North America And Europe Group 2 Powered Mobility Devices Market (2023 - 2030) Size, Share & Trends Analysis Report By Product Type (Powered Wheelchair, Power Operated Vehicle), By Payment Type, By Sales Channel, By Region, And Segment Forecasts

Report Overview

The North America and Europe group 2 powered mobility devices market size was valued at USD 5.2 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 15.1% from 2023 to 2030. The prevalence of disabilities is predicted to rise, and powered mobility devices are becoming more popular since they make it easier to drive and engage in outdoor activities. Moreover, it is anticipated that the demand for group 2 powered mobility devices will increase due to the established presence of various manufacturers and the constantly expanding senior population.   

Source: Grand View Research, IR Documents, Primary Interviews, Paid Databases

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According to the U.S. Census Bureau, the most prevalent impairment among older Americans is mobility. 13.7% of the 61 million adults with disabilities in the US have mobility problems that make it challenging to walk or climb stairs. Medicare pays for electric wheelchairs for people with disabilities. 20% of the expense is covered by the patient, with the remaining 80% by Medicare. Such regulations may increase the use of powered wheelchairs across North America.

However, as a result of a labor scarcity and travel limitations, the covid-19 pandemic impacted supply chains for various medical equipment. In contrast to other industries, the impact on medical equipment and other necessities of the healthcare system was relatively mild because to supportive government initiatives. For instance, the Federal Food, Drug, and Cosmetic Act (FD&C Act) gained Section 506J in 2020 as a result of the CARES Act (Coronavirus Aid, Relief, and Economic Security Act), which gave the FDA the authority to stop or lessen the effects of medical equipment supply chain disruptions during public health emergencies like the COVID-19 pandemic.

Additionally, elderly individuals are more likely to fall, which can result in deadly or non-fatal injuries. One in four Americans aged 65 and over who fall each year, and more than 2.8 million injuries are treated in emergency rooms at hospitals, according to data from the National Council on Aging (NCOA). Growing older populations and a rise in fall-related anxiety may prevent them from engaging in physical activity, which is expected to increase demand for mobile devices during the projection period.

For patients with mobility impairments, new technologies or therapeutically complex solutions are expected to offer simple mobility options; as a result, product introductions from the current pipeline are predicted to increase. The LiNX technology developed by Invacare Corporation is the next-generation technology for controlling powered devices. This innovative technology enables gadgets to increase a user's mobility through wireless networking along with other cutting-edge capabilities. As new technology and innovative features are developed, acceptance and usage of mobility devices are projected to increase over the projection period.

Product Type Insights

The powered wheelchair segment dominated the market and accounted for the largest revenue share of 65.5% in 2022. The market is expected to grow at a lucrative rate during the forecasted period.By 2022, the segment's growth will be aided by the wide commercial accessibility of powered wheelchairs with their higher average selling prices when compared to scooters. Additionally, throughout the projection period, the segment's growth will be supported by the expanding consumer awareness of the benefits of battery-operated wheelchairs over scooters and the growing popularity of these products in the across North America and European region.

During the projection period, the prevalence of inherited and uninherited mobility abnormalities as well as mobility independence in outdoor as well as indoor environments is likely to increase demand for wheelchairs. Furthermore, the segment is anticipated to rise more rapidly during the forecast period due to the increasing accessibility and availability of wheelchairs in both middle- and low-income nations.

Payment Type Insights

The reimbursement segment dominated the market and held 50.7% of the global revenue share in 2022. It is the reimbursement granted by a business for expenses incurred by an individual from their own pocket, such as expenses or insurance fees. The expenses associated with the purchase of the mobility aids may be covered by Medicare and other types of health insurance. In order to be reimbursed, the qualified user must fulfill all requirements. Thus, it will propel the market growth.

All powered wheelchairs, powered vehicles, and mobility aids are insured by Medicare. The user must receive a formal prescription from a physician attesting to their medical condition and need for utilizing a mobility equipment in order to submit an insurance claim. Doctors do an in-person examination of the patient and assess their requirement for a powered vehicle. Once a user satisfies all requirements for utilizing a mobility device, clinicians authorize the purchase of a mobility device.

Sales Channel Insights

The retail segment dominated the market and held 35.3% of the global revenue share in 2022. As they offer personalization of items and the benefit of a personal touch. Users get the opportunity to directly examine the product & its features, and this personal interaction between the buyer and the product fosters confidence and trust during the purchasing process. Many older people who use powered wheelchairs along with other mobility aids are not familiar with online shopping. As a result, these demographic groups are likely to favor traditional retail establishments as their preferred method of product purchase. Thus, it will propel the market growth.

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Due to better marketing and direct client interaction, the direct sales category held the second-highest revenue share in 2022. Direct sales are in-person transactions where things are bought and sold; no outside parties are involved. Sales take place in non-retail settings including offices, homes, online, etc. Due to the absence of middlemen, direct selling has a higher profit margin than other industries

Regional Insights

North America dominated the market and accounted for the largest revenue share of 79.3% in 2022, because of its well-developed healthcare infrastructure, the expansion of R&D in the region with the highest disposable income per capita, the increased uptake of new technology, and the frequency of awareness initiatives are all associated with this.The two primary factors most likely to drive consumer interest in mobility aid devices in North America are the rising number of patients with illnesses that impede mobility and the growth in the number of elderly people. Additionally, the expansion of the market for mobility assistive devices is projected to be aided by the leading companies' presence in the U.S.

However, during the anticipated time, the Europe region is anticipated to have rapid expansion. Due to the growing number of geriatric patients with mobility impairments. For instance, in 2022, 21.1% of EU citizens was 65 years of age or older. On January 1, 2022, the median age of the EU's population, which is rising, was 44.4 years old, making up half of the population. Furthermore, the growing number of children with developmental disabilities, the rise awareness of technologically advanced mobility devices, and the presence of significant unmet requirements in the region, Europe is projected to hold the second-largest share of the market after North America.

Key Companies & Market Share Insights

Key market players are adopting a variety of strategic activities, such as the signing of a new partnership agreement, collaborations, mergers & acquisitions, and geographic expansion, with the goal of strengthening their product portfolio and gaining a competitive advantage. For instance, in February 2023, a proposed National Coverage Determination (NCD) judgment from the Centers for Medicare & Medicaid Services (CMS) would, for the very first time, provide coverage to Medicare beneficiaries for the power seat elevation equipment found on some power wheelchairs. The public has 30 days to comment on the recommended NCD. Some of the prominent players in the North America and Europe group 2 powered mobility devices market include:

• Golden Technologies

• National Seating & Mobility, Inc.

• Numotion

• 1800wheelchair.Com

• Wal-Mart Stores, Inc.

• Pride Mobility Products Corporation

• Invacare Corporation

North America And Europe Group 2 Powered Mobility Devices Market Report Segmentation

This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2030. For this study, grand view research has segmented the North America and Europe group 2 powered mobility devices market report based on product type, payment type, sales channel and region:

• Product Type Outlook (Revenue, USD Million, 2018 - 2030)

  • Powered Wheelchair

  • Power Operated Vehicle

• Payment Type Outlook (Revenue, USD Million, 2018 - 2030)

  • Reimbursement     

  • Out-of-pocket

• Sales Channel Outlook (Revenue, USD Million, 2018 - 2030)

  • Retail

  • E-commerce

  • Direct Sales

  • Veteran Affairs

• Regional Outlook (Revenue, USD Million, 2018 - 2030)

  • North America

    • U.S.

    • Canada

  • Europe

    • Germany

    • U.K.

    • France

    • Italy

    • Spain

    • Denmark

    • Sweden

    • Norway