The global personal mobility devices market size is expected to reach USD 17.9 billion by 2027, according to a new report by Grand View Research, Inc., expanding at a CAGR of 6.5% over the forecast period. Growing R&D investments for new product development and government initiatives aimed at strengthening reimbursement frameworks are some of the key factors propelling market growth.
Surge in geriatric population and prevalence of target diseases such as arthritis, Parkinson’s, and Alzheimer’s among the global population are some key factors expected to drive the personal mobility devices market market over the forecast period. According to WHO in 2019, the number of people aged 60 and above is likely to grow by 56.0% from 962 million in 2017 to 1.4 billion in 2030.
Rising number of surgical procedures due to rising prevalence of neurological and cardiovascular disorders and increasing number of accidents and trauma cases are expected to drive the market for personal mobility devices over the forecast period. According to WHO the number of surgeries grew by about 40.0% from 2004 to 2012.
Europe was the most mature market for personal mobility devices in 2019. It generated the maximum revenue that year, accounting for 33.0% of the global market. Sophisticated healthcare infrastructure and growing healthcare expenditure are some of the factors contributing to its dominant share. Asia Pacific is expected to grow at a lucrative pace during the forecast period. This region is expected to witness a rapid gain in demand for personal mobility devices over the coming years owing to growing geriatric population, increasing disposable income and greater spending on healthcare, and rising awareness levels about the availability of various kinds of personal mobility devices.
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Further key findings from the report suggest:
By product, wheelchair was the largest segment in 2019 owing to increase in demand for powered wheelchairs, especially in developed countries such as U.S. and Germany
Premium rollators are identified as the most lucrative segment in this market owing to its ability to handle heavy weight, enhanced height, and handle adjustment mechanism
Europe dominated the market in 2019 with a 33.0% share due to growing geriatric population and increase in healthcare expenditure in the region
Asia Pacific is expected to grow at a rapid pace over the forecast period owing to growing geriatric population, increasing disposable income, and rising awareness levels
Some of the players operating in the market are Drive DeVilbiss Healthcare; GF HEALTH PRODUCTS, INC.; Invacare Corporation; Carex Health Brands, Inc.; Kaye Products, Inc.; Briggs Healthcare; Medline Industries, Inc.; NOVA Medical Products; Performance Health; and Rollz International
Development of advanced personal mobility devices via extensive R&D investments and entering into strategic alliances with buyers are some key sustainability strategies adopted by these market players.
Grand View Research has segmented the global personal mobility devices market based on product and region:
Personal Mobility Devices Product Outlook (Revenue, USD Million, 2016 - 2027)
Other Walking aids (canes, crutches, walkers)
Personal Mobility Devices Regional Outlook (Revenue, USD Million, 2016 - 2027)
Middle East & Africa
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