Personal Mobility Devices Market Rising in Various Regions Owing to Increased Geriatric Population
The global personal mobility devices market is driven due to aging conditions that leads to bone density and mobility. This results in need for personal and assistive mobility devices. The increasing geriatric population is one of the major factor attributing to the rise of global personal mobility devices. The vendor landscape of the market has moderate competition where only three companies are leading and holding 36% of the total shares in the market. These companies Hill-Rom Holdings, Inc., Sunrise Medical LLC, and Invacare Corporation are facing major competition and price rivalry owing to rising pressure for economical products from global consumers. The prices war is expected to increase among these companies over the time as co-sensitive emerging markets are increasing in recent times.
According to a report by Transparency Market Research, the global personal mobility devices market is expected to rise at a healthy CAGR of 7.30% during the forecast period of 2015 to 2023. The global market was worth US$6.65 bn during 2014 and is expected to attain a valuation of US$12.7 bn by 2023.
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Korea is adopting the personal mobility devices on an increasing rate. According to the Korea Transport Institute, approximately 75,000 personal mobility devices were sold in 2017, which is 20% more compares to the year earlier. The demand for personal mobility devices is expected to rise to 200,000 units by the end of 2022. Korean Transport Institute also conducted a survey in which 55.3% said they use personal mobility devices in their everyday life.
North America Witnessing Highest Consumption Due to Availability of Advanced Technology
The personal mobility devices market is also trending in North America. This region is consuming the most number of personal mobility devices owing to advancement in technology and high standards of living. North America held 41.4% shares in the global market during 2014. The rise in geriatric population is one of the major reasons for rise of the personal mobility devices in this region. There is also increased number of people with disability which is highly supplementing the demand for the same. North America is capable of producing technologically advanced devices due to large amount of producers and manufacturers available in this region. Consumers are also willing to spend more on advanced medical devices which in return improvises sales opportunities of personal mobility devices market in this region.
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Europe is the Second Leading Region as Government Implement Various Favorable Policies
Europe is the second region that is leading the global personal mobility market. This region is facing rising condition of bone density and mobility which leads to consistence need for assistive or personal mobility devices. The rise in number of policies that delay the age of requirement is also majorly supplementing the growth. Government implementing these policies to provide elderly with proper facilities is likely to fuel the market in this region.
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Rising Awareness is Leading to Higher Consumption of Personal Mobility Devices in Asia Pacific
Asia pacific is emerging as the third largest market for personal mobility devices. This region is liable to witness a rising demand due to various factors. This region is experiencing increasing awareness due to technological advancement and globalization. Asia pacific is also experiencing rising affordability thus, supplementing the personal mobility devices market in this region. Emerging economies such as India and China are facing rising number of geriatric population. Caregiver services in this region are also increasingly adopting personal mobility devices. The rising number of patients with disability which is either permanent or temporary will be augmenting the rise in personal mobility devices market in this region.
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