Assistive Technology Market to grow by Nearly $ 8 Billion during 2021-2025 | Insights on COVID-19 Impact Analysis, Key Drivers, Trends, and Products Offered by Major Vendors | Technavio

NEW YORK, March 20, 2021 /PRNewswire/ -- The global assistive technology market is expected to grow by USD 7.93 Billion, exhibiting a CAGR of over 7% during 2021-2025, according to Technavio's latest market report. Based on our research, the healthcare technology sector witnessed a positive impact due to the widespread growth of the COVID-19 pandemic. The report also throws light on the pre- and post-impact of COVID-19 on businesses.

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The sensory aids segment will generate maximum revenue in the assistive technology market, owing to the rising prevalence of bilateral hearing loss and expanding geriatric population. In terms of geography, North America will present significant opportunities for market vendors due to the factors such as the growth of advanced healthcare facilities, rising healthcare spending, and the presence of government organizations such as Medicaid, which provide medical aid to people with limited income and financial resources.

Assistive Technology Market: Major Growth Drivers

The following factors are expected to drive the growth of the market during the forecast period:

• Increasing number of orthopaedic and neurological disorders
• Growing demand for rehabilitation centers
• Growing focus on compliance with industrial standards

In addition, the report identifies the rising adoption of hearing aids with rechargeable batteries as a major trend in the assistive technology market. Rechargeable batteries made of Lithium-ion and zinc offer enhanced power compared with traditional rechargeable batteries. They are non-toxic and non-flammable and can serve a lifetime for hearing aid machines. Besides, several market vendors are focusing on the development of silver-zinc rechargeable batteries that are safe for users and are environmentally friendly.

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Assistive Technology Market: Key Vendor Offerings

Demant AS: The company is involved in the development, manufacturing, and sales of products and equipment that help people with hearing loss connect and communicate with other people. Some of the hearing aid devices offered by the company are Oticon, Bernafon, and Sonic.

Drive DeVilbiss Healthcare: The company manufactures and offers electrically operated patient lifts such as Samsoft 175 V2 Lifter.

GF Health Products Inc.: The company offers a wide range of assistive technology products such as folding walkers, non-folding walkers, healthcare seating.

GN Store Nord AS: The company is involved in the development, manufacturing, and sales of innovative audio devices across the world.

Invacare Corp.: The company is involved in the development, manufacturing, and sales of powered mobility products such as Invacare TDXSP2 with LiNX Technology.

Reasons to Buy Assistive Technology Market Report:

• CAGR of the market during the forecast period 2021-2025
• Detailed information on factors that will assist assistive technology market growth during the next five years
• Estimation of the assistive technology market size and its contribution to the parent market
• Predictions on upcoming trends and changes in consumer behavior
• The growth of the assistive technology market across North America, Europe, Asia, and ROW
• Analysis of the market's competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of assistive technology market vendors

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Related Reports on Healthcare Include:

Global Cochlear Implants Market – Global cochlear implants market is segmented by product (unilateral and bilateral) and geography (North America, Europe, Asia, and ROW).

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Global Wearable Medical Devices Market – Global wearable medical devices market is segmented by application (therapeutic medical devices, and diagnostic and monitoring medical devices) and geography (Asia, Europe, North America, and ROW).

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