Westford, USA, Sept. 19, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that the Global Personal Mobility Devices Market will reach a value of USD 19.13 Billion by 2031, with a CAGR of 6.8% during the forecast period (2024-2031).
Some of the factors that have contributed to the growth in the personal mobility device market include growing aging populations, urbanization, and increasing consumer awareness of problems dealing with accessibility and convenience. The market is increasingly developing with technologies such as long-life batteries and intelligent features, making mobility solutions more attractive and functional for a greater diversity of customers.
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Segmentation Analysis:
By Product
Walking Aids, Rollators, Others (Canes, Crutches, and Walkers), Wheelchairs, Manual, Powered, Scooters
By End User
Hospitals, Homecare, Others
By Region
North America, U.S., Canada, Mexico, Europe, Germany, France, UK, Italy, Spain, Rest of Europe, Asia-Pacific, Japan, China, India, Australia, Rest of Asia-Pacific, LAMEA, Brazil, Saudi Arabia, South Africa, Rest of LAMEA
Personal Mobility Devices Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | USD 11.30 Billion |
| Estimated Value by 2031 | USD 19.13 Billion |
| Growth Rate | Poised to grow at a CAGR of 6.8% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Product, End User, Region |
| Geographies Covered | North America, Europe, Asia Pacific, Middle East & Africa, Latin America |
| Report Highlights | Rising Number of Disability Accidents Propel the Market Growth |
| Key Market Opportunities | Integration With Smart Technologies |
| Key Market Drivers | Increase in Geriatric Population |
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Prominent Players in Compression Therapy Market
- Rollz International
- Stryker Corporation
- Medline Industries Inc.
- Drive DeVilbiss Healthcare
- Briggs Healthcare, Inc.
- Invacare Corporation
- GF Health Products, Inc.
- Carex Health Brands, Inc.
- Sunrise Medical LLC
- Pride Mobility Products Corp.
Leadership of Wheelchair Segment Enhance the Quality of Life
The wheelchair segment captured the leading share with more than 45.4% in the personal mobility equipment market in 2023 and is expected to maintain the lead during the forecast period. One of the most common assistive technologies for personal movement is a wheelchair. The United Nations provides the member countries with the necessary statutes to claim financing towards creation, manufacturing, and distribution and methods of sustaining these wheeling gadgets. Proper use of a wheelchair increases the quality of life for those using them; it reduces the frequent problems that involve deformities and pressure sores; it offers a smooth means of breathing and digestion.
Affordability and Better Accessibility Boosting Homecare Segment
While the population is aging especially, there is a significant growth of the homecare segment in the personal mobility devices market, as more and more people are opting to receive care in comfortable surroundings. Innovative mobility assistances, such as small, easy-to-operate gadgets, are making these devices more acceptable for use at home. This growth could be partially contributed by affordable prices and better accessibility. As more and more people want to maintain their independence and quality of life, personal mobility solutions designed specifically for homecare are in ever-increasing demand.
Regional Market Dominance of North America Due to Government Support
North America, with a revenue share of 35.5%, spearheaded the overall personal mobility device market in 2023. The regional market is anticipated to grow at a healthy rate over the forecast years, arising due to several growth factors such as growing aging population, increasing age-related diseases, better health infrastructure, exorbitant costs for health care, and favorable reimbursement policies for services purchased or rented. The US accounts for the major share of the North America personal mobility devices market. The wide adoption of personal mobility aids is the combined result of improving reimbursement laws and supportive government programs that lower the financial burden of high-priced devices.
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Personal Mobility Devices Market Insight
Drivers:
- Rise in Geriatric Population
- Urbanization and Traffic Congestion
- Government Support and Funding
Restraints:
- Regulatory Challenges
- Complexity of Use
- Safety Concerns
Key Questions Covered in the Global Personal Mobility Devices Market Report
- What are the major factors driving the growth of the personal mobility devices market?
- Which segment accounted for the larger share in the personal mobility devices market and why?
- Which major players are operating within the market?
This report provides the following insights:
Analysis of key drivers (rise in geriatric population and government support), restraints (safety concerns and regulatory challenges), opportunities (integration with smart technologies and eco-friendly solutions), and challenges (market competition and economic downturns) influencing the growth of personal mobility devices market
- Market Penetration: Comprehensive information on the product portfolios offered by the top players in the personal mobility devices market
- Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the personal mobility devices market
- Market Development: Comprehensive information on lucrative emerging regions
- Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market
- Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.
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We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization have expanded our reach across North America, Europe, ASEAN and Asia Pacific.
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