Unlocking Opportunities: How the Assistive Technology Market is Set to Surge by $6.3 Billion by 2029, Fueled by Growth in Orthopedic & Neurological Disorders and the Power of AI – Insights from Technavio

NEW YORK, Feb. 7, 2025 /PRNewswire/ — AI is changing the game in the Assistive technology (AT) market. This market is projected to grow by USD 6.3 billion from 2025 to 2029, with a steady growth rate of 4.5% per year. More people are facing orthopedic and neurological issues, leading to increased demand for these technologies. As city dwellers become more health-conscious, the market is expected to expand. However, the high cost of mobility aids remains a barrier. Major players in this space include companies like Boundless Assistive Technology LLC, Invacare Corp., and Ottobock SE and Co. KGaA.

Vendors in assistive technology are focusing on improving delivery and customizing products to fit the individual needs of users. Mass customization includes the use of advanced designing tools and adjustable features. Brands like Permobil AB are allowing customers to personalize their products, which helps them stand out and keeps them competitive. The market is set to flourish as it addresses a variety of disabilities, including those affecting mobility, vision, and hearing.

The use of assistive technology in healthcare is growing, particularly to enhance safety and functionality for patients. Products like medical beds and recliner chairs are in demand, especially among those recovering from accidents. Organizations such as the Neurological Alliance emphasize the importance of these technologies for people with various conditions. As healthcare spending increases in developing countries, there’s a greater need for assistive devices. AI and IoT advancements are pushing innovation in this field, even as high prices and lack of awareness slow adoption. Despite these challenges, investing in assistive technology can greatly improve lives.

Market Challenges

• The difference in pricing between manual and electric wheelchairs is significant. Manual options can be as low as USD 100, while electric models start at USD 950. This gap affects buying decisions, especially in developing regions. Although local vendors offer cheaper alternatives, ongoing costs for battery replacements, ranging from USD 70 to USD 450, add to the expense. Additionally, many countries do not provide government reimbursements for these products, hindering growth in the assistive technology market.

• This market serves a diverse group, from children to the elderly, offering items like mobility aids and hearing devices. Tech giants like GlobalFoundries are innovating with AI and IoT to create better solutions. High costs and limited awareness continue to create obstacles. However, companies like Apple and Body Vision Medical are working to raise awareness and improve access. Events like World Braille Day help promote the importance of assistive technologies, particularly for those with visual impairments. In healthcare settings, these devices play a crucial role in patient care and independence. Emerging markets offer fresh opportunities as healthcare spending rises.

Segment Overview

The market is divided by end-user, type of device, and location. Hospitals are significant users of assistive technology, purchasing products like wheelchairs and mobility aids to support patients. The needs of the aging population are leading to increased investment in advanced healthcare equipment. Vendors are focusing on designing solutions tailored for those with disabilities, especially as orthopedic disorders become more common. According to the CDC, fractures related to osteoporosis affect many, highlighting the need for effective assistive technology.

Research Analysis

The assistive technology market caters to individuals with various disabilities, providing tools that enhance their daily lives. With advances in technology, user-centered designs are becoming crucial. Many companies are integrating AI and IoT into their products for better functionality. While the market faces issues like high costs and lack of awareness, the need for assistive technologies continues to grow, particularly in emerging economies where people are becoming more aware of their benefits.

Market Research Overview

Assistive technology helps people with disabilities improve their everyday tasks. This market includes a variety of products like reading aids and mobility aids. Innovations from companies using AI, ML, and wearable tech are enhancing product capabilities. Despite challenges like high costs, there are notable advancements in this sector, with brands like Apple and Body Vision Medical pushing for greater awareness and innovation. Hospitals and clinics rely heavily on these technologies for patient care, making it a critical area for growth. Emerging markets are particularly promising as awareness and funding improve.

Table of Contents:

1. Executive Summary
2. Market Landscape
3. Market Sizing
4. Five Forces Analysis
5. Market Segmentation
6. Customer Landscape
7. Geographic Landscape
8. Drivers, Challenges, and Trends
9. Company Landscape
10. Appendix

About Technavio

Technavio is a top global research firm focusing on technology trends. They provide insights to help businesses identify market opportunities and strategies. With a team of over 500 analysts, Technavio’s collection includes more than 17,000 reports across 800 tech areas and 50 countries. Their insights help companies navigate changing market landscapes and identify competitive advantages.

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Assistive technology, NOVA Medical Products, market growth, mobility aids, GF Health Products Inc., neurological disorders, Pride Mobility Products Corp., Karma Medical Products Co. Ltd., Medical Depot Inc., Starkey Laboratories Inc.