Personal Mobility Devices Market
Personal Mobility Devices Market (Product: Medical Mobility Aids & Ambulatory Devices (Wheelchairs, Mobility Scooters, Canes, Crutches, Walkers), Medical Furniture & Bathroom Safety Products (Patient Lifts, Stair Lifts, Medical Beds, Bars & Railings, Commodes & Shower Chairs)) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019 - 2027
Press Release :
The presence of a seamless industry for healthcare and patientcare has created fresh opportunities for growth within the global personal mobility devices market. In the contemporary times, there is humongous demand for electric scooters that can be used by tourists across busy spots. Personal mobility devices are the new smart mode of commute that is used in town centers. Students are increasingly inclined towards the use of personal mobility devices to commute to their universities. Furthermore, electric bikes have emerged as an important mode of commute for the geriatric population. The growing use of electric bike to commute across gardens, courtyards, and corridors of large premises has given a thrust to market growth.
- The tourism industry has emerged as an important consumer of personal mobility devices in recent times. Use of bicycles and electric scooters across places of tourist visit has given an impetus to market growth. The advent of smart city initiatives across several regional pockets has led to advancements in manufacturing of personal mobility devices. Use of these devices such as electric scooters and electric hoverboards across smart cities has aided market growth. Smart mobility devices are expected to reduce the carbon footprint across key regional pockets. This trend is slated to give an impetus to the growth of the global personal mobility devices market.
- European countries have invested in the development of clean and green technologies. The smart city initiatives across this region have paved way for the use of carbon-free mobility devices. Electric scooters are widely used by youngsters in the region, and this trend shall aid market growth. Footpaths are developed such that personal mobility devices can be easily strolled across these pathways. Over the next decade, the total volume of revenues within the global personal mobility devices market is projected to multiple by a noticeable chase.
Personal Mobility Devices Market – Innovation to Keep Growth Wheels Moving
The concept of 'curative care' continues to wither in importance with the scramble of the healthcare industry towards ‘preventive care’. The healthcare industry has embedded its trust in assistive technology to improve the functional capabilities of the disabled population.
As social ideologies – workplace equality – penetrate in developed as well as developing countries, the popularity of wheelchairs and crutches is markedly mounting and attracting more capital towards the personal mobility devices market. Besides, the susceptibility of the geriatric population to motion control disorders is opening up lucrative prospects for personal mobility devices.
Owing to the high cost of personal mobility devices, manufacturers are incited to lucidly finance R&D initiatives for the development of new-age devices, and health insurance companies have been resolving the price-rise crisis with favorable reimbursement plans.
Sensing the potential of the personal mobility devices market to overcome these hurdles with innovation and reimbursement plans, Transparency Market Research (TMR) lays bare the undercurrents influencing the size of the market, and offers a gist of the underlying opportunities for stakeholders.
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Evolutionary Growth Curve of the Personal Mobility Devices Market
The most common of all assistance for disabled individuals began with walking sticks and wheelchairs, since time immemorial. However, the real dawn for the personal mobility devices market can be traced back to the 20th century, when the intelligence apropos of blurring the physical barriers began spreading.
Post this, buildings with numerous floors started spectating the construction of ramps and lifts for easy access for all. As consumers started rising above the social stigma, the adoption of personal mobility devices further moved to higher scales and grew in terms of volume and value. In 2018, ~ 46 million units of personal mobility devices were sold, which corresponds to a value of ~ US$ 9.8 billion.
In recent times, the advent of sophisticated technology has been governing the development of personal mobility devices. Being a trending device, manufacturers evince their interest in the development of technologically-advanced wheelchairs, which has engendered the emergence of electric and powered wheelchairs. However, the future of personal mobility devices is likely to remain abreast with laser, AI, GPS, and IoT technologies being at the serving end.
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North America’s Hold on Personal Mobility Devices Market to Remain Immovable
As the geriatric population is highly susceptible to motion disorders such as osteoporosis and rheumatoid arthritis, the popularity of personal mobility devices has been on the rise in developed countries such as the U.S. and Canada. Supportive government initiatives that cushion the blow of high cost, coupled with growing reimbursement policies, have resulted in a high volume utilization of personal mobility devices.
Companies concentrated in North America gain the first slice of novel technology, which facilitates the development of technologically-forward devices in a short timeframe. However, when it comes to expansion, players in developed countries target the cost-sensitive regions of Asia Pacific, which makes it a lucrative region for gaining high returns on investments.
The personal mobility devices market in Asia Pacific is likely to spectate exponential growth, given the improving healthcare infrastructure in the private and public sectors. Besides, the focus of leading players on targeting new end users by squeezing their profit margins is likely to drive significant revenue to the personal mobility devices market.
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Winning in the Personal Mobility Devices Market
Build Partnerships with Rental Businesses
As the popularity of on-demand businesses has been growing, its effects are also reaching the personal mobility devices space. Capitalizing on the high cost of personal mobile devices, a large number of businesses have set up a business model to offer these devices on a rental basis to multiple patients. This can help manufacturers of personal mobility devices record high sales with the help of strategic partnerships with service providers.
Develop Customized Mobility Devices
Since different end users suffer from different disabilities and look at comfort is different ways, a single solution does not fit all requisites, which has mandated a shift towards the custom-development of personal mobility devices. By targeting specific demands ascending from end users, manufacturers have the opportunity to stand out by distinguishing their product portfolios.
Leverage e-Commerce Portals to Boost Sales
Online sales stores and portals for personal mobility devices - crutches, canes, and comparatively expensive mobility scooters - have been gaining momentum, as consumers are turning more tech-savvy in recent times. With attractive deals and discounts, it has become easy for distributors to gain the attention of end users via online channels, and increase the high volume sales of personal mobility devices. Manufacturers can leverage established e-Commerce channels such as Amazon, Snap Deal, Flipkart, etc., to realize the value of integrated marketing communication through online channels.
Personal Mobility Devices Market - Competitive Landscape
The personal mobility devices market operates under a high degree of consolidation in developed markets, owing to the concentration of leading players in these regions. The market spectates high intensity of competition on account of the organic as well as inorganic growth strategies adopted by market players.
Invacare Corporation holds a major chunk of the revenue generated in the personal mobility devices market, ~ 20%, followed by Hill-Rom Holdings, Inc., which accounts for ~ 9% of the total market share. These players distinguish their positions by constantly innovating and developing technologically-advanced personal mobility products and accessories. For instance, in 2018, Invacare Corporation made an investment of US$ 17.4 million on research and development activities directed towards the development of its mobility and home medical equipment products.
The personal mobility devices market is, however, fragmented in developing markets, characterized by the presence of a large number of players operating at different levels. These players focus on the development of innovative products in the mobility division. The quest of end users for cost-effective, technologically-advanced, innovative, and adaptive devices remains at the center to attract new entrants into the market. However, market consolidation, high R&D cost, and price competition narrows down the entry passage for new players.
Analysts’ Inference of the Personal Mobility Devices Market
Authors of the report maintain an optimistic view of the growth prospects of the personal mobility devices market, with an anticipated CAGR of ~ 7% during the period of 2019-2027. Sales of personal mobility devices will remain significantly driven by the high density of geriatric population and increasing prevalence of rheumatoid arthritis and osteoporosis.
North America is likely to lead the personal mobility devices market with large investments in the healthcare industry, favorable reimbursement policies, and leading players innovating in the landscape. However, Asia Pacific is likely to offer exponential growth opportunities to market players who invest in this region, characterized by improving healthcare infrastructures and rising demand for life-quality upgrading products. However, manufacturers can tackle the blips on the radar deterring their high volume sales by investing in skill development projects to increase the number of skilled technicians for passing down the required operational knowledge to consumers.
- According to the latest report published by Transparency Market Research on the global personal mobility devices market for the historical period of 2013 - 2017 and forecast period of 2019 to 2027, increase in the geriatric population and large population suffering from physical disabilities are projected to boost the growth of the global personal mobility devices market during the forecast period
- The global personal mobility devices market is estimated to generate ~ US$ 11 Bn revenue in 2019, and is expected to expand at a CAGR of ~ 7% during the forecast period.
Increasing Geriatric and Physically Disabled Population across the Globe: A Key Driver
- Personal mobility devices for the purpose of this study include equipment and devices that provide mobility, support, and safety to users in outdoor as well as indoor environments. These solutions help in improving the quality of life of the physically disabled and geriatric populations.
- Aging is associated with declining support for long-term caregiving from families and highly expensive formal long-term caregiving services. Hence, these structural changes in the society are likely to result in the rise in the demand for equipment such as mobility devices, medical furniture, and bathroom support systems.
- A study published in the American Journal of Medicine revealed that, the population of the U.S. is aging rapidly. Increase in life expectancy will result in doubling of the population aged 65 years or above, to reach 81 million by 2040 as against 40 million in 2010. The number of deaths caused by coronary heart diseases among people aged between 65 and 84 in the U.S. was 286,000 in 2010, and is likely to reach 485,000 by 2040.
Medical Mobility Aids & Ambulatory Devices in High Demand
- The medical mobility aid & ambulatory devices segment dominated the global personal mobility devices market in 2018, and is expected to account for the largest market share during the forecast period, owing to large volume utilization of wheelchairs, canes, and crutches.
- The wheelchairs sub-segment dominated the medical mobility aids & ambulatory devices segment in the personal mobility devices market in 2018. The sub-segment is projected to gain market share in the personal mobility devices market by the end of 2027. The wheelchairs sub-segment is expected to grow at a faster pace than the mobility scooters sub-segment in the personal mobility devices market during the forecast period.
North America to Dominate the Global Personal Mobility Devices Market
- North America accounted for a major share of the global personal mobility devices market in 2018, followed by Europe. Early adoption of technologically-advanced personal mobility devices, favorable healthcare reimbursement policies in the U.S. and Canada, and rapidly increasing geriatric population with physical disabilities are factors likely to drive the personal mobility devices market in North America.
- Europe was also an attractive market for personal mobility devices in 2018. The personal mobility devices market in Asia Pacific is estimated to grow at a faster pace than other regions during the forecast period, due to an increase in the focus on the development of healthcare infrastructure by public as well as private hospitals, along with a rise in the demand for affordable care among a significant patient population.
Global Personal Mobility Devices Market: Competition Landscape
- Detailed profiles of the manufacturers of personal mobility devices have been provided in the report to evaluate their key product offerings, financials, business strategies, and recent developments.
- Key players operating in the global personal mobility devices market include
- Drive DeVilbiss Healthcare
- GF Health Products, Inc.
- Invacare Corporation
- Hill-Rom Holdings, Inc.
- Stryker Corporation
- Permobil (Patricia Industries)
- Pride Mobility Products Corp
- Sunrise Medical (US) LLC
- Patterson Companies, Inc.
Global Personal Mobility Devices Market: Key Developments
Major manufacturers in the global personal mobility devices market are adopting acquisition & collaboration and new product development strategies to strengthen product portfolios and geographic presence in the international personal mobility devices market. Key developments in the global personal mobility devices market are:
- In June 2016, GF Health Products partnered with Mercy Ships GF Health Products, Inc. to donate medical equipment to needy people in Africa.
- In September 2015, Hill-Rom Holdings, Inc. acquired Welch Allyn to strengthen its product portfolio in the personal mobility devices market.
- In March 2015, Permobil AB acquired the ROHO Group, Inc. It led to development in healthcare as well as advanced rehabilitation solutions.
In the global personal mobility devices market report, we have discussed individual strategies, followed by company profiles of the manufacturers of personal mobility devices. The ‘competitive landscape’ section is included in the global personal mobility devices market report to provide readers with a dashboard view and a company market share analysis of the key players operating in the global personal mobility devices market.
Personal Mobility Devices Market - Introduction
Transparency Market Research (TMR), in its recent report, determines the key growth opportunities available in the personal mobility devices market for the forecast period of 2019-2027. The global study traces the key trends and notable developments taking place in the personal mobility devices landscape. In addition to this, it offers actionable intelligence into the personal mobility devices market by analyzing the significant drivers, restraints, threats, and opportunities.
This exclusive report provides an analysis of the demand and supply chain, which offers a detailed view pertaining to the balance of demand-supply in the personal mobility devices market. This comprehensive guide studies the macroeconomic and microeconomic factors that help in understanding the growth trajectory of the personal mobility devices market over the course of the forecast period.
Market size has been evaluated in terms of value (US$ Mn) and volume (units). Information included will aid readers of the personal mobility devices market report in identifying significant opportunities for their business advancement. This detailed study highlights the significant and key players operating in the personal mobility devices market.
The detailed study provides an in-depth overview of the market players, along with their key strategies, financials, and recent developments. This will aid stakeholders in moving their strategy gears and setting their business pace in the direction of growth.
Personal Mobility Devices Market – Key Questions Answered
- What is the personal mobility device consumption scenario in terms of value and volume?
- What are the relevant drivers impacting the growth of the personal mobility devices market?
- How will the personal mobility devices market evolve during the forecast period?
- What are the key challenges and threats restraining the growth of the personal mobility devices market?
- What are the macroeconomic factors that are impacting the growth of the personal mobility devices market?
- Which product will spectate high sales during the forecast period?
Personal Mobility Devices Market – Research Methodology
For the preparation of this exclusive study, a systematic research methodology has been adopted, which comprises primary and secondary research. In order to carry out primary research, interviews with key opinion leaders, industry experts, manufacturers, distributors, and business heads were conducted. In order to carry out secondary research, company annual reports, SEC Filings and Press Releases, Government Websites, Factiva, MorningStar, Regional Regulatory Council Guidelines, and Official Publications from International Trade Council were studied.
Personal Mobility Devices Market – Segmentation
The comprehensive report on the personal mobility devices market provides a detailed assessment of the market attractiveness with the help of segmentation. The personal mobility devices market has been fragmented based on product and region. The research report also covers a country-wise assessment to comprehend the demand and supply of personal mobility devices on the basis of region.
Each of these segments have been studied in this report to gain key insights into the personal mobility devices market. The report on the personal mobility devices market provides historical and current trends shaping its growth. In addition to this, it encompasses value chain analysis, Y-o-Y growth analysis, and supply chain analysis.
Medical Mobility Aids & Ambulatory Devices
Middle East & Africa
Medical Furniture & Bathroom Safety Products