In the past few years, there has been an alarming rise in the number of individuals with physical disabilities and/or a variety of medical conditions that affect mobility globally. Moreover, the number of individuals affected by medical conditions that lead to limited mobility for a temporary period has also significantly increased. These factors, coupled with the vast rise in the world’s geriatric population, which is more prone to mobility disabilities owing to conditions such as osteoporosis and rheumatoid arthritis, have led to a vast rise in the overall demand for a variety of mobility devices.
The present-day market for personal mobility devices caters to the specific needs of people with limited mobility with the help of a wide range of innovative, technologically improved, and highly evolved specialist products. Advancements in battery technology, sensors, software, and low-cost manufacturing of hardware have inspired vast improvements in personal mobility devices in the past few years. Transparency Market Research estimates that the personal mobility devices market will expand at a healthy CAGR of 7.2% over the period between 2016 and 2024. At this pace, the market, which held an opportunity worth US$7.7 bn in 2015, is expected to rise to US$14.6 bn by 2024.
Wheelchairs Emerge as Most Preferred Medical Mobility Aid and Ambulatory Devices
In the segment of mobility aid and ambulatory devices, the segment of wheelchairs seems to be the most preferred among the global consumer. The segment accounted for a nearly 56% share of the medical mobility aids and ambulatory devices market in 2015 and is likely to be the leading revenue generator for the market in the next few years as well.
The availability of wheelchairs with a vast range of features, specifications, and costs ranging from affordable basic manual models to expensive high-end electric and technologically advanced models allow wheelchairs to satisfy the needs of wide range of individuals with a diverse range of needs. Of the two key varieties, namely manual wheelchairs and electric wheelchairs, electric wheelchairs are the most preferred variety owing to superior performance in indoor as well as outdoor premises, ease of driving, and high stability.
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North America and Europe to Retain Dominance, Asia Pacific Most Attractive Market
In 2015, North America and Europe collectively accounted for a share of over 70% in the global personal mobility devices market. Easy availability of technologically advanced products, excellent assistive public and private infrastructure, and a decent level of affordability are the key factors working in favor of these regional markets. The future growth prospects of the personal mobility devices market in these regions are also highly positive. However, these regional markets are expected to lose their appeal to Asia Pacific, which is expected to be the fastest growing regional market for personal mobility devices from 2016 to 2024.
Asia Pacific accounted for 22% of the global market in 2015. Expanding at an over 9% CAGR from 2016 through 2024, the market for personal mobility devices in the region is expected to account for a nearly 26% of the global market by 2024. Rising awareness about the vast variety of highly efficient products available in the market, easy availability of products at affordable prices, and a promising regulatory scenario for the procurement of a variety of essential medical devices will be the key drivers of the Asia Pacific personal mobility devices market.
The market features a consolidated competitive landscape in developed economies. However, in developing regions, it is highly fragmented and is speckled with a large number of small and medium-sized companies. Some of the key vendors operating in the global personal mobility devices market are Argo Medical, Invacare Corporation, ArjoHuntleigh, Stryker Corporation, Amigo Mobility International, Inc., Drive Medical, GF Health Products, Inc., Hill-Rom Holdings, Inc., Pride Mobility Products Corporation, Ottobock Healthcare, Permobil AB, Patterson Companies, Inc., and Sunrise Medical LLC.
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