Transparency Market Research (TMR) has published a new report titled ‘Mobility Aid Devices Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026.’ According to the report, the global mobility aid devices market is projected to reach US$ 13,826.1 Mn by 2026, expanding at a single digit CAGR during the forecast period. Increase in the geriatric population and rise in mobility inconvenience with age are anticipated to boost the growth of the market from 2018 to 2026. The need of mobility devices at the time of physical injuries and diseases is also likely to fuel the growth of the market during the forecast period.
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.
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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.
North America Dominates Global Market
North America dominated the global mobility aid devices market owing to availability of advanced mobility aid devices, awareness about various powered wheelchairs, and high spending capacity. The region presents lucrative opportunities for manufacturers of technologically advanced mobility aid devices. Moreover, the ability of patients to spend on cutting-edge medical devices is likely to augment the market in North America.
Investments and Mergers & Acquisitions by Key Players to Drive Market
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.
This post was originally published on The Market Plan