Personal Mobility Devices Market Size to Reach $14.59 Bn, Globally, by 2027 at 7.1% CAGR: Allied Market Research
Technological advancements, rise in prevalence of chronic diseases, and surge in the aging population drive the growth of the global personal mobility devices market.
PORTLAND, Ore., May 25, 2021 /PRNewswire/ -- Allied Market Research published a report, titled, "Personal Mobility Devices Market by Product (Walking Aids, Wheelchairs, and Scooters) and End User (Hospitals, Homecare and Others) - Global Opportunity Analysis and Industry Forecast, 2020–2027." According to the report, the global personal mobility devices industry generated $7.70 billion in 2019, and is projected to garner $14.59 billion by 2027, witnessing a CAGR of 7.1% from 2020 to 2027.
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Prime determinants of growth
Technological advancements, rise in prevalence of chronic diseases, and surge in the aging population drive the growth of the global personal mobility devices market. However, high cost and complications regarding the usage hinder the market growth. On the other hand, upsurge in demand from emerging countries creates new opportunities in the coming years.
Covid-19 Scenario
- New challenges in terms of balancing supply and demand of personal mobility devices components occurred due to disruptions in the supply chain and lack of availability of human resources due to lockdown imposed during the Covid-19 pandemic.
- Patients suffering from chronic and physical disabilities were unable to follow the social distancing norms and guidelines as they require continuous assistance from caregivers or medical helpers. This posed risks to attendants as well. This impacted the usage of these devices.
The wheelchairs segment to maintain its lead position during the forecast period
Based on product, the wheelchairs segment contributed to the highest share in 2019, accounting for nearly three-fourths of the global personal mobility devices market, and is estimated to maintain its lead position during the forecast period. Rise in the number of spine injuries that led to increased usage of wheelchairs. However, the mobility scooters segment is expected to portray the highest CAGR of 7.6% from 2020 to 2027, owing to surge in awareness and adoption in developed countries.
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The homecare segment to maintain its leadership status during the forecast period
Based on end user, the homecare segment held the highest share in 2019, contributing to more than three-fourths of the global personal mobility devices market, and is expected to maintain its leadership status during the forecast period. Moreover, this segment is expected to manifest the largest CAGR of 7.2% from 2020 to 2027. This is attributed to increase in the geriatric population, rise in cases of disabilities, and increase in prevalence of arthritis & developmental disabilities among children.
North America to continue its dominant share by 2027
Based on region, North America accounted for the largest share in terms of revenue in 2019, contributing to more than two-fifths of the global personal mobility devices market, and is projected to continue its dominant share by 2027. This is attributed to rise in prevalence of diseases such as osteoporosis, spinal cord disease, and rheumatoid arthritis within the region. However, Asia-Pacific is expected to register the fastest CAGR of 8.3% during the forecast period. This is due to presence of a large patient population and surge in awareness regarding mobility aids.
Leading market players
- Briggs Healthcare
- Carex Health Brands, Inc.
- Drive DeVilbiss Healthcare
- GF Health Products, Inc.
- Invacare Corporation
- Medline Industries Inc.
- Pride Mobility Products Corp.
- Rollz International
- Stryker Corporation
- Sunrise Medical LLC
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We have also published few syndicated market studies in the similar area that might be of your interest. Below are the report title for your reference, considering Impact of Covid-19 Over This Market which will help you to assess aftereffects of pandemic on short-term and long-term growth trends of this market.
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