Global Personal Mobility Devices Market: Key Trends
The rising geriatric population around the world has emerged as a key driver of the global personal mobility devices market. Transparency Market Research (TMR) projects demand for these devices to steadily increase in Asia Pacific, as the population of aged people increases in India and China. Apart from the geriatric population, caregiving services are also essential for people suffering from disability. A rise in the number of people living with a disability, either temporary or permanent, will fuel demand for personal mobility devices.
Despite witnessing positive growth worldwide, the high cost of these mobility devices will limit their market’s expansion to an extent. The low acceptance of digitized devices will also negatively impact the market’s trajectory. Nevertheless, grants from international organizations and favorable policies will boost sales of personal mobility devices in the coming years.
As per TMR, the global personal mobility devices market stood at US$6.65 bn in 2014. Rising at a CAGR of 7.30% between 2015 and 2023, the market is expected to reach US$12.7 bn by the end of 2023.
Higher Purchasing Power of Consumers Puts North America in Dominant Position
North America currently leads the global personal mobility devices market. By revenue, the region held over 41.4% of the overall market in 2014, followed by Europe. Spurred by the rising geriatric population, coupled with the rising number of people with disability, the sales of personal mobility devices is expected to rise considerably in this region. North America has also proven lucrative for producers of technologically advanced devices. The region thus exhibits high demand digitized mobility devices. Furthermore, the increasing willingness among consumers to spend on advanced medical devices will provide improved sales opportunities to personal mobility devices manufacturers in North America.
Asia Pacific emerged as the third-largest market for personal mobility devices in 2014. However, TMR forecasts the regional market to rise at the highest CAGR during the forecast period. The increasing awareness about advanced medical devices, and their rising affordability, will boost demand for personal mobility devices in Asia Pacific. Furthermore, the increasing geriatric population reported in India and China, will augur well for the personal mobility devices market in Asia Pacific.
Advent of Electric Wheelchairs Fuels Growth of Medical Mobility Aids and Ambulatory Devices Segment
The global personal mobility devices market can be bifurcated into medical mobility aids and ambulatory devices and medical furniture and bathroom safety products. Of these, the medical mobility aids and ambulatory devices segment dominated the market in 2014. The segment is expected to report the fastest CAGR of 8.5% during from 2015 to 2023. In this segment, wheelchairs emerged as the dominant sub-category in 2014. The increasing incidence of disability related to age, disease, or any physical injury fuels demand for wheelchairs considerably. Furthermore, the demand for electric wheelchairs is expected to rise in the forthcoming years as they provide better outdoor performance and are easy to drive.
Besides this, the medical furniture and bathroom safety products segment is expected to witness rising demand for medical beds in the near future. Overall, the segment is expected to report steady growth through the forecast period.
Some of the leading players operating in the global personal mobility devices market are Amigo Mobility International, Inc., Argo Medical, ArjoHuntleigh, Drive Medical, Graham-Field Health Products Incorporated, and Hill-Rom Holdings, Inc.
Global Personal Mobility Devices Market: Snapshot
The growing geriatric populace around the globe has risen as a key driver of the worldwide personal mobile devices market. The demand for these gadgets to consistently incrementing in Asia Pacific, as the number of old people are rising in countries such as China and India. Aside from the geriatric populace, services pertaining to care giving are likewise fundamental for individuals experiencing incapacity. An ascent in the quantity of individuals living with an incapacity, either brief or perpetual, will fuel interest for personal mobile devices.
The consistent increment in the maturing populace over the globe has been fuelling the interest for personal mobility devices around the world. Other than this factor, the rising number of care-giving administrations vital for individuals with inability is additionally offering stimulus to the market. The developing number of patients experiencing rheumatoid joint inflammation and osteoporosis, impressive increment in dispensable livelihoods of individuals, and valuable government approaches, alongside innovative advance in the area of individual versatility gadgets are factors contributing towards the market development.
The global market for personal mobility devices is likely to grow at a 7.3% CAGR from 2015 to 2023. In 2014, the market was worth US$6.65 bn and is likely to touch US$12.7 bn by 2023.
Global Personal Mobility Devices Market: Trends
Regardless of seeing positive development around the world, the high cost of these mobility gadgets will constrain their market's extension to a degree. The low acknowledgment of digitized gadgets will likewise adversely affect the market's direction. All things considered, awards from worldwide associations and good arrangements will help offers of personal mobility devices in the coming years. The growing number of geriatric population and the increasing mobility inconvenience with age as the core reasons behind the growth of this segment in the long run. The need of mobility devices at the time of physical injuries and diseases is also likely to fuel the progress of the market in the years ahead.
Global Personal Mobility Devices Market: Regional Overview
Region-wise, the global market for personal mobility devices is being led by North America at present and is likely to be continued over the forecast period. Prodded by the rising geriatric populace, combined with the rising number of individuals with incapacity, the sales of personal mobility devices is relied upon to rise impressively in this region. North America has additionally demonstrated lucrative for makers of technologically advanced gadgets. The region consequently displays popularity digitized mobility gadgets. Besides, the expanding ability among buyers to spend on cutting edge medicinal gadgets will give enhanced deals chances to the manufacturers of personal mobility devices in North America.
In 2014, Asia Pacific developed as the third-leading market for personal mobility devices. Be that as it may, the regional market is most likely to ascend at the most astounding CAGR amid the estimate time frame. The expanding mindfulness about cutting edge medicinal gadgets, and their rising reasonableness, will also support the demand for personal mobility devices in Asia Pacific. Moreover, the expanding geriatric populace detailed in China and India, will forecast well for the personal mobility devices in Asia Pacific.
Global Personal Mobility Devices: Vendor Landscape
The leading players operating in the global personal mobility devices are Hill-Rom Holdings, Inc., Graham-Field Health Products Incorporated, ArjoHuntleigh, Drive Medical, Argo Medical, and Amigo Mobility International, Inc.
The global personal mobility devices market has been segmented as follows:
Global Personal Mobility Devices Market, by Devices
- Medical Mobility Aids and Ambulatory Devices
- Manual Wheelchairs
- Electric Wheelchairs
- Mobility Scooters
- Boot Scooter
- Midsize Scooter
- Road Scooter
- Folding Canes
- Quad Canes
- Offset Canes
- Axillary Crutches
- Elbow Crutches
- Forearm Crutches
- Standard Walkers
- Knee Walkers
- By Medical Furniture and Bathroom Safety Products
- Patient Lifts
- Manual Lifts
- Power Lifts
- Stand Up Lifts
- Heavy Duty Lifts
- Overhead Track Lifts
- Stair Lifts
- Indoor Stair Lifts
- Outdoor Stair Lifts
- Medical Beds
- Electric Beds
- Manual Beds
- Low Beds
- Water Beds
- Bars and Railings
- Commodes and Showers
- Patient Lifts
Global Personal Mobility Devices Market, by Geography
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Saudi Arabia
- Rest of Middle East & Africa
Major regions analyzed under this research report are:
- North America
- Asia Pacific
- Rest of the World
This report gives you access to decisive data such as:
- Market growth drivers
- Factors limiting market growth
- Current market trends
- Market structure
- Market projections for the coming years
Key highlights of this report
- Overview of key market forces propelling and restraining market growth
- Up-to-date analyses of market trends and technological improvements
- Pin-point analyses of market competition dynamics to offer you a competitive edge
- An analysis of strategies of major competitors
- An array of graphics and SWOT analysis of major industry segments
- Detailed analyses of industry trends
- A well-defined technological growth map with an impact-analysis