Over the last few years, the global market for medical assistive technologies witnessed a paradigm shift from traditional to the next generation medical assistive devices. Increase in the R&D activities of medical assistive technologies has elevated the growth of the medical assistive devices in the global market. According to the latest market intelligence report by BIS Research titled, ‘Global Medical Assistive Technologies Market- Analysis and Forecast (2017-2025),’ the market in countries such as Saudi Arabia, UAE, Russia and Israel, is expected to register the highest CAGR of 7.2% during the forecast period. In 2016, Europe generated the highest market revenue owing to the rising diseases, growing geriatric population, increasing disposable income, and support from the government to enhance the healthcare facilities.
In May 2018, the two leading hearing aid companies, Sivantos and Widex, merged in a new $8.28 billion deal to expand their business in the global market. The merger will enable the companies to become the third-largest supplier of hearing aid devices. Together, both the companies will cater to the wide range of hearing devices requirement on a global level, enabling people to continue leading better lives.1
In May 2018, a 4-year old boy, Jose from Angola, underwent surgery to be the first high technology cochlear implant in the world, known as ‘MED-EL cochlear implant.’ The significant characteristic of the MED-EL cochlear implant is its compatibility to the Magnetic Resonance Imaging(MRI) scan. MRI uses powerful magnets to create detailed images of the inside of a patient’s body. MED-EL is a 3 Tesla MRI compatible, which means recipients could have high-resolution imaging without the need to remove the magnet surgically.2
In March 2018, in a press release, Tobii announced a collaboration with Qualcomm Technologies, Inc. to make eye tracking technology available for mobile VR/AR head-mounted displays(HMDs). HMDs are powered by the Qualcomm Snapdragon 845 mobile VR platform. Eye tracking fundamentally enables hardware manufacturers to build smarter and more capable devices with greater mobility, which deliver truly immersive and natural experience to users.
The significant growth of the medical assistive technologies market is owing to the advancements in the field of medical assistive technologies, rising differently-abled population and injury rate, and increasing geriatric population. The global market for medical assistive technologies can be segmented by end-users into hospitals, homecare, clinics & physician offices and rehabs and nursing homes, among others. Hospital segment accounted for the highest market share in 2016 and is anticipated to register a CAGR of 4% from 2017-2025.