Pune, Feb. 03, 2020 (GLOBE NEWSWIRE) -- The global Mobility Devices Market size is projected to reach USD 14.86 billion by 2026, exhibiting a CAGR of 6.9% during the forecast period. Staggering rate of growth of geriatric population across the globe will be one of the crucial factors driving this market in the upcoming decade. Old age entails a plethora of disorders that generally restrict mobility in aged individuals and render them helpless. Given the rate at which the world population is ageing, the demand for devices aiding mobility is likely to spike. According the UN’s Population Division, DESA, people at or above 60 years of age are currently numbered at 962 million. In the next three decades, the global geriatric population will reach 2.1 billion, predicts the DESA. Furthermore, old people are more susceptible to accidents associated deteriorating motor functions. For instance, the National Council of Aging estimates about 2.8 million aged Americans are rushed to hospital emergency rooms annually as a result of falling. Thus, a combination of aging and mishaps associated with the process will fuel the Mobility Devices Market trends during the forecast period.
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Fortune Business Insights™ shares the above and other valuable market information in its recent report, titled “Mobility Devices Market Size, Share & Industry Analysis, By Product (Wheelchairs, Mobility Scooters, Walking Aids, and Others); By End-user (Personal Users and Institutional Users); and Regional Forecast, 2019-2026”, which states that the value of this market was at USD 8.75 billion in 2018. The report also provides:
- Exhaustive research into profiles of market players, their strategies, and their product offerings;
- Meticulous study of the different market segments;
- In-depth analysis of the factors driving and challenging the market; and
- Comprehensive evaluation of the regional developments shaping the market.
Growing Aging Population and Rise in Mobility Impairment Disorders to Drive the Market
The older population around the globe is continuously growing at an unprecedented rate. Aging decreases the ability to move and reduces the ability to perform physical tasks to maintain independent functioning among the elderly population. The growing older population count is likely to increase the percentage usage of mobile devices during the forecast period. According to the World Health Organization (WHO), in 2017, the global population aged 60 years or over was around 962 million and is projected to reach about 2.1 billion by 2050. Rising prevalence of chronic conditions such as arthritis, cerebral palsy, and muscular dystrophy among every age group is expected to increase the demand for highly advanced mobility aid devices during the forecast period.
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North America to Lead the Pack; Europe to Follow Closely
Among regions, North America is set to dominate the Mobility Devices Market share owing to the rising prevalence mobility-related disorders in the region. Coupled with this is the increasing number of aged people in the region, which will propel the regional market.
Europe is anticipated to be the second most dominant region in this market on account of high proportion of aged people with mobility impairment. Asia-Pacific is touted to be the most promising region as geriatric population in the region is growing, while unmet needs of the people in Latin America, the Middle East, and Africa will create lucrative market opportunities.
Focus on Patient Safety and Comfort to Drive Innovation Among Players
“Strengthening market position is expected to be the primary focus of key players in this market”, says one of our lead analysts. One of the leading strategies adopted is increasing investment in innovation to come up with novel solutions, keeping patient comfort and safety in mind. Some players are also expanding their global presence through collaborations and acquisitions.
Industry Developments:
- November 2019: GF Health Products launched its new Lumex Clinical Care Recliner. The device is wide, has a capacity to carry 450 pounds of weights, and boasts of a unique Drop Arm feature, which enables easy lateral transfer for the patient and the caregiver.
- November 2019: German prosthetic major, Ottobock, acquired Belgian O&P specialist, Vigo, to expand its signature PatientCare Network in Europe. The company aims at targeting the patient pool in Belgium and in Poland. This will enable Ottobock to enhance the quality of its products as well as establish a strong regional distribution channel.
List of Top Players Profiled in the Mobility Devices Market Report:
- MEYRA GmbH
- Permobil
- Sunrise Medical Limited
- Invacare Corporation
- GF HEALTH PRODUCTS, INC.
- 21st Century Scientific, Inc.
- Pride Mobility Products Corp.
- Ottobock
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Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Number of people with Mobility Impairment using Mobility Devices- by Key Country/Region
- Key Industry Developments (Mergers, Acquisitions, Partnerships, New Product Launches, etc.
- The Regulatory Scenario for key Countries/Region
- Technological Advancements in Mobility Devices
- Global Mobility Devices Market Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Product
- Wheelchairs
- By Type
- Manual
- Powered
- By Application
- Standard Wheelchairs
- Bariatric Wheelchairs
- Sports Wheelchairs
- Others
- By Type
- Mobility Scooters
- By Wheel
- 3 Wheels
- 4 wheels
- Others
- By Wheel
- Walking Aids
- Others
- Wheelchairs
- Market Analysis, Insights and Forecast – By End User
- Personal User
- Institutional User
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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