According to Report, the mobility aid devices market size is expected to reach US$ 15.5 billion by 2030, expanding at a CAGR of 6% during the forecast period 2021 to 2030.
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. Assistive technologies reduce difficulties in performing day-to-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.
Rise in Disabled Population Propels Global Market
Assistive mobility devices including wheelchairs, scooters, canes, crutches, and walkers are effectively helping the disabled population alleviate the impact of mobility limitations, increase independence, increase efficiency in ambulation, and participation in social life. According to the U.S. Census Bureau report, about 40% population of the country is living with some or more form of disability. Among them, about 30 million people have difficulty in walking or climbing. Hence, demand for mobility assistive products such as wheelchairs, mobility scooters, walkers, and canes is likely to rise owing to increase in walking related disabilities.
Advancements in Technologies such as Self Driving Wheelchairs and Pneumatic Waterproof Powered Wheelchair to Boost Market
Increase in investments in research and development by leading players in the market is resulting in technologically superior products to help the elderly and disabled population. Moreover, economic growth, increase in purchasing power, and favorable reimbursements are anticipated to drive the adoption rate of these high value products across the globe. Innovative technologies in mobility aid devices are gaining popularity among the disabled population, as these have proven to improve the quality of life. Development of self-driving wheelchairs will benefit people with mobility challenges and is expected to be an opportunity for companies to drive revenue.
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 2020. The wheelchairs segment has been bifurcated into manual and powered. The powered sub-segment dominated the wheelchairs segment in terms of revenue in 2020 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.
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 2020 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 2020 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.
Key players in the global mobility aid devices market are 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 mergers and acquisitions and investment in the development of advanced versions of wheelchairs.
Report Scope of the Mobility Aid Devices Market
|Market Size||US$ 15.5 Billion by 2030|
|Growth Rate||CAGR of 6% From 2021 to 2030
|Forecast Period||2021 to 2030|
|Largest Market||North America|
|Fastest Growing Market||Asia Pacific|
|Companies Mentioned||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|
This report focuses on mobility aid devices market includes crucial information on market share, market size, and growth rate for the forecast period 2021 to 2030 at the global level, regional level and company level. From a global perspective, this report represents overall mobility aid devices market size by analyzing historical data and future prospect. The study highlights deep analysis on the major drivers of the market, restraints, and challenges to help the business owners, suppliers, and marketing personnel in planning effective strategies for the forecast period. This will help the business and manufacturers to lead the market and gain prominent position in future. The report also presents vital information through graphical representation on factors like table, charts, and statistics. The study includes drivers and restraints of the global mobility aid devices market.
The research not only conducts forecasts in terms of value, but also evaluates the market on the basis of essential parameters, such as Year-on-Year (Y-o-Y) growth. This helps providers to recognize the future opportunities as well predictability of the market.
In order to understand and assess opportunities in this market, the report is categorically divided into five key sections on the basis of segments. The report analyzes the global market in terms of value (US$ dollers) and volume (Million Units).
The research report includes specific segments by region (country), by company, by all segments. This study provides information about the growth and revenue during the historic and forecasted period of 2017 to 2030. Every segment is further sub-segmented into several sub-segmented that are deeply analyzed by experts to offer valuable information to the buyers and market players. Understanding the segments helps in identifying the importance of different factors that aid the market growth.
Major Key Points Covered in Report:
Executive Summary: It includes key trends of the mobility aid devices market related to products, applications, and other crucial factors. It also provides analysis of the competitive landscape and CAGR and market size of the mobility aid devices market based on production and revenue.
Production and Consumption by Region: It covers all regional markets to which the research study relates. Prices and key players in addition to production and consumption in each regional market are discussed.
Key Players: Here, the report throws light on financial ratios, pricing structure, production cost, gross profit, sales volume, revenue, and gross margin of leading and prominent companies competing in the Mobility aid devices market.
Market Segments: This part of the report discusses about product, application and other segments of the mobility aid devices market based on market share, CAGR, market size, and various other factors.
Research Methodology: This section discusses about the research methodology and approach used to prepare the report. It covers data triangulation, market breakdown, market size estimation, and research design and/or programs.
The research report includes a detailed study of regions of North America, Europe, China, Japan and Rest of the World. The report has been curated after observing and studying various factors that determine regional growth such as economic, environmental, social, technological, and political status of the particular region. Analysts have studied the data of revenue and manufacturers of each region. This section analyses region-wise revenue and volume for the forecast period of 2017 to 2030. These analyses will help the reader to understand the potential worth of investment in a particular region.
The report provides in-depth segment analysis of the global mobility aid devices market, thereby providing valuable insights at macro as well as micro levels. Analysis of major countries, which hold growth opportunities or account for significant share has also been included as part of geographic analysis of the mobility aid devices market.
The report includes country-wise and region-wise market size for the period 2017-2030. It also includes market size and forecast by segments in terms of production capacity, price and revenue for the period 2017-2030.
This section of the report identifies various key manufacturers of the market. It helps the reader understand the strategies and collaborations that players are focusing on combat competition in the market. The comprehensive report provides a significant microscopic look at the market. The reader can identify the footprints of the manufacturers by knowing about the global revenue of manufacturers, the global price of manufacturers, and sales by manufacturers during the forecast period of 2017 to 2019.
The analysts have provided a comprehensive analysis of the competitive landscape of the global mobility aid devices market with the company market structure and market share analysis of the top players. The innovative trends and developments, mergers and acquisitions, product portfolio, and new product innovation expected to provide a dashboard view of the market, ultimately providing the readers accurate measure of the current market developments, business strategies, and key financials.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users) and other segments.
The research methodology adopted by analysts for compiling the global mobility aid devices market report is based on detailed primary as well as secondary research. With the help of in-depth insights of the market-affiliated information that is obtained and legitimated by market-admissible resources, analysts have offered riveting observations and authentic forecasts for the global market.
During the primary research phase, analysts interviewed market stakeholders, investors, brand managers, vice presidents, and sales and marketing managers. Based on data obtained through interviews of genuine resources, analysts have emphasized the changing scenario of the global market.
For secondary research, analysts scrutinized numerous annual report publications, white papers, market association publications, and company websites to obtain the necessary understanding of the global mobility aid devices market.
The study objectives of this report are:
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