With a market worth $14 billion in 2015, Assistive devices market is anticipated to surpass $26 billion by 2024. Read on to know about the market potential of Assistive technology-based products.
World Health Organization defines Assistive Technology as any item, product system or piece of equipment that can be used to increase, maintain or improve the functional capabilities of a person with disability. Products like motorized wheelchair, mobility canes for visually impaired, prosthetic organs, Speech-to-Braille converter and many other assistive products help people with disabilities to perform various functions that they are otherwise unable to do. As per a World Health Organization report, more than one billion people require one or more than one product with assistive technology. This set of people are the ones are either elderly or with disabilities.
With a market worth $14 billion in 2015, the Assistive Devices’ market is anticipated to surpass $26 billion by 2024. This revolutionary technology has proved tocreate a shifting paradigm for the healthcare sector as the healthcare market is undergoing remarkable changes in technology. Here is a blueprint of the market potential for assistive technology for the disabled and elderly lot that could bring-in a transformation in terms of inclusivity.
A prominent factor that could escalate the market growth of assistive technology is the rising number of collaborations between healthcare providers and insurance companies. Medical insurances cover 80% of the allowable expenses for durable medical equipments (which include products with assistive technology), hence reducing the cost of implementation in hospitals.
Healthcare facilities are going through a metamorphosis, which contributes to the drivers for assistive technology-based products.Technological advancement in healthcare has given a ground for the demands in assistive technology-based products and services. Implanted medical devices such as cardiac pacemakers, orthopedic rods, artificial joints, and other technologies have added to the market.
Growing awareness regarding assistive devices is another major factor driving the global assistive technology devices market. Furthermore, the increasing rate of disability due to aging and chronic diseases are also some of the contributing factors to the market growth.
Diversified Application and Segmented Market
Assistive technology offers a vivid range of products, which cater to different types of disabilities. Technologies are designed according to the disabilities and abilities of customers. For instance, a person with visual impairment requires products that they can use to hear something or to feel something by touching, so mobility canes and Speech-to-Braille converters can help them in functioning. As per the WHO report, approximately 285 million people are visually impaired. Around 70 million people require a wheelchair, and another 360 million people globally have moderate to profound hearing loss.
Such distinctive application-based technology with such a vast range of target audience gives rise to manufacturing of assistive products worldwide. The rate of disability is also increasing due to aging population and increase in chronic health conditions, which further add to the adoption rate of medical assistive devices. Assistive technology not only caters to the medical requirements of the concerned population, but it also pushes forward the concept of accessible education for the population, which gives the market another aspect to flourish in.
In many of the developing and underdeveloped nations, inclusion of assistive technology is a challenging task due to the high costs of products. As a result, the market does not flourish to the extent as it should do. In several low-income and middle-income countries, only 5-10% of people who require the medical assistive products have access to them.
The approach to disability has largely been shifted from that of purely medical approach to one that focuses on maximum functioning and wellbeing. Healthcare sector has acquired this approach by providing assistive technology to the disabled and hence, has established another big market for customers across the world.