Transparency Market Research has published a new report titled, “Canes and Crutches Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2027”.
Transparency Market Research (TMR) has published a new report titled, “Canes and Crutches Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2027”. According to the report, the global canes and crutches market was valued at US$ 860 Mn in 2018 and is projected to expand at a CAGR of 4.0% from 2019 to 2027.
Overview
- Growth of the global canes and crutches market is attributed to increase in the global geriatric population. Moreover, factors such as increase in the number of people with disabilities and rise in prevalence of arthritis & osteoporosis boost the growth of the global canes and crutches market.
- Europe dominated the global canes and crutches market in 2018 and the trend is anticipated to continue during the forecast period. This is attributed to increase in the number of people with disabilities and favorable reimbursement scenario in the region.
- However, increase in the number of local manufacturers creating pricing pressure in the market is likely to hamper the growth of the global canes and crutches market in Europe. Asia Pacific is expected to be a highly lucrative market for canes and crutches during the forecast period.
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Increase in Global Geriatric Population and Rise in Population with Disabilities to Drive Market
- Increase in the global geriatric population is a major factor driving the global canes and crutches market. Aging is associated with declining support for long-term caregiving. The global population is aging rapidly and will require canes and crutches in order to maintain stability while walking.
- According to the United Nations, the geriatric population aged 60 years and above is expected to double by 2050, and triple by 2100, increasing from 962 million in 2017 to 2.1 billion in 2050 and 3.1 billion in 2100. Moreover, rise in the number of individuals with disabilities contributes to the growth of the global canes and crutches market.
- Additionally, rise in prevalence of arthritis & osteoporosis, grants from governments, and various initiatives taken for the disabled by international organizations fuel the growth of the global canes and crutches market across the world.
Canes Segment to Dominate Market
- In terms of product, the global canes and crutches market has been segmented into canes and crutches. The canes segment dominated the global canes and crutches market in 2018 and the trend is likely to continue during the forecast period. It is projected to be a highly lucrative segment from 2019 to 2027, as canes are less costly and easy to transport. The quad canes sub-segment dominated the canes segment in 2018 because these offer better stability on the floor or stairs. Folding canes is projected to be a less attractive sub-segment due to high prices.
- The axillary crutches sub-segment dominated the crutches segment in terms of share in 2018. However, the sub-segment is anticipated to lose market share due to limitations such as damage of axillary vein during the forecast period.
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Online Stores to be Promising Segment
- In terms of distribution channel, the global canes and crutches market has been segmented into hospital pharmacies, medical retail stores, and online stores
- Online stores is expected to be a highly lucrative segment during the forecast period. The segment is likely to be driven by increase in popularity of online purchase and better discount rates available on these stores.
- The medical retail stores segment held major market share in 2018. The segment is expected to sustain market share during the forecast period owing to rise in the number of medical retail stores and easy availability of canes and crutches in these stores.
Europe to Dominate Global Market
- Geographically, the global canes and crutches market has been segmented into five major regions: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Europe dominated the global canes and crutches market in 2018, followed by North America. Europe accounted for major share of the global canes and crutches market in 2018 owing to large number of people with disabilities and increase in the geriatric population.
- The canes and crutches market in Asia Pacific is projected to expand at a high CAGR from 2019 to 2027. This can be attributed to increase in the geriatric population in countries such as Japan and China, and rise in health care expenditure in the region.
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Competitive Landscape
- Drive DeVilbiss Healthcare and Cardinal Health, Inc. lead the global canes and crutches market
- The global canes and crutches market is fragmented in terms of number of players. Key players in the global market include Drive DeVilbiss Healthcare, Cardinal Health, Inc., Medline Industries, Inc., GF Health Products, Inc., NOVA Medical Products, Invacare Corporation, Ergoactives, and Sunrise Medical. Drive DeVilbiss Healthcare and Cardinal Health, Inc. are the leading players in the global market. Wide distribution network, new product development, and merger & acquisitions are the key business strategies followed by these major players.
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