Assistive Technology Market by Device and Geography - Forecast and Analysis 2020-2024

Assistive Technology Market by Device and Geography - Forecast and Analysis 2020-2024

Global Assistive Technology Market: About this market

Technavio’s assistive technology market analysis considers sales from sensory aids, mobility aids, and other devices. Our study also finds the sales of assistive technology in APAC, Europe, North America, South America, and MEA. In 2019, the sensory aids segment had a significant market share, and this trend is expected to continue over the forecast period. Factors such as hearing impairment and related disorders among the general population will play a significant role in the sensory aids segment to maintain its market position. Also, our global assistive technology market report looks at factors such as the increasing number of orthopedic and neurological disorders, growing demand for rehabilitation centers, and rising focus on compliance with industrial standards. However, the high cost of mobility products, the presence of substitute products, and the limited availability of assistive technology in rural markets may hamper the growth of the assistive technology industry over the forecast period.

Global Assistive Technology Market: Overview

Increasing number of orthopedic and neurological disorders

Orthopedic conditions such as rheumatoid arthritis and knee problems and recovery after orthopedic surgeries (after bone fractures) require the use of mobility devices such as wheelchairs, canes, and crutches, which can help patients move from one place to another without depending on others. Such short-term and long-term disabilities along with the rise in medical emergency cases are driving the need for assistive technologies. Vendors are offering customization and additional features in mobility devices to increase the convenience and utility of these devices. Thus, the increasing number of orthopedic and neurological disorders will lead to the expansion of the global assistive technology market at a CAGR of almost 8% during the forecast period.

Growing adoption of hearing aids with rechargeable batteries

The global assistive technology market is witnessing the growing adoption of hearing aids with rechargeable batteries. Lithium-ion chargeable batteries and zinc rechargeable batteries are being widely used in the market. Lithium-ion rechargeable batteries can offer enhanced power than traditional rechargeable batteries and can serve the entire lifetime of the hearing aid. Major vendors offering hearing aids are focusing on offering advanced hearing aid devices with lithium-ion batteries. Many companies are also focusing on developing silver-zinc rechargeable batteries that are considered safe for the environment and the user. This development is expected to have a positive impact on the overall market growth.

For the detailed list of factors that will drive the global assistive technology market during the forecast period 2020-2024, click here.

Competitive Landscape

With the presence of several major players, the global assistive technology market is fragmented. Technavio’s robust vendor analysis is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several leading assistive technology manufacturers, that include Demant AS, GF Health Products Inc., GN Store Nord AS, Invacare Corp., MED-EL Elektromedizinische Geräte GmbH, Medical Depot Inc., Medline Industries Inc., Permobil AB, Sonova Holding AG, and Sunrise Medical (US) LLC.

Also, the assistive technology market analysis report includes information on upcoming trends and challenges that will influence market growth. This is to help companies strategize and leverage on all forthcoming growth opportunities.