Global Walking Assist Devices Market: Overview
Rise in the number of initiatives taken by governments of different countries to make certain the supply of walking assist devices to a large consumer base, and ageing population to drive global walking assist devices market. Besides, increasing incidences of debilitating neurological diseases and Injuries is also expected to augur well for the market. Furthermore, changes in the patient population, as well as increased technological improvements and product leasing, are projected to boost market expansion. The cost of purchasing walking aid equipment, on the other hand, is high.
This market study examines the global market's competitive dynamics, such as collaborations, mergers and acquisitions, and joint ventures. This market is also examined with a specific emphasis on the rapidly developing and expanding market segments and applications. The patients suffering from hemiplegia and different types of paralysis, cerebral palsy (CP), multiple sclerosis (MS), amyotrophic lateral sclerosis (ALS), arthritis, spinal cord injuries (SCI), and lower-limb amputations, generally use the walking assist devices.
This study from Transparency Market Research (TMR) provides a complete insight of the global Walking Assist Devices market. It provides well-researched data on a variety of market aspects in order to provide useful business input for profit generation.
Global Walking Assist Devices Market: Notable Developments
The global Walking Assist Devices market is competitive, fragmented, and dominated by a few significant firms. Many organisations have used numerous techniques to grow their market shares and raise output, such as product launches, collaborations, acquisitions and mergers, and innovative technology releases.
The noted players that are operational in the global walking assist devices market are Sunrise Medical LLC., Besco Medical Co. Ltd, Better Life Healthcare Ltd, Ossenberg GmbH, Honda Motor Co. Ltd, and Karma Healthcare Ltd.
Global Walking Assist Devices Market: Key Trends
Below-mentioned market trends and opportunities mark the global walking assist devices market:
Rise in the Prevalence of Arthritis to Accentuate Demand in the Market
The rising prevalence of osteoarthritis and rheumatoid, the ageing population, and rising demand for rehabilitation equipment are the primary drivers of the market global walking assist devices market. The expansion of the elderly population is likely to result in the expansion of the market in the years to come. As per the World Health Organization's (WHO) 2020 report, the incidence of rheumatoid arthritis ranges between 0.3 and 1%, with women and developed nations being more affected. Furthermore, by 10 years of the disease's onset, at least half of the patients in industrialized nations appeared unable to work full-time.
In addition to that, the rising incidence of severe neurological illnesses, osteoarthritis, and rheumatoid arthritis is likely to contribute to an increase in the proportion of the population unable to walk. As a result, as the senior population grows, so does the need for walking assist devices all over the world. Walking assist devices also give support, balance, and, finally, the capacity to live independently. The aforementioned elements are to blame for the growing senior population's interest in these technologies.
In addition to that, rise in the healthcare expenditure and government support for the invention of robots to promote health are both considerably contributing to the growth of the market across the globe.
Global Walking Assist Devices Market: Geographical Analysis
North America is likely to dominate the market due to technical breakthroughs made by the leading companies, existence of well-developed healthcare organizations, a rise in the elderly population, and private organizations offering a variety of supportive services for the convenience of physically challenged persons. As per the Centers for Disease Control and Prevention, the number of individuals in the US who are unable or find it difficult to walk or run was estimated to be over 17.1 Mn in 2016. Furthermore, the rising prevalence of rheumatoid arthritis in the US is propelling the country's walking assist device industry.