According
to a report by Grand View Research, Inc., global personal mobility devicesmarket is estimated to value USD 8.0 billion by 2020. Growing number of
physically disabled owing to geriatric population and diseases leading to
disability are anticipated to propel demand for personal mobility devices. Such
devices are likely to offer easy movement from one place to another and quality
life with less support.
Full Research Report On Personal Mobility Devices Market
Analysis: https://www.grandviewresearch.com/industry-analysis/personal-mobility-devices-market
Rising
cases of disorders such as Parkinson’s, Alzheimer’s, and arthritis are likely
to impel growth of the market. Growing awareness among consumers regarding
mobility devices coupled with favorable reimbursement policies can foster
market growth. Favorable initiatives from governments at a global level to
provide affordable and quality personal mobility devices to consumers in need
can drive growth of market in the forthcoming years. Continuous technological
advancements in personal mobility devices such as mobility scooters, transfer lifts,
and automated rollators can stimulate growth of the market during the forecast
period (2012 to 2020).
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The
personal mobility devices market can be segregated on the basis of product and
region. Based on product, the market can be classified into scooters,
wheelchairs, and mobility aids. In 2013, the wheelchair segment dominated the
market and accounted for maximum market share. Growing adoption of wheelchairs
among the physically handicapped to enhance their mobility and reduce common
problems such as pressure sores and digestion can fuel product demand.
On
the contrary, the mobility aids segment is likely to display substantial growth
during the forecast period attributed to high prevalence of persons facing
problems related to walking. High demand for walking aids among such disabled
humans can propel market growth. Mobility aids can be segmented further into
rollators, crutches, canes, and walkers. Rollators segment is expected to grow
at phenomenal rate of 11% over the forecast period. Provision of unique
features such as laser attachment in case of Alzheimer’s patient, oxygen tank
holders, lockable wheels, and light frame can fuel product demand. In addition,
pressure brakes, larger wheel diameter, and extended weight bearing capacity
can also spur growth of market in the forthcoming years.
Regional
segmentation includes Europe, North America, Asia Pacific, and Rest of the World
(RoW). In 2013, North America dominated the market and accounted for revenue
share of 39.5%, due to increasing number of geriatric population and high
presence of age associated disorders. According to the World Health
Organization (WHO), a large number of adult population in this region is susceptible
to arthritis. In addition, supportive initiatives from local governments to
favor disabled residents with increasing funds for rehabilitation engineering
research center programs and reducing taxes. Moreover, growing need for
advanced walking aids is anticipated to boost market demand in this region.
The
Europe market was second largest in 2013 and accounted for 30% market share.
Favorable initiatives from local regulatory agencies coupled with increase in
geriatric population can influence market growth. High demand for
technologically advanced rollators can also fuel market growth in the region.
In
Asia Pacific, the market is anticipated to witness significant growth with a CAGR
of 10.45% during the forecast period. Growing number of geriatric population in
East Asian countries such as China and Japan can fuel this growth. In addition,
wide-ranging R&D activities and schemes being executed by local
organizations such as China Rehabilitation Research Center (CRRC) can also
drive growth of the market. Assistance to Disabled Persons (ADIP), a scheme
initiated by the Indian government is likely to support disabled humans in
procuring durable, sophisticated, and advanced medical devices to reduce their
incapability can fuel growth of the market. Moreover, growing healthcare
awareness and increasing disposable income levels can further boost market
growth during the forecast period.
Some
of the leading companies offering personal medical devices are Drive Medical
Design & Manufacturing, TOPRO, Pride Mobility Corporation, Invacare
Corporation, and Sunrise Medical. Most companies are expected to adopt some key
sustainability strategies with buyers to increase revenue share. In addition,
companies are focusing on extensive R&D activities to develop advanced
products. Moreover, mergers & acquisitions coupled with extensive price
competitions is expected to fuel degree of competition among market players.
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About Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, we offer
market intelligence studies ensuring relevant and fact-based research across a
range of industries, from technology to chemicals, materials and healthcare.
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