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Europe Mobility Aids Market Growth & Trends
The Europe mobility aids market size is expected to reach USD 3.7 billion by 2027, expanding at a CAGR of 3.8%, according to a new report by Grand View Research, Inc. High demand for home healthcare and an increase in the geriatric population requiring long term care are expected to propel market growth over the forecast period. In addition, technological advancements in mobility aids are also expected to increase adoption, thereby contributing to market growth.
The introduction of new mobility aids by market players is anticipated to increase the number of products available in the market and facilitate market growth. For instance, in 2017, Drive DeVilbiss introduced the Panther Heavy-duty 4-wheel scooter and Cruise II wheelchair, thus expanding the company’s product portfolio and driving the market growth.
Furthermore, the aging population in the U.K. has increased significantly in the past five decades. As per statistics published by Age U.K., in 2017, around 11.8 million people in the U.K. were aged 65 years or over. Moreover, around 4.0 million older citizens in the U.K. were estimated to suffer from a long-term illness, and these health conditions severely affected their mobility. The increasing geriatric population is a vital impact rendering driver for the market.
In addition, the availability of a variety of funding systems for Long-term Care (LTC), such as social insurance, private insurance, and universal health coverage scheme, across the European nations is also anticipated to significantly improve the affordability of mobility devices. In addition, the tax-based system in England is also focusing on the provision of rehabilitation and reablement services to patients. These factors are expected to result in lucrative growth of the market through the forecast period.
Europe Mobility Aids Market Report Highlights
- The wheelchair segment spearheaded the market in 2019 due to an increasing number of disorders, such as spinal cord injuries, which require wheelchair support
- The public segment was the largest in terms of revenue due to the presence of established players in the market offering a wide range of products
- The aged care segment dominated the market in 2019, with a revenue share of more than 50.0% attributed to increasing in geriatric population in the region