Assistive Technology (AT) Market Analysis North America, Europe, Asia, Rest of World (ROW) - US, Germany, UK, France, Japan - Size and Forecast 2024-2028

Assistive Technology (AT) Market Forecast 2024-2028

The Assistive Technology (AT) Market size is estimated to grow by USD 6.60 billion at a CAGR of 4.91% between 2023 and 2028. 

There has been a growing demand for rehabilitation centers using assistive technology across the globe. The increasing demand for advanced medical services after treatment, particularly in the case of accidents and surgeries, is increasing the number of rehabilitation centers. In addition, this will eventually propel the demand for mobility aid devices that use assistive technology. Furthermore, the presence of robotic rehabilitation centers is increasing the demand for assistive technology. Hence, such factors are positively impacting the market.

What will be the Size of the Market During the Forecast Period?

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Segmentation by End-user, Device and Geography Analysis

End-user Analysis

The hospitals segment is estimated to witness significant growth during the forecast period. The hospital segment has been growing consistently over the past few years due to the presence of several hospitals providing assistive technology equipment for patients. In addition, there are several assistive technology devices, such as wheelchairs, mobility devices, and hearing devices. Furthermore, hospitals are the major end-users of assistive technology as they have advanced healthcare facilities where a large number of patients seek treatment on a daily basis.

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The hospitals segment was the largest segment and was valued at USD 9.07 billion in 2018. Therefore, hospitals are focusing on becoming better equipped in terms of advanced facilities and integrated operating rooms. In addition, a large multispecialty hospital has advanced laboratories and more than 500 beds and offers the most technologically advanced services and treatment options. Hence, the increasing number of well-equipped hospitals has resulted in a rise in demand for patient positioning devices and equipment, including assistive technology. Therefore, such factors are fuelling the growth of this segment which in turn drives the market growth during the forecast period.

Device Analysis

The growth in demand for hearing devices, including implant systems/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 due to factors including noise pollution, genetics, and aging. In addition, a rise in the adoption of binaural hearing aids is witnessed among people with bilateral hearing loss. Moreover, companies 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. Hence, such factors are fuelling the growth of this segment which in turn drives the market growth during the forecast period.

The growth of the mobility aids segment is driven by various factors. One of the main reasons is the increasing prevalence of CVDs, especially due to the presence of a large geriatric population base and the need for regular heart monitoring in such people. Moreover, the increase in the approvals and clearances for the commercialization of various mobility aids such as wheelchairs, rollators, walking frames, canes, and crutches is another factor spurring the growth of the segment. Furthermore, the increasing number of private clinics, diagnostic centers, and surgical centers, as a result of the rising investments in healthcare and better facilities in clinics and diagnostic centers, is fuelling the growth of this segment which in turn drives the market growth during the forecast period.

Regional Analysis

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Europe is estimated to contribute 36% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that will shape the market during the forecast period. 

Another region offering significant growth opportunities to companies is North America. The demand for assistive technology in North America is fuelled by the development of sophisticated healthcare facilities, an increase in healthcare spending, and the existence of government programs such as Medicaid, which provide medical assistance to those with low incomes and financial resources. For example, in 2020, the US was seen spending around USD4 trillion on healthcare, and the total US healthcare expenditure reached around USD10,000 per person. Therefore, substantial funding will lead to improved healthcare facilities, thereby ensuring the availability of advanced products such as wheelchairs, mobility devices, and hearing devices. Hence, such factors are driving the market growth in North America during the forecast period.

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Key Market Players 

Companies 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. The report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:

Demant AS: The company offers assistive technology solutions that help people with hearing loss connect and communicate with the world around them.

Boundless Assistive Technology, Freedom Scientific Inc., GF Health Products Inc., GN Store Nord AS, Invacare Corp., Karma Medical Products Co. Ltd., MED EL Elektromedizinische Gerate GmbH, Medical Depot Inc., Medline Industries LP, NOVA Medical Products, Ostrich Mobility Instruments Pvt. Ltd., Ottobock SE and Co. KGaA, Permobil AB, Persona Medical, Pride Mobility Products Corporation, Sonova Holding AG, Starkey Laboratories Inc., Sunrise Medical LLC, and Ossenberg GmbH

Qualitative and quantitative analysis of companies 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 companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.

Market Dynamics and Customer Landscape

The Market is propelled by increasing awareness and adoption of assistive technology to enhance the lives of individuals with disabilities. The growing prevalence of conditions like neurological disorders, learning disabilities, and epilepsy amplifies the need for innovative solutions. Advancements in technological capabilities contribute to the market's upward trajectory. However, challenges such as addressing the diverse needs of the aging population and ensuring widespread customization and personalization remain key focal points for industry players. Meeting these challenges will be crucial in driving the continued growth and impact of assistive technologies. Our researchers analyzed the market research and growth data with 2023  as the base year, along with the key market growth analysis, trends, and challenges. A holistic analysis of drivers, trends, and challenges will help companies refine their marketing strategies to gain a competitive advantage. 

Key Drivers

The rising number of orthopedic and neurological disorders is notably driving the market. The growing demand for wheelchairs is driven by an increase in orthopedic and neurological conditions. Orthopedic issues like rheumatoid arthritis, knee problems, and post-surgery recovery necessitate mobility devices such as wheelchairs, canes, and crutches. These aids enable patients to move independently, addressing concerns related to dependency.

Moreover, medical emergencies, along with short-term and long-term disabilities, contribute to the rising demand for medical mobility devices. Conditions like arthritis and bone fractures, prevalent among the geriatric population, increase dependence, making devices like wheelchairs crucial. Physicians may prescribe specific devices based on individual conditions, emphasizing the importance of customization and personalization in healthcare. Hence, such factors will drive market growth during the forecast period.

Significant Trends

Rising demand for assistive technology in customization is an emerging trend in the market. The rapid evolution of assistive technology has made it essential for companies to focus on strategies, including faster delivery processes and mass customization and personalization. In addition, mass customization and personalization have been slowly gaining importance in the focus market, primarily driven by the advances in technology, add-on features and equipment, and evolving shape, size, and color.

Moreover, there have been major advances on the technological front, including catering to consumers' specific requirements for final product development and delivery. In addition, customization allows assistive technologies to be tailored to the specific requirements of individuals with various disabilities. Furthermore, whether it is mobility impairments, visual or hearing impairments, or cognitive challenges, personalized solutions can address a wide range of needs. Hence, such factors will drive market growth during the forecast period.

Major Challenges

The presence of substitute products for assistive technology is a major challenge hindering the market. The presence of several low-cost substitute products, including crutches and walkers, and high-cost substitute products, such as medical mobility scooters and clinical rollators, is expected to negatively impact the growth of the market. In addition, walkers and wheelchairs with advanced features such as paddles, adjustable forearm support, and braking systems are available in the market at a lower cost than electric wheelchairs.

Moreover, mainstream consumer electronics, such as smartphones, tablets, and computers, often come equipped with built-in accessibility features. In addition, these features, such as screen readers, voice commands, and magnification tools, can serve as substitutes for assistive technologies. Furthermore, smart home devices, including voice-activated assistants such as Amazon Echo or Google Home, serve as substitutes for assistive technologies. Hence, such factors hinder market growth during the forecast period.

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Key Market Customer Landscape

The market 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.

 Customer Landscape

Segment Overview

The market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028. 

• End-user Outlook
  • Hospitals
  • Homecare settings
  • Others
• Device Outlook
  • Sensory aids
  • Mobility aids
  • Others
• Region Outlook
  • North America
    • The U.S.
    • Canada
  • Europe
    • The U.K.
    • Germany
    • France
    • Rest of Europe
  • Asia
    • China
    • India
  • Rest of the World (ROW)
    • Australia
    • Argentina
    • Brazil

Market Analyst Overview

The Market is crucial for enhancing the lives of people with disabilities, catering to various functional capabilities. Recognizing the diverse needs, the World Health Organization (WHO) emphasizes the importance of memory aids, especially for those with orthopedic disorders, learning disabilities, epilepsy, and other conditions affecting muscle action and weight-bearing load. In developing economies, market segmentation focuses on addressing different disability types, including vision impairments. Technological advancements play a key role, incorporating mobile and wearable technology, the Internet of Things (IoT), and artificial intelligence (AI). However, challenges such as high costs, limited awareness, and accessibility persist.

The mobility aids and devices segment, driven by an aging population, encounters issues related to reimbursements and public funding. To overcome obstacles, user-centered design principles, innovation, and proactive efforts are needed. Despite the fragmented market and standards, the global market holds growth prospects. Modern techniques and better health circumstances can contribute to improved adoption rates, especially in emerging economies, benefiting people living with dementia and those requiring impaired adaptive equipment. Assistive technology is revolutionizing the lives of people worldwide, especially those grappling with chronic health conditions, aging, and disabilities. From specialized gadgets to home care solutions, the market encompasses a broad spectrum. Organizations driven by a commitment to physical and mental health actively engage in research and development (R&D), fostering innovations that proactively address the evolving needs of disabled and elderly patients. The market, driven by the dedication of assistive device manufacturers, witnesses a surge in innovations. These initiatives aim to counter rising costs and tackle challenges like poor adoption rates. The market extends its reach to those living with dementia, offering impaired adaptive equipment tailored to their unique requirements.

Market Scope
Report Coverage	Details
Page number	162
Base year	2023
Historic period	2018-2022
Forecast period	2024-2028
Growth momentum & CAGR	Accelerate at a CAGR of 4.91%
Market Growth 2024-2028	USD 6.60 billion
Market structure	Fragmented
YoY growth 2023-2024(%)	4.25
Regional analysis	North America, Europe, Asia, and Rest of World (ROW)
Performing market contribution	Europe at 36%
Key countries	US, Germany, UK, France, and Japan
Competitive landscape	Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks
Key companies profiled	Boundless Assistive Technology, Demant AS, Freedom Scientific Inc., GF Health Products Inc., GN Store Nord AS, Invacare Corp., Karma Medical Products Co. Ltd., MED EL Elektromedizinische Gerate GmbH, Medical Depot Inc., Medline Industries LP, NOVA Medical Products, Ostrich Mobility Instruments Pvt. Ltd., Ottobock SE and Co. KGaA, Permobil AB, Persona Medical, Pride Mobility Products Corporation, Sonova Holding AG, Starkey Laboratories Inc., Sunrise Medical LLC, and Ossenberg GmbH
Market dynamics	Parent market analysis, Market forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period.
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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What are the Key Data Covered in this Market Research Report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the between 2023 and 2028
• Precise estimation of the size and its contribution to the market in focus on the parent market
• Detailed analysis of customer landscape covering Diver of price sensitivity, Adoption of the lifecycle, and key purchase criteria 
• Companies landscape comparing criticality of inputs and factors of differentiation
• Exclusive Matrix on companies position and classification
• Accurate predictions about upcoming market trends and changes in consumer behavior
• Growth of the market across North America, Europe, Asia, and the Rest of the World (ROW)
• Thorough analysis of the market’s competitive landscape and detailed information about companies
• Comprehensive market growth and forecasting analysis of factors that will challenge the growth of companies

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