The personal mobility devices market is projected to grow with a healthy CAGR over the forecast period. The major factor attributing to the growth of the market is the growing number of disability cases, due to the rising geriatric population, increasing number of road mishaps, spinal cord injuries and meningitis are the important factors likely to boost the growth of the global personal mobility devices market.
As per the revised World Population Prospects, by the United Nations, the number of people aged 60 or above is expected to grow greater than double by 2050, i.e. from 962 million in 2017 to 2.1 billion in 2050, globally. This age group is highly vulnerable to different types of age-related diseases, that require personal mobility aid. Furthermore, increasing research and development programs to address the issues and for product development by the key players propel the growth of the market.
Key Market Trends
Wheelchairs has been Emerged as the Largest Segment in Personal Mobility Devices Market
The wheelchair is one of the most popular assistive devices used in personal mobility. There are increasing developments in wheelchair equipment, such as the introduction of electric wheelchairs & wheelchairs capable of storing medical history with the capability to make distress calls in crisis, as well as supervise a person’s health, are some of the factors driving the market.
According to the Bureau Of Transportation Statistics, U.S. Department of Transportation, an estimated 25.5 million Americans have disabilities that make traveling outside the home difficult. The growing geriatric population who are more prone to mobility diseases is also a major factor for market growth. Furthermore, the growing popularity of wheelchairs with advanced features due to an increasing number of patients is driving the market. In addition, the increasing number of product launches by players is expected to boost the growth of the market.
North America Dominates the Market and Expected to do Same in the Forecast Period
North America is expected to dominate the overall personal mobility devices market, throughout the forecast period. Due to the increasing geriatric population who are more prone to mobility disorders such as osteoporosis, rheumatoid arthritis, etc., the craze for mobility aid has been a rise in North America.
The United States and Canada contribute to the major share of the region. The supportive government initiatives that reduce the burden of the high cost of the devices, combined with growing reimbursement policies, have resulted in a high-volume usage of personal mobility devices. Moreover, manufacturers in North America have access to novel technology, which enables the development of technologically advanced devices in a short span, which is a major factor for the growth of the market.
The personal mobility devices market is moderately competitive and consists of several major players. Some of the companies which are currently dominating the market are Drive DeVilbiss Healthcare, GF Health Products, Inc., Invacare Corporation, Ottobock, Permobil, Stryker Corporation, Pride Mobility Products Corp, Sunrise Medical (US) LLC, Patterson Companies, Inc., ArjoHuntleigh
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