Assistive Technology Market Analysis: Understanding Consumer Preferences in Supportive TechPosted by Roger on January 18th, 2024 Assistive technology devices help minimize limitations faced by people with disabilities and seniors by maximizing independence and quality of life. Assistive products used are personal robots and assistant robots, communication aids, computer access solutions, cognitive orthotics, durable medical equipment, prosthetics, and mobility devices among others which assist in activities of daily living and communication. The need for assistive technology devices is growing on the back of rising geriatric population, expanding prevalence of disabilities and improving healthcare infrastructure and provisions. The global assistive technology market is estimated to be valued at US$ 11,219.19 Mn in 2023 and is expected to exhibit a CAGR of 3.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights. Threat of new entrants: The assistive technology market requires significant capital investment and regulatory compliance which makes entry difficult for new players. There are also economies of scale for established players. Bargaining power of buyers: The bargaining power of buyers is moderate since there are many established players providing a variety of assistive products across different price points. However, rising awareness is increasing buyer demand and sensitivity to quality and prices. Bargaining power of suppliers: Suppliers have moderate bargaining power due to the availability of alternative material and component suppliers in the market. However, suppliers of specialized components may wield more power. Competitive rivalry: The market sees intense competition amongst leading diversified players. Competition is based on product innovations, pricing, customization and quality solutions. Strengths: Large established player base with strong R&D and production capabilities. Rising disability rates and government support increase demand prospects. Weaknesses: High costs of specialized assistive products limit mass adoption. Lack of awareness in developing nations hampers market reach. Opportunities: Untapped growth opportunities in developing world due to rising incomes and awareness. Technological advancements spur new product innovations. Threats: Stringent regulations raise compliance costs. IP infringements and substitutes from local manufacturers affect revenues. Like it? Share it!More by this author |