According to statistics made by Insure Insight, the global assistive technology market is projected to grow significantly, registering a CAGR of 7.5% during the forecast period (2022 – 2030).
GLOBAL ASSISTIVE TECHNOLOGY MARKET – MARKET OVERVIEW
Assistive technologies are used by people with disabilities to maintain and enhance functional capabilities that may be difficult to carry out alone. Assistive technology helps in performing daily activities and movements, which is spurring market growth.
GLOBAL ASSISTIVE TECHNOLOGY MARKET – MARKET DYNAMICS
Assistive technology is widely demanded by a large range of people such as people with severe chronic diseases, disabilities, and elderly people across the globe. According to WHO, more than 2 billion people will need at least one assistive technology device like hearing aids, wheelchairs, or memory aids by 2030 due to the increase in the geriatric population, and also the increase in non-communicable diseases.
Top Driver: the surge in orthopedic and neurological disorders is driving the market growth
The rising number of patients diagnosed with orthopedic and neurological disorders is projected to boost the global assistive technology market growth during the forecast period. For example, according to the Neurological Alliance, about 14.7 million cases of neurological disorders were recorded in 2019. That implies that at least one in six people are diagnosed with one or more neurological conditions which result in learning disabilities, epilepsy, etc… therefore utilization of assistive technology aids in increasing muscle action and mitigating weight bearing, and these factors are expected to spur the market growth.
Furthermore, there is a growing demand for professional development and training in assistive technology to increase knowledge and skills in a vast range of areas including a continuum of tools, collaborative processes, and data collection and analysis. It provides numerous benefits such as mitigating the need for formal health and support services and long-term caregivers. The reliability of these benefits boosts the global assistive technology market growth.
Top Driver: high costs of these devices will hinder the market growth
However, the high costs associated with assistive technology are projected to obstruct market growth during the forecast period. Also, the low acceptance rate of these devices in developing countries hinders the growth of the market. For example, according to WHO, only one out of ten people had access to assistive technology in 2018 due to the high costs and lack of awareness, policy, and finance.
COVID-19 IMPACT ON THE GLOBAL ASSISTIVE TECHNOLOGY MARKET
The semiconductor industry has faced the severe impact of COVID-19. According to key market players, the industry has faced a 12% decline since the onset of COVID-19. The pandemic has caused key semiconductor players to mobilize quickly and make both short-term and long-term strategies to maintain the growth of the sector. The semiconductor sector faced major lay off during the pandemic period, owing to a decrease in demand at the global level. Many end-use industries are facing a temporary halt to the manufacturing process. Besides, many governments are still imposing lockdowns which are expected to affect the overall electric sector for some time. Major semiconductor players are looking for a pre-pandemic condition to start normal operation and for that moment, they are planning and reshaping strategies for their business models.
The North American region possesses the largest share in the global assistive technology market
The North American region dominated the market in 2020 and is expected to continue in this trend throughout the forecast period due to the high demand for assistive products and services, the increasing population of the elderly, and high government initiatives in increasing the focus on the rights of disabled people. For instance, according to the US Bureau of Labor Statistics, about 17.9% of the US population are diagnosed with one disability in 2020.
The global assistive technology market is reasonably competitive with mergers, acquisitions, and product launches. See some of the major key players in the market;
Scope of the Report
Keys reasons to purchasing this report
It builds a seven-year estimate based on how the market is predicted to grow and shows what will market shares of the national markets change by 2030 and which nation will lead the market in 2030.
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