New York, USA, July 18, 2023 (GLOBE NEWSWIRE) -- Personal Mobility Devices Market Overview:
According to a Comprehensive Research Report by Market Research Future (MRFR), “Personal Mobility Devices Market Information By Product, End User, and Region –Market Forecast Till 2032”, the market is projected to grow from USD 16.2 billion in 2023 to USD 27.3 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 6.70% during the forecast period (2023 - 2032)
Market Scope:
People who have trouble walking due to illness, injury, or old age often choose for mobility aids. Users gain a number of benefits from these aids, including enhanced mobility, less discomfort, and higher morale.
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Report Scope:
| Report Attribute | Details |
| Market Size in 2032 | USD 27.3 Billion |
| CAGR | 6.70% |
| Base Year | 2022 |
| Forecast Period | 2023-2032 |
| Historical Data | 2021 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Product and End User |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Rising adult population to drive the market growth |
| Increasing the cases of osteoporosis and rheumatoid arthritis |
Personal Mobility Devices Market Competitive Outlook
Key Companies in the personal mobility devices market include.
- vcBriggs Healthcare
- Carex Health Brands, Inc.
- Drive DeVilbiss Healthcare
- GF Health Products, Inc.
- Invacare Corporation
- Medline Industries Inc.
- Pride Mobility Products Corp.
- Rollz International
- Stryker Corporation
- Sunrise Medical LLC.
Personal Mobility Devices Market Trends:
Market Drivers
The market for personal mobility devices is expected to expand rapidly over the next few years as a result of technological advancements such the portability and ease of access offered by modern gadgets. In addition, the increasing prevalence of chronic diseases such as arthritis (both osteoarthritis and rheumatoid), diabetes, heart failure, and cardiovascular disease is fueling the market's growth. Increases in the world's elderly population are driving growth in the market for mobility aids, as this demographic is disproportionately affected by health issues that require medical treatment.
The personal mobility devices market is expected to rise in the coming years because to an aging population, rising rates of osteoporosis and rheumatoid arthritis, and other factors. The range of Personal Mobility Devices Due to innovations in mobility aids like crutches, canes, and wheelchairs, the market for products aimed at assisting the movement of the elderly is expected to expand. Advanced mobility scooters, transfer lifts, and motorized rollators are expected to significantly boost mobility aid usage rates.
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Market Limitations
However, the expensive price of these devices, a lack of expertise, and concerns related to the use of personal mobility devices are some of the significant obstacles hindering market expansion throughout the forecast period.
COVID-19 Analysis
The market dropped in 2020 because the COVID-19 pandemic restricted distribution. Demand for the production of personal mobility devices and the revenues of large enterprises were negatively affected by the global market as a result of the COVID-19 epidemic. However, the implementation of preventative measures and policies has improved the chances for market actors because distribution networks are now simpler according to amended COVID-19 laws in many regions. Government initiatives, like Medicare's payment plan for purchased and rented devices, are expected to drive the market for personal mobility devices.
Personal Mobility Devices Market Segmentation
Product Insight
The wheelchair industry is dominant because of technological developments and the constant evolution of the equipment in terms of shape and functionality. Wheelchair manufacturers worldwide are working on innovative designs, such as those with larger, more maneuverable wheels and those with adjustable weight capacities for greater ease of use and peace of mind. The invention of electric wheelchairs, which can be pushed with the push of a button, has also substantially reduced the stress on patients.
End User Insight
Homecare was the category with the highest revenue due to an increase in arthritis cases and long-term disabilities among the senior population. This age group requires home mobility help due to limited mobility. Therefore, the demand for personal mobility devices among the elderly will increase during the coming years.
Personal Mobility Devices Market Regional Analysis:
It is expected that North America would be the largest market for personal mobility devices during the duration of the forecast. The rising elderly population in North America has contributed to the rise in demand for mobility aids, as this demographic is disproportionately affected by mobility-limiting conditions like osteoporosis, rheumatoid arthritis, and others. The United States and Canada account for the bulk of regional contributions. Government efforts that reduce the financial barrier to adopting these devices and loosening reimbursement restrictions have led to widespread use of personal mobility aids.
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The Personal Mobility Devices Market in Europe is projected to expand at the highest compound annual growth rate (CAGR) between 2023 and 2032. The regional market is expected to grow over the forecast years on the back of factors including an improved healthcare infrastructure, an aging population, an increase in the prevalence of age-related diseases, high healthcare spending, and favorable reimbursement policies for purchase or rental services. In addition, the personal mobility device market in Germany was the largest in Europe, while the UK's market grew at the fastest rate.
The Asia-Pacific region has the second-largest market share for personal mobility devices as a result of several factors, including a general increase in the number of older adults (especially in East Asian countries like China and Japan), growing knowledge of personal mobility devices, an increase in the incidence of limb dysfunction and disorders, and better access to healthcare. China also dominated the Asia-Pacific personal mobility devices market, while India's market grew at the region's fastest rate.
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