Mobility Devices Market
Number of pages: 100 | Report Format: PDF | Published date: October 12, 2022
Historical Years – 2020 | Base Year – 2021 | Forecasted Years – 2022-2030
|
Report Attribute |
Details |
|
Market size value in 2021 |
US$ 14.5 billion |
|
Revenue forecast in 2030 |
US$ 24.49 billion |
|
CAGR |
6.00% |
|
Base Year for Estimation |
2022 |
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Forecast Period |
2023 to 2031 |
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Historical Year |
2021 |
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Segments Covered |
Product, category, end-user, and Region |
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Regional Scope |
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
The global mobility devices market was valued at US$ 14.5 billion in 2021 and is expected to register a revenue CAGR of 6.00% during the forecast period.
Market Fundamentals
Mobility devices assist people with mobility impairments to move around and improve their mobility. There are many walking aids available such as canes, walkers, triangle walkers, roll-about, rolling walkers with seats, and ankle-foot orthotics. These devices are simple to use, economical, help to increase accessibility, avoid injuries, enable people to walk freely and independently, and decrease pain. Hospitals and clinics are significant consumers in the mobility devices market.
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Market Dynamics
Primary drivers expected to drive the revenue growth of the global mobility devices market are the increasing disability cases caused by an aging population, traffic accidents, spinal cord injuries, and neurovascular diseases. Moreover, increased technological advancements and the availability of favorable reimbursement policies are likely to propel market revenue growth during the forecast period. However, the high cost of these devices and less expertise are expected to restrain the market revenue growth to some extent.
Market Ecosystem
The global mobility devices market has been analyzed from four perspectives: product, category, end-user, and region.
Mobility Devices Market by Product
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Based on the product, the global market for mobility devices is segmented into walking aids, scooters, and wheelchairs.
The wheelchairs segment accounts for the majority of the market revenue share. The rise in accident cases and mobility deformities are propelling the revenue growth of the wheelchairs segment. Moreover, technological advancements and increasing demand for wheelchairs in hospitals and clinics are expected to boost market revenue growth.
The walking aids segment is expected to register a significantly higher revenue CAGR during the forecast period due to its increased demand post surgeries.
Mobility Devices Market by End-user
Based on the end user, the global mobility devices market is segmented into hospitals and homecare.
The hospital segment dominates the market in terms of revenue share which is attributed to the increased road accidents and rising hospital admissions for treating neurological diseases such as paralysis, stroke, and multiple sclerosis. Moreover, increased technological advancements are increasing the adoption of mobility devices.
On the other hand, the homecare segment is expected to show higher revenue growth during the forecast period because of the rising necessity of implementing equipment for patient comfort. In addition, as the geriatric population is increasing, permanent disabilities can also drive segment revenue growth during the forecast period.
Mobility Devices Market by Region
Based on the region, the mobility devices market is segmented into North America, Europe, Asia Pacific, and the rest of the world.
The mobility devices market is likely to be dominated by North America, because of the presence of a large population with mobility issues. Moreover, government programs that reduce the burden of high-cost gadgets and better reimbursement policies are expected to increase market revenue growth.
On the other hand, the Asia Pacific mobility devices market is expected to register the fastest revenue growth during the forecast period due to factors like the rise in the geriatric population (mostly in East Asian nations like China and Japan), increased awareness of mobility devices, and increase in cases of limb dysfunctions and disorders. The Asia Pacific market for mobility devices is also expanding due to the accessibility of assistive equipment for the disabled.
Competitive Landscape
The prominent players operating in the mobility devices market are:
An increase in disability cases, an aging population, traffic accidents, spinal cord injuries, and neurovascular diseases are the key factors governing the revenue growth of the global mobility devices market.
Carex Health Brands, Inc., GF Health Products, Inc., Invacare Corporation, Medline Industries, Inc., and Stryker Corporation are the key companies operating in the global mobility devices market.
High costs associated with the products and less expertise are expected to restrain the market revenue growth.
*Insights on financial performance are subject to the availability of information in the public domain