With assistive technology becoming big business all over the world, the industry’s future looks bright. Over one-billion people in the world have a disability, driving the need and innovation of the assistive device market. As populations age and technology advances, the industry will see increased growth.
What is assistive technology?
Any device or software that helps people overcome difficulties in their daily lives is considered assistive tech. This includes:
- Text-to-speech or speech-to-text software
- Word prediction
- Sensory aids, like hearing aids
- Magnifiers and talking devices such as talking thermostats
- Flashing doorbells, kitchen timers, or alarms
- Mobility devices
The assistive tech market is crucial to people with disabilities, but it isn’t limited to this demographic. For instance, almost everyone uses technological devices to make life easier. For example, software solutions like Siri, Alexa, or even GPS are widely used across all demographics.
How big is the market now?
Currently, the US market for assistive tech is over $16 billion. However, there is a large source of untapped potential in the market due to around 9 in 10 people who need assistive tech being unable to access it. This issue is mostly a cost factor, but people living in poorer areas with lower-paying professions are also less able to access the assistive tech they need. Nevertheless, the year-on-year growth rate for 2020 is roughly 6.08%.
Market forecast for assistive technology
The Compound Annual Growth Rate (CAGR) for the assistive tech market will accelerate at 8%. That’s an incremental growth of $8.39 billion between 2019 and 2024. With 35% of this growth occurring in the USA, assistive tech looks promising for American manufacturers.
Sensory aids, such as hearing aids and talking devices, are currently the biggest sellers, and these devices are predicted to grow further. Orthopedic injuries and conditions are also considerable factors affecting the boom in the assistive tech market.
However, the assistive tech market is diverse and includes several different industries. The most significant players are likely to provide the most-needed tech for common issues, such as hearing loss and mobility. The assistive tech that appeals to the elderly market and other demographics will also do well.
The future of assistive technology
New technology like the prosthetic arms made by Open Bionics offers unique and diverse assistive tech markets every day. With links to Playstation and Cyberpunk 2077, Open Bionics is paving the way for prosthetic manufacturers and video game tech.
Video gaming has become an incredibly accessible industry in recent years, with most developers focusing on producing accessible games. The Xbox Adaptive Controller is also popular, providing gamers with a suite of tools they can put together to create a controller that’s right for them.
With innovations and groundbreaking technology coming onto the market every day, assistive tech will only get bigger and better in the future.
Accessibility.com Organization Spotlight
Some of the best and most innovative companies out there can be found right in the Organization Spotlight. Please learn from them and contact them if you can benefit from their products and services.
Comments