Rising prevalence of disability, increasing geriatric population, inclination towards an independent lifestyle among the elderly population and technological advancements in the field of the medical assistive devices are some of the drivers for the growth of medical assistive technologies market.
Significant funding provided by the various governmental organizations to perform research & development (R&D) activities in next generation medical assistive technologies is expected to fuel the demand for smart assistive devices soon.
As per the World Health Organization (WHO) statistics, globally, more than one billion people require one or more assistive products. Moreover, with the aging global population and rise in the non-communicable diseases, more than two billion people will need at least one assistive product by 2050, with several older people needing two or more. an estimated 285 million people are visually impaired, worldwide.
Around 70 million people need a wheelchair, and another 360 million people globally, have moderate to profound hearing loss. The rates of disability are increasing due to aging populations and increase in chronic health conditions, which results in rise in the medical assistive technologies' adoption rate. However, people with disabilities have lesser access to healthcare services, and therefore, unfulfilled health care needs.
As per the U.S. Census Bureau, geriatric population is expected to increase from 8.5% of the global population in 2015 to 12% by 2030. Furthermore, Asia and Latin America are the primary regions which are expected to witness rapidly aging population. As per the World Health Organization (WHO), the world is on the brink of a demographic milestone. In about five to six years down the line, the number of people aged 65 years or older will outnumber the children under the age of five. Driven by the falling fertility rates and increase in the life expectancy, population aging is expected to continue. Further, approximately 15% of the world’s population lives with some form of disability of whom 2%-4% experience significant difficulties in functioning.
According to a new market intelligence report by BIS Research, titled "Global Medical Assistive Technolog…recast, 2017-2025", the global medical assistive technologies market is anticipated to grow at the CAGR of 5.2% during the forecast period 2017-2025. It is expected to grow over $24.41 billion by 2025.
The assistive technology devices are the products, equipment or devices that are used to improve the functional disabilities. The assistive technology devices used by the disabled people can be hardware, software, or stand-alone devices. These devices are used to support vocational aids, assistive listening & environmental aids, aids for daily living, visual & learning aids, mobility aids, and others. The medical assistive technologies provide the devices that help to overcome the cognitive difficulties, impairments, in disabled & geriatric population. These technologies improve the health outcomes, assist in independent living, and reduce the healthcare cost by lowering the cost given to manual labors in assisting the patients.
The way disability is addressed has shifted from purely medical approach to one that focuses on maximum functioning and well-being. The medical assistive technologies now cover sophisticated information & communications technology (ICT), software, cyber-physical and stem cell applications, neuroprosthetics, humanoid robots and applications (apps).
With the advent of technologically advanced medical assistive technologies, the global market is expected to grow substantially to meet the rising demand of improved and independent lifestyle among the elderly and disabled population. The market for medical assistive technologies is expected to grow at the CAGR of 5.2% during the forecast period, 2017-2025. Among all the product type, the mobile assistance aid is expected to grow at the highest CAGR of 6.1% during the forecast period, 2017-2025. Furthermore, out of all the mobile assistance aids, electric wheelchair is expected to grow at the highest CAGR of 8.2% during the forecast period, 2017-2025.
Key questions answered in the report:
- What are the major market drivers, challenges and opportunities of the global medical assistive technologies market?
- How did the advanced assistive technologies evolve and what is its scope in the future?
- What were the market shares of the leading segments and sub-segments of the global medical assistive technologies market in 2016 and what will be its shares in 2025?
- How will each of the segments of the global medical assistive technologies market grow during the forecast period and what will be the revenue generated by each of the segments by the end of 2025?
- How did the market share of the leading companies change in 2016, and which country will lead the market in 2017?
- How will the medical assistive industry evolve during the forecast period 2017-2025?
- What are the key developments and strategies implemented by the key players to stand out in this market?
- Which product, and end-user will dominate the global medical assistive technologies market by the end of the forecast period, and which one is growing at the highest CAGR during the forecast period 2017-2025?
- What will be the growth rate of different segments during the forecast period? Which is the leading segment by product, end-user and region?
- Who are the key players in the global medical assistive technologies market?
- Which region will lead the global medical assistive technologies market in revenue generation through the forecast period?
- Which country will be growing at the highest CAGR during the forecast period?
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