landscape disruption

Vendor Analysis

  • Vendors covered
  • Market positioning of vendors
  • Demant AS
  • Drive DeVilbiss Healthcare
  • GF Health Products Inc.
  • GN Store Nord AS
  • Invacare Corp.
  • MED-EL Elektromedizinische Gerate GmbH
  • Medline Industries Inc.
  • Permobil AB
  • Sonova Holding AG
  • Sunrise Medical LLC

Appendix

  • Scope of the report
  • Currency conversion rates for US$
  • Research methodology
  • List of abbreviations

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.

TechnavioINFORMATION SOURCES

Primary sources

  • Manufacturers and suppliers
  • Channel partners
  • Industry experts
  • Strategic decision makers

Secondary sources

  • Industry journals and periodicals
  • Government data
  • Financial reports of key industry players
  • Historical data
  • Press releases
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TechnavioDATA ANALYSIS

Data Synthesis

  • Collation of data
  • Estimation of key figures
  • Analysis of derived insights

Data Validation

  • Triangulation with data models
  • Reference against proprietary databases
  • Corroboration with industry experts
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TechnavioREPORT WRITING

Qualitative

  • Market drivers
  • Market challenges
  • Market trends
  • Five forces analysis

Quantitative

  • Market size and forecast
  • Market segmentation
  • Geographical insights
  • Competitive landscape
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The assistive technology market market growth will increase by $$ 7.93 bn during 2022-2025.
The assistive technology market market is expected to grow at a CAGR of 7.26% during 2022-2025.
Technavio has segmented the assistive technology market market by device (Sensory aids, Mobility aids, and Others) and geography (North America, Europe, Asia, and ROW).
Demant AS, Drive DeVilbiss Healthcare, GF Health Products Inc., GN Store Nord AS, Invacare Corp., MED-EL Elektromedizinische Gerate GmbH, Medline Industries Inc., Permobil AB, Sonova Holding AG, Sunrise Medical LLC are a few of the key vendors in the assistive technology market market.
North America will register the highest growth rate of 34% among the other regions. Therefore, the assistive technology market market in North America is expected to garner significant business opportunities for the vendors during the forecast period.
The key factors driving the assistive technology market market growth are:
  • increasing number of orthopedic and neurological disorders
  • growing adoption of hearing aids with rechargeable batteries
The assistive technology market market vendors should focus on grabbing business opportunities from the sensory aids segment as it accounted for the largest market share in the base year.
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