The escalating healthcare providers such as clinics, hospitals, diagnostic centers, and patient care centers due to the increasing incidence of diseases and rising medical emergencies have fuelled the demand for assistive technology in the healthcare sector. The research includes exhaustive information obtained from diverse industry sources to offer stakeholders a better perspective of the global assistive technology market.
The report has forecast the global assistive technology market to exhibit a CAGR of 6.04% between 2017 and 2021. The demand for this technology is expected to increase in response to the rising patient pool availing advanced healthcare facilities. For instance, the demand for wheelchairs used in patient wards to carry patients for various medical tests has increased, which in turn is boosting the assistive technology market. Given the scenario, the increased revenue of healthcare facilities has made them keener on offering improved patient care, which has in turn fuelled the demand for assistive technology around the world. All these has in turn pushed research and development initiatives in the global assistive technology market.
The demand for automation has visibly escalated across diverse industries. The healthcare sector is not to be left behind. With offered better patient care and convenience at its objectives, the healthcare sector has started adopting automation over their manual counterparts. While this trend has fostered improved pace to the healthcare industry, it has in turn stoked the uptake of assistive technologies such as smart wheelchairs and powered wheelchairs. Other than this, the rising trend of home-based patient care has helped the market gain pace.
In developed economies such as the US and Canada, the demand for smart chairs and power wheelchairs has increased due to the higher disposable income of individuals and their willingness to spend on advanced healthcare facilities. Moreover, the adoption rate of assistive technology has risen in Western European countries as well. Therefore the rising demand from the UK, Germany, and France is expected to help the market expand in Europe. According to the report, EMEA will emerge as a leading revenue contributor to the market by the end of 2021.
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In terms of device, the global assistive technology market can be segmented into powered wheelchairs, braille embossers, and hearing aids. Of these, the hearing aid segment led the global assistive technology market in 2016. The rising cases of hearing loss in developed and emerging nations, alike is projected to contribute to the growth of this segment. In addition, manufacturers are taking steps to made hearing aids more advanced by making them compatible with smart gadgets such as smartphones and tablets to make communication easier. These innovations will bode well for the market, propelling its growth in the coming years.
Besides presenting insights into the key market trends, the report profiles some of the leading players operating therein to gauge the prevailing competition. Companies such as Medical Depot (Drive Medical), William Demant Holding A/S, GF Health Products, Sunrise Medical, MED-EL, Sonova, and Invacare are identified as the key market vendors in the report.