Unlocking Opportunities: Assistive Technology Market Set to Surge by $6.3 Billion by 2029, Fueled by Increasing Orthopedic and Neurological Conditions and AI Advancements – Insights from Technavio

NEW YORK, Feb. 7, 2025 /PRNewswire/ — AI is changing how assistive technology (AT) is shaping markets globally. According to Technavio, the AT market is set to grow by USD 6.3 billion between 2025 and 2029, with a steady growth rate of 4.5% each year. This trend is driven by an increase in orthopedic and neurological disorders and a rising awareness about health and wellness, especially in cities. However, one challenge is the high price of mobility products. Major companies in this sector include Boundless Assistive Technology LLC, Demant AS, and Freedom Scientific Inc., among others.

Market Insights

Assistive technology is focused on improving lives. Companies are working on faster delivery and customization to meet individual needs. For example, Permobil AB and Sunrise Medical LLC provide customizable designs, which helps them stand out. This trend is crucial for improving mobility, sight, hearing, and cognitive functions for many users.

In healthcare, AT plays a vital role in ensuring patient safety. Products like medical beds and transfer lifts are commonly used for accident victims. The Neurological Alliance emphasizes the importance of these technologies for individuals with various disorders. Countries with increasing healthcare investments are experiencing more demand for assistive devices, opening doors for innovation worldwide.

Market Challenges

Despite growth, challenges exist in the wheelchair segment. Manual wheelchairs can cost less than USD 100, while electric models can exceed USD 950. This price gap limits access, especially in developing countries. Local alternatives help with affordability, but the need for expensive battery replacements adds to the overall cost. Furthermore, many countries lack government support for electric wheelchair purchases, which hinders market expansion.

Assistive technology includes devices for various disabilities, catering to all age groups from children to seniors. Innovations in AI and wearable technology are enhancing user experience and functionality. Emerging markets show growing interest, driven by rising healthcare spending.

Segment Overview

The AT market is divided into several segments:

• End-user
  • Hospitals
  • Homecare Settings
  • Others
• Device
  • Sensory Aids
  • Mobility Aids
  • Others
• Geography
  • North America
  • Europe
  • Asia
  • Rest Of World (ROW)

Healthcare Insights

Demand for assistive devices in hospitals is on the rise. Hospitals serve many patients daily, utilizing AT like wheelchairs and hearing devices. With an aging population facing orthopedic issues, the need for these technologies is moving forward. Companies like GF Health Products Inc. are at the forefront, pushing innovation for better patient care.

Technavio’s Overview

Technavio is a global leader in technology research, providing insights that help businesses navigate market trends. Their reports cover a wide array of topics and support organizations in making informed decisions.