NEW YORK, Jan. 12, 2022 /PRNewswire/ — The assistive technology market value is anticipated to grow by USD 7.93 bn from 2020 to 2025. The market's growth momentum will accelerate at a CAGR of 7.26% during the forecast period.
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Market Dynamics
Factors such as the increasing number of orthopedic and neurological disorders, growing demand for rehabilitation centers, and the growing focus on compliance with industrial standards will drive the growth of the assistive technology market during the forecast period. However, the high cost of mobility products might hamper the market growth.
Company Profiles
Some of the companies covered in this report are Demant AS, Drive DeVilbiss Healthcare, GF Health Products Inc., Invacare Corp., GN Store Nord AS, Medline Industries Inc., MED-EL Elektromedizinische Gerate GmbH, Sonova Holding AG, Permobil AB, and Sunrise Medical LLC, etc.
Key Vendor Offerings
Demant AS – The company is involved in the manufacturing, development, and sales of products and equipment that can assist people with hearing loss in connecting and communicating with other people. Some of the hearing aid devices offered by the company are Oticon, Bernafon, and Sonic.
Drive DeVilbiss Healthcare – The company offers and manufactures electrically operated patient lifts such as Samsoft 175 V2 Lifter.
GF Health Products Inc. – The company offers a wide variety of assistive technology products such as folding walkers, non-folding walkers, healthcare seating.
GN Store Nord AS – The company is involved in the manufacturing, development, and sales of innovative audio devices across the world.
Invacare Corp. – The company is involved in the manufacturing, development, and sales of powered mobility products such as Invacare TDXSP2 with LiNX Technology.
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Competitive Analysis
The competitive scenario provided in the assistive technology market report analyzes, evaluates, and positions companies based on various performance indicators. Some of the factors that have been considered for the analysis of this market include the financial performance of companies over the past few years, growth strategies, product innovations, new product launches, investments, growth in market share, etc.
Market Segmentation
By device, the market is classified into three segments, namely sensory aids, mobility aids, and others. The sensory aids segment contributes the largest share of the market. The rising demand for sensory aids among the elderly and disabled people is a key factor for the growth of this segment during the forecast period.
By geography, the market is classified into North America, Europe, Asia, and ROW. North America will have the largest share of the market. The region is expected to account for 34% of the market's growth during the forecast period. The US is a key country for the assistive technology market in North America. However, market growth in North America will be slower than the growth of the market in other regions. The growth of advanced healthcare facilities and rising healthcare spending will drive the assistive technology market growth in North America during the forecast period.
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Assistive Technology Market Scope
Report Coverage
Details
Page number
120
Base year
2020
Forecast period
2021-2025
Growth momentum & CAGR
Accelerate at a CAGR of 7%
Market growth 2021-2025
USD 7.93 billion
Market structure
Fragmented
YoY growth (%)
3.39
Regional analysis
North America, Europe, Asia, and ROW
Performing market contribution
North America at 34%
Key consumer countries
US, Germany, Japan, UK, and France
Competitive landscape
Leading companies, competitive strategies, consumer engagement scope
Companies profiled
Demant AS, Drive DeVilbiss Healthcare, GF Health Products Inc., GN Store Nord AS, Invacare Corp., MED-EL Elektromedizinische Gerate GmbH, Medline Industries Inc., Permobil AB, Sonova Holding AG, and Sunrise Medical LLC
Market Dynamics
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and future consumer dynamics, market condition analysis for the forecast period,
Customization purview
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.
About Us
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Contact
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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