The global Assisted Walking Device Market was valued at USD 803.0 million in 2015. Key factors accruing to the growth are the overwhelming geriatric population figures, rise in prevalence of target diseases, such as arthritis, and Parkinson’s disease, rise in the total number of surgical operations, globally, and financial support initiatives undertaken by government and private organizations to encourage the use of assistive mobility aids.
According to estimates published by the United Nations in 2012, the global geriatric population count was estimated to be nearly 809.4 million and is anticipated to reach an estimated figure of nearly 1.13 billion and 2 billion by 2022 and 2050, respectively. The chronic conditions prevalent among the elderly population have a detrimental impact on their musculoskeletal and neurological systems that further engenders walking disabilities in this population.
North America Assisted Walking Device Market, by product, 2013 - 2024 (USD Million)
The increased prevalence of target diseases including Rheumatoid Arthritis and Parkinson’s disease is expected to propel the usage rates of the assisted walking devices over the forecast period. Rise in the total number of surgical operations creates a high demand for the assisted walking devices as they are employed in rehabilitation programs to gradually restore body balance and promote muscle functioning in sedentary, handicapped individuals. According to the data published by Healthcare Cost and Utilization Project (H-CUP), from 1992 – 2012, the rise in the total number of surgical operations was 17%.
Initiatives hosted by government and private organizations provide access to equipment demonstrations at centers that furnish patients with relevant advice related to making an equipment choice suited to a specific disability. Additionally, patients with chronic illnesses or a long-standing disability are exempted from paying VAT on mobility products. The governments of the countries, the U.S. and the U.K. offer special grants to the physically-handicapped patients to purchase this equipment. Independent organizations including Charity search, Disablement Information and Advice Lines (DIAL) network, Rica, and Shop mobility are actively engaged in providing varied services for the physically disabled seeking solutions. The WHO has declared the Priority Assistive Products List, which has been published with the objective of promoting equitable access of assistive mobility aids to those in need, and further, the list serves to outline reimbursement policies and to provide guidance in matters related to purchase of these devices.
The global Assisted Walking Device Market is segmented based on the product type into canes, crutches, walkers, and gait trainers.
In 2015, the walkers segment accounted for the maximum share of nearly 31.65% and is expected to dominate the market over the forecast period. Walkers are preferred over other mobility aids due largely to enhanced stability provided by this equipment, which enables walking independently without assistance and the provision of wider support, provided by these mobility aids as compared to other walking aids thus promoting physical activity in physically-handicapped individuals. These aforementioned factors are also responsible for the rising demand of the walkers as rehabilitation equipment.
However, the crutches segment is expected to witness the maximum CAGR of 10.30% over the forecast period. This is attributed to the empowerment of disabled individuals with the new found confidence gained by the ability to walk using crutches and the ability of these crutches to relieve the pressure placed on the injured leg while walking thus enabling walking with reduced discomfort.
In 2015, North America held the maximum revenue share of nearly 39.58% on account of the presence of a large geriatric population in this region. The presence of advanced healthcare facilities and well-developed reimbursement policies are the key factors driving the Assisted Walking Device Market in this region. Moreover, the high prevalence of target diseases, such as arthritis, Parkinson’s disease, and other chronic disabilities in this region is expected to act as a high impact rendering driver for the market expansion over the next nine years. Furthermore, the availability of these mobility aids at subsidized rates for disabled patients is expected to propel this market over the forecast period.
The Asia Pacific region is expected to witness the highest CAGR of nearly 10.7% over the forecast period. Key determining factors contributing to the high growth include the daunting geriatric population count in the Asia Pacific countries, such as China, India, and Japan, the increasing prevalence of chronic deformities in the population present in this region, the hike in public and private healthcare expenditures, and the rise in disposable incomes.
A few key players in this market include Carex Health Brands, Inc., Invacare Corporation, Drive medical design and manufacturing, Inc., Sunrise Medical Laboratories, Inc., Electric mobility Euro Ltd., Pride Mobility Products Corporation, Briggs Healthcare Corporation, Graham-FieldHealth Products, Inc., Nova medical products, and Patterson Medical Holdings, Inc. The market dynamics provide a competitive platform for various players to tap into the high growth areas and cater to the high-unmet needs across the different regions. The established players are consistently engaged in launching modifications and new product designs to sustain a competitive advantage in the industry.
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With Covid-19 infections rising globally, the apprehension regarding a shortage of essential life-saving devices and other essential medical supplies in order to prevent the spread of this pandemic and provide optimum care to the infected also widens. In addition, till a pharmacological treatment is developed, ventilators act as a vital treatment preference for the COVID-19 patients, who may require critical care. Moreover, there is an urgent need for a rapid acceleration in the manufacturing process for a wide range of test-kits (antibody tests, self-administered, and others). The report will account for Covid19 as a key market contributor.