Mobility Aid Devices Market: Advancements in Technologies such as Self Driving Wheelchairs and Pneumatic Waterproof Powered Wheelchair to Boost Market
Global Mobility Aid Devices Market – An Overview:
The global mobility aid devices market is on an upward growth curve and as per Transparency Market Research, it will record a steady growth rate, compounded annually, over the forecast period of 2018 to 2026. The reasons behind this growth are many and varied and are set to keep the market buoyant, creating a notable increase in market worth. Players in the market are active and aggressive and that will led them to clamor for making the most of the emerging growth opportunities.
A detailed analysis of some of the prominent trends and drivers that are propelling the global mobility aid devices market on a n upward growth curve over the forecast period is provided below:
From 200o to 2050, ageing population will see an increase from 7% of total population to 16% of total population, as per a report by World Health Organization - prepared in the year of 2018. Besides, it is quite interesting to note here that 2 billion people will be 60 and above across the world and one in every six people will be aged 65 and above by the year 2050.
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North America and Europe will see pronounced ageing in their respective regions by the year of 2050 and that will lead them to generate heavy demand for mobility aid devices over the forecast period. By the stated year, the ratio of people joining ranks in the age bracket of 65 and above will be one in every four.
Chronic illnesses are witnessing increase in number of patients over the forecast period. Already, the number of people suffering from arthritis is quite high. In the United States of America itself, 54.4 million people suffered from this illness from 2013 to 2015. Currently, in this country, six in every ten people are suffering from chronic ailment.
Mobility Aid Devices Market – Snapshot
The global mobility aid devices market is projected to reach US$ 13,826.1 Mn by 2026, expanding at a single digit CAGR during the forecast period. Increase in the geriatric population fuels the growth of the global mobility aid devices market. Population aged 65 years and above is anticipated increase rapidly in the next few years. According to the Journal of Aging Research, the geriatric population in the U.S. alone is expected to reach 87 million by 2050.
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Assistive technologies reduce difficulties in performing day-t-day activities. Increase in life expectancy has resulted in rise in demand for assistive mobility technologies. Moreover, economic growth, increase in adoption of technologically advanced products such as advanced powered wheelchairs for activities are expected to propel the global mobility aid devices market during the forecast period. Development of pneumatic wheelchairs and use of robotic technology present significant opportunities in the global mobility aid devices market. However, high cost of products such as powered wheelchairs and road mobility scooters is likely to restrain the market in developing regions.
The global mobility aid devices market has been segmented based on product and end-user. In terms of product, the global market has been classified into wheelchairs, mobility scooters, walking aids, and mobility lifts. The wheelchairs segment held the largest share of the global market in 2017. The wheelchairs segment has been bifurcated into manual and powered. The powered sub-segment dominated the wheelchairs segment in terms of revenue in 2017 owing to advanced functions and high adoption among the patient population. The cost of powered wheelchairs is higher than manual wheelchairs. However, rise in affordability for high cost medical technologies and favorable reimbursement are likely to boost the growth of the powered wheelchairs sub-segment. Demand for manual wheelchairs is projected to continue owing to benefits such as low cost and ease of availability. The mobility scooters segment is anticipated to expand at the highest CAGR during the forecast period, as these are the cheaper alternatives to powered wheelchairs.
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In terms of end-user, the global mobility aid devices market has been classified into home care settings, hospitals & nursing homes, assisted living facilities, and others. The home care settings segment is expected to account for the largest market share during the forecast period, attributed to high personal applications of these products. Rise in demand for mobility aid devices has been observed in assisted living facilities such as old age homes, where elderly people and patients suffering from some or other disease such as osteoporosis, spine injury, and rheumatoid arthritis can benefit from these products.
In terms of region, the global mobility aid devices market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominated the global market in 2017 owing to presence of large geriatric population, rise in prevalence of lifestyle diseases, osteoporosis, and other autoimmune diseases leading to increased dependency on wheelchairs & mobility scooters; technological advancements in powered wheelchairs, rise in baby boomer population, and favorable policies for disabled population in the region. The U.S. dominated the market in North America in 2017 due to large baby boomer population and the trend is likely to continue during the forecast period. According to the U.S. Census Bureau estimates, all baby boomers are expected to be older than 65 by 2030. The market in Asia Pacific is projected to expand at a high CAGR during the forecast period, owing to improving health care infrastructure, rise in acceptance of advanced wheelchairs, increase in disposable income, awareness about powered and new variants of wheelchairs, and investment by companies in the development of personal mobility aids. Furthermore, increase in the geriatric population is anticipated to boost the growth of the market in Asia Pacific in the near future. Government initiatives for providing assistive devices to the disabled population is also expected to propel the market during the forecast period.
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Major players operating in the global mobility aid devices market include Invacare Corporation, Sunrise Medical (US) LLC, Ottobock, Investor AB (Patricia Industries-Permobil), Medical Depot, Inc., Pride Mobility Products Corp., GF Health Products, Inc., Merits Co. Ltd., and MEYRA Group. These players focus on acquisitions and collaborations to enhance their footprint in the global mobility aid devices market. Furthermore, companies are investing in research & development of technologically advanced mobility aid devices for the increasing geriatric population.
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