At 3.20% CAGR, Canes and Crutches Market Size to Hit USD 1022.59 Million, Globally by 2028 | Industry Trends, Share, Growth Rate, Value, Analysis & Forecast Report By Zion Market Research
NEW YORK, July 27, 2022 /PRNewswire/ -- As per Zion Market Research study, The global canes and crutches market was worth around USD 882.90 million in 2021 and is estimated to grow to about USD 1022.59 million by 2028, with a compound annual growth rate (CAGR) of approximately 3.20 percent over the forecast period.
Canes and Crutches Market: Overview
The factors driving the expansion of the global canes and crutches market include a spike in the volume of the knee, hip, and joint replacement surgeries, an increase in car collisions, and a prevalence of chronic illnesses. Canes and crutches are in high demand because seniors are more likely to suffer from musculoskeletal problems or other orthopedic conditions. Furthermore, regional acquisitions by key players are projected to boost the global canes and crutches market growth. Medical device makers are attempting to produce sufficient money in the face of rising manufacturing costs compared to practices. Developing markets in developing countries are expected to play an essential role in providing excellent and improved global market growth possibilities for major industry players looking to increase their geographic reach and operations. The integration of advanced technology in walking aids is paving the way for the robotic exoskeleton, which is anticipated to fulfill the needs of people who struggle to keep equilibrium while using canes and crutches. Furthermore, regulatory authorities' increased approval of novel designs for clubs and crutches is likely to support the worldwide canes and crutches market expansion throughout the forecast period.
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Key Industry Insights & Findings of the Canes and Crutches Market Reports:
- As per the analysis shared by our research analyst, the Canes and Crutches Market is expected to grow annually at a CAGR of around 3.20 % (2022-2028).
- Through the primary research, it was established that the Canes and Crutches Market was valued at approximately USD 882.90 million in 2021 and is projected to reach roughly USD 1022.59 million by 2028.
- North America dominates the global canes and crutches market. The region's expanding aging population, the high prevalence of ailments such as osteoarthritis & osteoporosis, and developed health systems are some of the primary factors for its vast market share.
- Asia Pacific is expected to be the fastest-growing regional market during the forecast period. The region also see an increase in start-up businesses investing in the healthcare industry.
- Favorable healthcare regulations, an expanding older population, and an advanced healthcare market, the United States has the highest percentage in this region.
- The launch of advanced designs by the start-up industry is expected to provide substantial growth potential in the canes and crutches market in the coming years.
Zion Market Research published the latest report titled "Canes and Crutches Market by Product (Accessories, Canes, and Crutches.), By Distributional Channel (Hospital, Medical Retail Stores, Online Stores, and Pharmacies), and By Region - Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecasts 2022 – 2028." into their research database.
Industry Dynamics:
Canes and Crutches Market: Growth Drivers
- The aging population is likely to pave the way for global market growth.
Global population aging will cause a significant rise in the prevalence of fractures in postmenopausal women, thus boosting the global canes and crutches market growth during the forecast period. The aged population is increasing faster than the younger population. This increases chronic diseases, abnormalities, and deterioration of physical functions such as leg and hand mobility. The elderly people are vulnerable to a variety of orthopedic conditions.
Canes and Crutches Market: Restraints
- The increasing alternatives to the canes and crutches may hamper the global market growth.
The availability of alternatives for canes and crutches will likely limit the growth of the global market during the forecast period. Knee walkers and wheelchairs, for example, can be used in place of canes and crutches. A knee walker features wheels that allow unfettered mobility and does not require any upper body strength. Wheelchairs provide for greater mobility and reduce the danger of pressure ulcers. Such replacement items are estimated to limit the worldwide canes and crutches market's growth.
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Global Canes and Crutches Market: Segmentation
Canes and Crutches Market: Segmentation
- The global canes and crutches market is segregated based on product, distributional channel, and region.
By product, the market is divided into accessories, canes, and crutches. Among these, the cane segment dominates the market. Cane use has increased as the aging population and the number of people with impairments grows. Growth in the prevalence of disorders such as rheumatoid arthritis and osteoporosis is also a significant driver of the expanding industry.
By distributional channel, the market is classified into hospitals, medical retail stores, online stores, and pharmacies. The online segment dominates the market; increased knowledge of the benefits of purchasing canes and crutches online is expected to enhance sales.
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List of Key Players in Canes and Crutches Market:
- Drive Devillis Healthcare (Medical Depot Inc.)
- Cardinal Health Inc
- Medline Industries Inc
- GF Health Products Inc
- NOVA Medical Products
- Invacare Corporation
- Ergo actives
- Sunrise Medical.
Key questions answered in this report:
- What are the growth rate forecast and market size for Canes and Crutches Market?
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- What are the most important companies in the Canes and Crutches Market Industry?
- What segments does the Canes and Crutches Market cover?
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Recent Developments
- In August 2020, Bionic Laboratories Corp. announced the integration of voice assistant technology to develop an exoskeleton device that distributes weight evenly and reduces strain on specific body parts.
- In February 2019, ReWalk Robotics announced that Cigna would reimburse the purchase of exoskeleton devices.
Regional Dominance:
- The rising aging population likely to support North America dominates the global market.
North America dominates the global canes and crutches market. The region's expanding aging population, the high prevalence of ailments such as osteoarthritis & osteoporosis, and developed health systems are some of the primary factors for its vast market share. Also, with favorable healthcare regulations, an expanding older population, and an advanced healthcare market, the United States has the highest percentage in this region.
Asia Pacific is expected to be the fastest-growing regional market during the forecast period. The region also see an increase in start-up businesses investing in the healthcare industry. Furthermore, the launch of advanced designs by the start-up industry is expected to provide substantial growth potential in the canes and crutches market in the coming years.
Global Canes and Crutches Market is segmented as follows:
Canes and Crutches Market: By Product Outlook (2022-2028)
- Canes
- Crutches
- Accessories
Canes and Crutches Market: By Distribution Channel Outlook (2022-2028)
- Hospital Pharmacies
- Medical Retail Stores
- Online Stores.
Canes and Crutches Market: By Region Outlook (2022-2028)
North America
- The U.S.
- Canada
Europe
- France
- The UK
- Spain
- Germany
- Italy
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- South Korea
- Southeast Asia
- Rest of Asia Pacific
Latin America
- Brazil
- Mexico
- Rest of Latin America
Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa
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