Global Personal Mobility Devices Market to Surpass US$ 13.9 Billion by 2026

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Jul 17, 2019, 11:32 ET

SEATTLE, July 17, 2019 /PRNewswire/ -- According to Coherent Market Insights, the global personal mobility devices market was valued at US$ 7,818.5 million in 2017, and is projected to exhibit a CAGR of 6.7% over the forecast period (2018–2026).https://www.coherentmarketinsights.com/market-insight/coagulation-analyzers-market-1255

Key Trends and Analysis of the Global Personal Mobility Devices Market:

Key trends in market are rising number of disability cases owing to growing geriatric population, development of advanced personal mobility devices, favorable government policies, and supportive initiatives by organizations.

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Increasing number of disability cases due to rising geriatric population is expected to augment the market growth. According to World Population Prospects, in 2017, global population aged over 60 years was 962 million, which is expected to reach around 2.1 billion by 2050. Globally, population aged 60 years and above is increasing faster than all younger age groups. This group of population is highly susceptible to different types of age-related diseases such as diabetes, renal insufficiency and arthritis, metabolic change, Parkinson's disease, organ failures, and nervous disorders. Furthermore, according to the U.S. Census Bureau, 2015, population of aged 65 years and above is expected to increase over 60% during 2015 – 2030. It is estimated that the highest growth would be in Asia Pacific region and Latin America.

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Favorable government initiatives and initiatives by non-profit organizations such as WHO and International Society of Wheelchair Professionals (ISWP), to increase awareness among people, is expected to support the market growth. Governments in emerging countries such as India and China are focusing on initiatives for the disabled, to create awareness about advanced wheelchair and provide wheelchairs in discounted price. For instance, the Government of India, under their Department of Empowerment of Persons with Disabilities provide assistance to disabled persons for purchasing / fitting of aids / appliances (ADIP scheme). Under this, the government distributed wheelchairs to children aged 16 to 18 years by offering subsidy of US$ 389.12 per children in 2015.

Furthermore, key players operating in the market are focused on product launch, in order to strengthen their market position. In March 2019, Yamaha Motor Co., Ltd. announced the launch of NAVIGO joystick power system for wheelchair riders to support the independent living of user

However, high cost of advanced personal mobility devices is expected to hider the market growth. For instance, the EZ LITE Cruiser model wheelchair of EZ Lite Cruiser company costs around US$ 2,195. This makes it unaffordable for middle income class people.

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Key Market Takeaways:

The global personal mobility devices market is expected to exhibit a CAGR of 6.7% during the forecast period (2018–2026), owing to rising number of disability cases in growing geriatric population, development of advanced personal mobility devices, favorable government policies, and supportive initiatives by organizations. According to the Association for Safe International Road Travel 2017, around 20-50 million people are injured or disabled in road crashes every year. Increasing number of disabled people, therefore leads to an increase in demand for adult wheelchairs by hospitals, homecare settings, and diagnostic centers.
Key players in the market are focused on adopting merger and acquisition strategies to enhance their product portfolio, which in turn is expected to propel the market growth over the forecast period. In June 2015, Pride Mobility Products Corporation acquired Stealth Products, the most recognized brand of complex rehab components in the industry, including positioning components and specialty drive controls.
Key players operating in the global personal mobility devices market include Invacare Corporation, Pride Mobility Products Corporation, Drive Devilbiss Healthcare, Sunrise Medical (US) LLC, Permobil, Acorn Stairlifts Inc., Stannah International, Ottobock Healthcare, R&E Stricker Reha-Entwicklungen GmbH, Triride srl, Klaxon Mobility GmbH, Alber GmbH, Spinergy, Inc., and Yamaha Motor Co., Ltd.

Report Segmentation:

Global Personal Mobility Devices Market, By Product Type:

Wheelchair
Scooters
Handbikes

Electric handbikes
Manual handbikes
Hybrid handbikes

Walkers
Stair-lifts
Power Add On Products
Others

Global Personal Mobility Devices Market, By End User:

Hospitals & Clinics
Ambulatory Surgical Centers
Urgent Care Center
Homecare Setting
Others

Global Personal Mobility Devices Market, By Region:

North America

By Country:

U.S.
Canada

Latin America

By Country:

Brazil
Mexico
Argentina
Rest of Latin America

Europe

By Country:

Germany
U.K.
France
Italy
Spain
Russia
Rest of Europe

Asia Pacific

By Country:

China
India
Japan
Australia
South Korea
ASEAN
Rest of Asia Pacific

Middle East

By Country/Region:

GCC
Israel
Rest of Middle East

Africa

By Country/Region:

South Africa
Central Africa
North Africa

Company Profiles

To know the latest trends and insights prevalent in this market, click the link below:

https://www.coherentmarketinsights.com/market-insight/personal-mobility-devices-market-1662

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Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.

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SOURCE Coherent Market Insights