The global Personal Mobility Devices market size is expected to be worth around US$ 17.9 billion by 2027, according to a new report by Vision Research Reports.
The global Personal Mobility Devices market size was valued at US$ 10.8 billion in 2019 and is anticipated to grow at a CAGR of 6.5% during forecast period 2020 to 2027.
An increase in disability cases, increasing product development, and growth in the number of accidents causing impairment of the limbs are some of the factors driving the market. The growing global aging population and surge in chronic diseases are also driving the demand for personal mobility devices.
According to a 2018 report by WHO, the global aging population is anticipated to rise from 7.0% in 2000 to 16.0% in 2050. According to the CDC, 54.3 million U.S. adults were affected by arthritis from 2013 - 2015.
Growing R&D investments for new product development and government initiatives aimed at strengthening reimbursement frameworks are some of the key factors propelling market growth.
According to WHO in 2019, the number of people aged 60 and above is likely to grow by 56.0% from 960 million in 2017 to 1.3 billion in 2030.
Rising number of surgical procedures due to rising prevalence of neurological and cardiovascular disorders and increasing number of accidents and trauma cases are expected to drive the market for personal mobility devices over the forecast period.
Europe was the most mature market for personal mobility devices in 2019. It generated the maximum revenue that year, accounting for 33.0% of the global market. Sophisticated healthcare infrastructure and growing healthcare expenditure are some of the factors contributing to its dominant share.
Premium rollators are identified as the most lucrative segment in this market owing to its ability to handle heavy weight, enhanced height, and handle adjustment mechanism
Europe dominated the market in 2019 with a 33.0% share due to growing geriatric population and increase in healthcare expenditure in the region
Asia Pacific is expected to grow at a rapid pace over the forecast period owing to growing geriatric population, increasing disposable income, and rising awareness levels
High Demand for Medical Mobility Aids & Ambulatory Devices
The medical mobility aids & ambulatory devices segment accounted for the largest share of the global personal mobility devices market in 2019. The segment is projected to dominate the global personal mobility devices market from 2020 to 2027, gaining market share by 500 basis points. The medical mobility aids & ambulatory devices segment comprises devices meant primarily for outdoor use, such as wheelchairs, scooters, canes & crutches, and walkers. Additionally, the segment is expected to expand at a higher CAGR in the personal mobility devices market during the forecast period. The segment’s dominance is attributed to the increase in geriatric and disabled populations, driving the demand for mobility devices such as wheelchairs and mobility scooters. However, the high cost of some of these devices is likely to restrain the segment in the developing and underdeveloped countries, in the personal mobility devices market.
Wheelchairs Prominent among Medical Mobility Aids & Ambulatory Devices
The wheelchairs sub-segment dominated the medical mobility aids & ambulatory devices segment, accounting for significant share of the personal mobility devices market in 2019. The global geriatric population is anticipated to increase at a significant pace in the next few years. This is expected to drive the demand for wheelchairs. These chairs are equipped with various other features such as bags and accessories holders. The wheelchairs sub-segment has been classified into manual and electric. Mobility scooters was the second largest sub-segment of the medical mobility aids & ambulatory devices segment. The wheelchairs sub-segment is projected to grow at a faster pace than the mobility scooters sub-segment in the personal mobility devices market during the forecast period. This is attributed to the high cost of mobility scooters as compared to wheelchairs. Additionally, the target population in anticipated to use cars and other transport vehicles for long-distance journeys. This is likely to restrain the usage of mobility scooters.
Medical Beds with a Significant Share in Medical Furniture & Bathroom Safety Products
Medical furniture and bathroom safety products comprise devices such as patient lifts, stair lifts, medical beds, bars & railings, and commodes & shower chairs. The medical beds sub-segment dominated the medical furniture & bathroom safety products segment in the personal mobility devices market in 2019. Medical beds are meant for comfort and well-being of the disabled or chronically ill, and elderly people, as well as for the convenience of their caregivers. Medical beds are equipped with various features such as adjustable height, pillow lifts, chair beds, and rope ladders. Additionally, these beds are integrated with pressure reducing mattresses, lifting poles, reading stands, and bed tables. Medical beds are classified in two types: electric beds and manual beds. Factors such as rise in affordability of patients and increase in the number of hospitals are expected to fuel the growth of the sub-segment in the near future. However, the stair lifts sub-segment is expected to expand at a higher CAGR in the personal mobility devices market during the forecast period. The segment’s dominance is attributed to the increase in the use of stair lift devices, as this is an effective solution for people with mobility restrictions who cannot climb staircases at home.
Asia Pacific to Create High Incremental Opportunity
In terms of revenue, North America is projected to dominate the global personal mobility devices market from 2020 to 2027. This can be ascribed to a large geriatric population in the region requiring mobility aid devices. According to the Population Reference Bureau, the number of people aged above 65 years is likely to more than double from 45 million in 2019 to 98 million by 2060.
The personal mobility devices market in Asia Pacific is expected to expand at a relatively high CAGR during the forecast period, owing to increasing focus on the development of healthcare infrastructure by public as well as private hospitals, and rise in the demand for affordable care in a significant share of the patient population. Additionally, wide scope of development and rapid urbanization offer significant opportunities to emerging as well as established players in the region. This, in turn, drives the mobility aid devices market in Asia Pacific.
Drive DeVilbiss Healthcare; GF HEALTH PRODUCTS, INC.; Invacare Corporation; Carex Health Brands, Inc.; Kaye Products, Inc.; Briggs Healthcare; Medline Industries, Inc.; NOVA Medical Products; Performance Health; and Rollz International
Personal Mobility Devices Product Outlook
Other Walking aids (canes, crutches, walkers)
Personal Mobility Devices Regional Outlook
Middle East & Africa
The Personal Mobility Devices market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report provides size (in terms of volume and value) of Personal Mobility Devices market for the base year 2019 and the forecast between 2020 and 2027. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
This report focuses on the global Personal Mobility Devices market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Personal Mobility Devices market development in United States, Europe and China.
It is pertinent to consider that in a volatile global economy, we haven’t just conducted Personal Mobility Devices market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.
In terms of production side, this report researches the Personal Mobility Devices capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.
In terms of consumption side, this report focuses on the consumption of Personal Mobility Devices by regions (countries) and application.
Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Personal Mobility Devices market. These figures have been provided in terms of both revenue and volume for the period 2016 to 2027. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.
With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Personal Mobility Devices market companies.
Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Personal Mobility Devices market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.
The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.
Overall, this is an in-depth research report specifically for the Personal Mobility Devices industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.
The Personal Mobility Devices market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Personal Mobility Devices market.
Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Personal Mobility Devices market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.
Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Personal Mobility Devices market. These factors have benefited the growth of the global market for Personal Mobility Devices. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.
New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Personal Mobility Devices. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).
In this study, the years considered to estimate the market size of Personal Mobility Devices are as follows:
Reasons to Purchase this Report:
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.
Market Size Estimation
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).
The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.
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.
All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.
Market Breakdown and Data Triangulation
After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.
Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.
In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.
The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.
The study objectives of this report are: