Global Medical Assistive Technology Market Analysis

Assistive medical technology refers to “assistive products and related systems and services developed to help people maintain or improve their functions and thereby promote their well-being.”  It allows people with disabilities, the elderly and others with limitations in their participation in society to live independent, healthy and productive lives through participation in education, work and social activities. AT reduces caregiver burden and the need for formal health and support services. Medical assistive technologies can promote inclusion and participation, especially for people with disabilities, aging populations and non-communicable diseases.  The primary purpose of assistive products is to maintain or improve an individual's functionality and independence, thereby promoting their well-being.  They enable people to live healthy, productive, independent and dignified lives and to participate in education, the labor market and civic life. Assistive products maintain or improve an individual's functionality and independence, thereby promoting their well-being.  Examples of assistive devices and technology include wheelchairs, prosthetics, hearing aids, visual aids, and specialized computer software and hardware that enhance mobility, hearing, vision, or communication.

According to the latest report "Global Medical Assistive Technology Market Report 2023-2029" by the QYResearch research team, the global medical assistive technology market is expected to reach US$37.94 billion in 2029, with a compound annual growth rate of 6.6% in the next few years.

Medical assistive technology, the overall global market size is expected to reach US$37.94 billion in 2029

Medical Assistive Technology, Global Market Size, Segmented by Product Type, Hearing Aids Dominant

In terms of product type, hearing aids are currently the most important segmented product. In 2022, hearing aids will account for 43.6% of the global medical assistive technology market.  Additionally, the product is expected to grow from $10.62 billion in 2022 to $18.3 billion in 2029.

North America is the largest consumer region, with a consumer market share of nearly 31% in 2022. This is attributed to growing demand for assistive devices, an increase in the elderly population, and increasing government focus on patient safety.  Europe is the second largest consumer region after North America, with a consumer market share of 30.33%.

Asia Pacific is expected to register the highest growth rate from 2023 to 2029 owing to rising healthcare spending and improving healthcare infrastructure.  Furthermore, rising disposable income and increasing awareness about the availability and use of assistive devices such as hearing aids, vision aids, power wheelchairs, etc. are expected to drive market growth in the near future.