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Assistive Technology Market Is Estimated To Witness High Growth Owing To Increasing Adoption of Technological Advancements

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Sachin Sadgir
Assistive Technology Market Is Estimated To Witness High Growth Owing To Increasing Adoption of Technological Advancements

The global Assistive Technology Market is estimated to be valued at US$22.98 Billion In 2023 and is expected to exhibit a CAGR of 4.7% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Assistive technology refers to devices and services that are designed to assist individuals with disabilities in performing daily tasks. These technologies provide improved accessibility and enhance the quality of life for people with disabilities. The market for assistive technology is driven by the increasing prevalence of disabilities and the growing awareness about the benefits of these technologies. Moreover, technological advancements and the development of innovative products are further fueling market growth. The demand for assistive technology is expected to increase in the coming years as governments and healthcare organizations focus on improving the quality of care and promoting inclusivity.

Market key trends:

One key trend in the Assistive Technology Market is the integration of artificial intelligence (AI) and machine learning technologies. AI-powered assistive technologies are capable of analyzing and interpreting data in real-time, enabling personalized and context-aware assistance for individuals with disabilities. These technologies can adapt to the user's needs and preferences, making them more effective in providing assistance and support. AI-powered assistive technologies can assist with various tasks such as mobility, communication, and cognitive support. The integration of AI and machine learning in assistive technology is expected to drive market growth and provide new opportunities for market players to develop innovative products.

Segment Analysis:

The Assistive Technology market can be segmented based on the type of product and application. The product segment can be further divided into mobility aids & transportation equipment, assistive furniture, hearing aids, vision & reading aids, medical devices, communication aids, and others. Among these, the hearing aids segment is expected to dominate the market during the forecast period. With the increasing prevalence of hearing impairments and advancements in hearing aid technology, there is a growing demand for hearing aids globally. Companies like Sonova Holding AG, GN Store Nord A/S, and Cochlear Limited are the key players in this segment, offering a wide range of advanced hearing aids.

Key Takeaways:

The global assistive technology market is expected to witness high growth, exhibiting a CAGR of 4.7% from 2023 to 2030. The market size is projected to reach US$ 22.98 billion in 2023. One of the key drivers of this growth is the increasing geriatric population, which is more susceptible to disabilities and chronic illnesses. Additionally, advancements in technology and increasing awareness about assistive technology are fueling market growth.

In terms of regional analysis, North America is expected to be the fastest-growing and dominating region in the assistive technology market. This can be attributed to the high prevalence of disabilities, favorable reimbursement policies, and the presence of key market players in the region. The United States, in particular, is a major market for assistive technology, with companies like Invacare Corporation and Otobock SE & Co. KGaA operating in the region.

Key players operating in the assistive technology market include Invacare Corporation, Ottobock SE & Co. KGaA, Sonova Holding AG, GN Store Nord A/S, MED-EL, Cochlear Limited, Permobil AB, Sunrise Medical LLC, Tobii AB, ResMed Inc., Sivantos Group, Ai-Media, Phonak AG, Starkey Hearing Technologies, and Dynavox Systems LLC. These companies focus on innovation, strategic partnerships, and mergers & acquisitions to strengthen their market position and cater to the growing demand for assistive technology globally.


Read More : https://www.newsstatix.com/assistive-technology-market-is-estimated-to-witness-high-growth/

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