Assistive Technology Market 2023-2027 Along with 5-Year Historic (2017-2021) Industry Size & Comparison of 20 Vendors and 11 Countries – QNT Press Release


NEW YORK, Nov. 15, 2022 /PRNewswire/ — The Assistive Technology Market share is expected to increase by USD 6300.03 million from 2022 to 2027, with an accelerated CAGR of 4.95% – according to the recent market study by Technavio. This report also offers a 5-year historical (2017-2021) data projection of market size, segment, and region. The YOY growth rate of the Assistive Technology Market is estimated at 4.02% as of 2023. Moreover, the market is fragmented. Our analysts have conducted an internal and external analysis of vendors to help companies understand the wider business environment as well as the strength and weaknesses of key market players. Our report also forecasts the Bargaining Power of Buyers & Suppliers and the Threat of New Entrants & Rivalry ranging between LOW-HIGH during the forecast period.

Find Analysis of Price Sensitivity, Lifecycle, Customer Purchase Basket, Adoption Rates, and Purchase Criteria Prepared Exclusively by Technavio Research Analysts

  • One of the core components of the customer landscape is Price Sensitivity – an analysis of which will help companies refine marketing strategies to gain a competitive advantage.
  • Moreover, this report also provides the impact of price sensitivity drivers (purchases are undifferentiated, the purchase is a key cost to the buyer, and quality is not important) which are expected to range between LOW-HIGH from 2023-2027.
  • Our report provides extensive information on the customer landscape of the Assistive Technology Marketinvolving qualitative and quantitative intelligence.

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The Assistive Technology Market Report Also Offers Information on the Criticality of Inputs, R&D, Capex, Technology, Labor, and Brand of 20 Vendors Listed Below –

  • Boundless Assistive Technology LLC
  • Demant AS
  • 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 & Co. KGaA
  • Permobil AB
  • Persona Medical
  • Pride Mobility Products Corp.
  • Roma Medical
  • Sonova AG
  • Sunrise Medical LLC

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Chart & Data Table on 5-Year Historic (2017-2021) Market Size, Comparison and YOY Growth of Assistive Technology Market Segment

  • The market is segmented by Devices (Sensory aids, Mobility aids, and Others) and End-User (Hospitals, Homecare settings, and Others).
  • By Device Segment – The sensory aids segment shows a gradual increase in the demands for Assistive Technology and other factors during 2023-2027.
  • The increase in the number of people with hearing impairment and related disorders worldwide, due to the factors like noise pollution, genetics, and aging, can be attributed to the rising demand for hearing devices such as implant devices/hearing aids, Teletype (TTY) and telecommunication devices for the deaf (TDD), and personal amplifiers.
  • The growth of this segment is primarily attributed to the increasing adoption of Assistive Technology, which is driven by an increase in the global demand for the assistive technology industry.

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An increasing number of orthopedic and neurological disorders is Notably Driving the Assistive Technology Market Growth

  • The expansion of the global market for assistive technology is significantly fueled by the increasing numbers of orthopedic and neurological problems. The need for wheelchairs is rising as the number of persons with orthopedic and neurological disorders rises.
  • Patients’ need for mobility equipment is further fueled by factors such as medical emergencies, long- and short-term disability, and the increase in surgical operations.
  • A doctor may recommend wheelchairs, crutches, or canes depending on the situation (electric or manual). Many businesses provide extra features and customization to increase user convenience. Thus, it is anticipated that throughout the projected period, the prevalence of orthopedic and neurological illnesses will fuel the expansion of the global market for assistive technology.

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Chart & Data Table on Historic Market Size (2017-2021), Comparison and YOY Growth of 11 Countries of Assistive Technology Industry

  • The market is segmented by Geography North America (The US and Canada), Europe (UK, Germany, Franceand the Rest of Europe), Asia (China, India, Japanand South Korea), and Rest of the World (ROW).
  • North America is projected to grow at a percentage of 35% by 2022. North America was the most significant contributing region in the global Assistive Technology Market, Primarily owing to the growth of advanced healthcare facilities, rising healthcare spending, and the presence of government organizations such as Medicaid, which provide medical aid to people with limited income and financial resources.
  • In 2020, the COVID-19 pandemic negatively impacted most North American countries, which resulted in the temporary closure of various industries, including those manufacturing Assistive Technology. The shutdowns adversely impacted their production and distribution activities. Also, as online channels were active even during the pandemic, there was an increased demand for addiction therapeutics. However, in 2021, business and industrial activities resumed due to the relaxation of the lockdown restrictions.

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