Personal Mobility Devices Market is Projected to Develop at a CAGR of 7.1% during the Forecast Period, mentions TMR Study
2022-07-15
Technological developments in mobility aids or assistive devices to promote older people's mobility are projected to broaden the scope of personal mobility devices market
An increase in injuries due to traffic accidents is likely to drive the personal mobility devices in Asia Pacific
WILMINGTON, Del., July 15, 2022 /PRNewswire/ -- The value of the global personal mobility devices market stood at US$ 10.4 Bn in 2021. The global market is projected to rise at a CAGR of 7.1% during the forecast period, from 2022 to 2031. The global personal mobility devices market is likely to surpass value of US$ 20.5 Bn by 2031. The introduction of technologically advanced products and an increase in automobile accidents resulting in impairments are projected to support growth of the global personal mobility devices market. In addition, expanding geriatric populace and the increasing prevalence of chronic illnesses are anticipated to support positive future market outlook for personal mobility devices.
Additionally, it is anticipated that an increase in the frequency of chronic diseases including muscular dystrophy, cerebral palsy, and arthritis across all age groups is estimated to fuel demand for highly improved mobility aids. The distribution of personal mobility devices is a crucial component of healthcare in nations including the Philippines, South Africa, Cuba, Guyana, Indonesia, Mozambique, and Costa Rica. These devices are given by the Ministry of Health in these countries. The Ministry of Social Welfare is in charge of providing mobility aids in various nations, including Vietnam, Eritrea, Ethiopia, and India. In the near future, it is anticipated that these nations will present development prospects for the global personal mobility devices market.
Personal mobility devices market demand analysis estimates that the wheelchairs category makes up a considerable portion of the global market, which is largely focused on high-income regions and is highly fragmented. Less than half of the global personal mobility devices market is controlled by the top four manufacturers, which are Invacare, Sunrise Medical, Ottobock, and Permobil.
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Key Findings of Market Report
The incidence of traffic accidents and serious injuries is driven by poor infrastructure, increasing number of automobiles, and bad roadways. According to a World Health Organization (WHO) estimate, 20 million to 50 million individuals worldwide suffer non-fatal injuries each year due to traffic accidents. As a result, it is anticipated to drive growth opportunities in personal mobility devices market in the forthcoming years.
The number of people over 65 years is growing rapidly all over the world. With aging, one's capacity to do physical tasks declines. The number of elderly people using mobile devices is probably going to rise, mostly due to their fear of falling. This factor is likely to increase demand and present considerable growth opportunities for the key players in the personal mobility devices market.
Medical furniture & bathroom safety devices and medical mobility aids & ambulatory devices now make up two product segments of the global market for personal mobility devices. In 2021, medical mobility aids & ambulatory devices represented a significant market share for personal mobility devices market.
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Global Personal Mobility Devices Market: Growth Drivers
Based on distribution channel, hospital pharmacies accounted for a sizeable market share in 2021, making up over 50% of it. The presence of licensed doctors and the anticipated increase in prescription filling demand at different hospital pharmacies are expected to boost the category. Additionally, the reliability on the quality and pricing of the pharmaceuticals as well as advice from qualified specialists on drug use are anticipated to fuel segment development.
In 2021, North America held a sizable portion of the global market for personal mobility devices, amounting to over 40%. The region's market for personal mobility devices is anticipated to expand steadily over the next years as a result of rising aging-related illness prevalence and rising healthcare costs. Additionally, the market is anticipated to grow due to advances in healthcare infrastructure and attractive reimbursements for purchase or rental of these devices.
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Global Personal Mobility Devices Market: Key Players
Some of the key market players are
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Global Personal Mobility Devices Market: Segmentation
Product
Medical Mobility Aids & Ambulatory Devices
Medical Furniture & Bathroom Safety Products
Modernization of healthcare in terms of both infrastructure and services have pushed the healthcare industry to new heights, Stay Updated with Latest Healthcare Research Reports by Transparency Market Research:
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