According to a report by Grand View Research, Inc., global personal mobility devices market is estimated to value USD 8.0 billion by 2020. Growing number of physically disabled owing to geriatric population and diseases leading to disability are anticipated to propel demand for personal mobility devices. Such devices are likely to offer easy movement from one place to another and quality life with less support.
Rising cases of disorders such as Parkinson’s, Alzheimer’s, and arthritis are likely to impel growth of the market. Growing awareness among consumers regarding mobility devices coupled with favorable reimbursement policies can foster market growth. Favorable initiatives from governments at a global level to provide affordable and quality personal mobility devices to consumers in need can drive growth of market in the forthcoming years. Continuous technological advancements in personal mobility devices such as mobility scooters, transfer lifts, and automated rollators can stimulate growth of the market during the forecast period (2012 to 2020).
The personal mobility devices market can be segregated on the basis of product and region. Based on product, the market can be classified into scooters, wheelchairs, and mobility aids. In 2013, the wheelchair segment dominated the market and accounted for maximum market share. Growing adoption of wheelchairs among the physically handicapped to enhance their mobility and reduce common problems such as pressure sores and digestion can fuel product demand.
Full Research Report On Personal Mobility Devices Market Analysis:
On the contrary, the mobility aids segment is likely to display substantial growth during the forecast period attributed to high prevalence of persons facing problems related to walking. High demand for walking aids among such disabled humans can propel market growth. Mobility aids can be segmented further into rollators, crutches, canes, and walkers. Rollators segment is expected to grow at phenomenal rate of 11% over the forecast period. Provision of unique features such as laser attachment in case of Alzheimer’s patient, oxygen tank holders, lockable wheels, and light frame can fuel product demand. In addition, pressure brakes, larger wheel diameter, and extended weight bearing capacity can also spur growth of market in the forthcoming years.
Regional segmentation includes Europe, North America, Asia Pacific, and Rest of the World (RoW). In 2013, North America dominated the market and accounted for revenue share of 39.5%, due to increasing number of geriatric population and high presence of age associated disorders. According to the World Health Organization (WHO), a large number of adult population in this region is susceptible to arthritis. In addition, supportive initiatives from local governments to favor disabled residents with increasing funds for rehabilitation engineering research center programs and reducing taxes. Moreover, growing need for advanced walking aids is anticipated to boost market demand in this region.
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The Europe market was second largest in 2013 and accounted for 30% market share. Favorable initiatives from local regulatory agencies coupled with increase in geriatric population can influence market growth. High demand for technologically advanced rollators can also fuel market growth in the region.
In Asia Pacific, the market is anticipated to witness significant growth with a CAGR of 10.45% during the forecast period. Growing number of geriatric population in East Asian countries such as China and Japan can fuel this growth. In addition, wide-ranging R&D activities and schemes being executed by local organizations such as China Rehabilitation Research Center (CRRC) can also drive growth of the market. Assistance to Disabled Persons (ADIP), a scheme initiated by the Indian government is likely to support disabled humans in procuring durable, sophisticated, and advanced medical devices to reduce their incapability can fuel growth of the market. Moreover, growing healthcare awareness and increasing disposable income levels can further boost market growth during the forecast period.
Some of the leading companies offering personal medical devices are Drive Medical Design & Manufacturing, TOPRO, Pride Mobility Corporation, Invacare Corporation, and Sunrise Medical. Most companies are expected to adopt some key sustainability strategies with buyers to increase revenue share. In addition, companies are focusing on extensive R&D activities to develop advanced products. Moreover, mergers & acquisitions coupled with extensive price competitions is expected to fuel degree of competition among market players.
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