Global Market Size, Forecast, and Trend Highlights Over 2025-2037
Mobility Aid Devices Market size was valued at USD 9.81 billion in 2024 and is anticipated to cross USD 17.87 billion by the end of 2037, expanding at more than 5.3% CAGR during the forecast period i.e., between 2025-2037. In the year 2025, the industry size of mobility aid devices is estimated at USD 10.22 billion.
The market is estimated to grow on the back of the surging prevalence of chronic diseases, such as cardiovascular diseases along with the rising number of people that are suffering from physical functioning. As per the world health organization, cardiovascular diseases claimed the lives of 17.9 million individuals worldwide in 2019, accounting for 32% of all deaths.
Consumers increasingly favor high-tech goods like smart chairs, and powered vehicles that can be operated by power buttons or mobile applications. People's preference for improved and innovative mobility goods is influenced by their higher disposable income. For instance, the AT2030 program of Clinton Health Access estimates that in high-income countries like the United States, Canada, and China, 90% of people with disabilities have access to wheelchairs.
Mobility Aid Devices Market: Growth Drivers and Challenges
Growth Drivers
- Growing Older Population- One of the elements causing the significant increase in the older population is the growing demand for mobility aid devices. Mobility help devices are anticipated to soar in the anticipated period due to the expanding number of persons with mobility. 60 percent of the world's elderly population, or 630 million people, are now 60 years of age or older.
- Rising Growth of Healthcare Expenditure- When healthcare costs increase, people are prepared to spend money on assistive technologies that can improve their quality of life and keep them independent. The information shows that healthcare spending in the United States increased 9.7% in 2020, totaling USD 4.1 trillion, or USD 12,530 per person.
- Increased Research & Development Expenditure- Rising R&D expenditures have led to the creation of increasingly advanced and user-friendly mobility aids. The mobility aid devices market is growing as a result of companies investing in R&D to improve the functionality, durability, and design of their products. 2.63% of the world's GDP was spent on research and development in 2020, up from 2.2% in 2018, according to figures from the World Bank.
Challenges
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High Price Associated with Mobility Aid Devices- Mobility aids are expensive, and insurance companies frequently refuse to pay for them. Furthermore, many people cannot afford it due to the exorbitant cost of this equipment.
- Extensive Financial Outlays Are Necessary for The Development of Mobility Aids.
- A Lower Level of Market-Related Product Awareness.
Mobility Aid Devices Market: Key Insights
| Report Attribute | Details |
|---|---|
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Base Year |
2024 |
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Forecast Year |
2025-2037 |
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CAGR |
5.3% |
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Base Year Market Size (2024) |
USD 9.81 billion |
|
Forecast Year Market Size (2037) |
USD 17.87 billion |
|
Regional Scope |
|
Mobility Aid Devices Segmentation
Product (Wheelchairs, Mobility Scooters, Walking Aids, Mobility Lift)
The wheelchairs segment is expected to have about 45% of the global mobility aid devices market share during the forecast period. Wheelchairs are used as assistance equipment by people who have problems moving about owing to physical limitations, or aging issues. Wheelchairs come in a range of designs, including manual, powdered, and sporting wheelchairs, to promote movement and freedom. They are among the most popular mobility aids. Due to the rising number of people with impairments, their use is growing, resulting in a growing demand for wheelchairs. For instance, the CDC estimates that due to mobility issues, 13.7% of American adults have severe difficulty walking or climbing stairs.
End - User (Hospitals, Ambulatory Surgical Centers, Diagnostic Imaging Centers, Academic & Research Institutes)
The hospital segment is anticipated to hold 28% share of the global mobility aid devices market by the end of 2037. This growth can be propelled by the growing patient population that needs hospital care and the rising cost of healthcare per person. Moreover, the hospital sector has better infrastructure that provides advanced levels of facilities to the patients. According to the World Bank, health spending made up 9.83% of global GDP in 2019.
Our in-depth analysis of the global mobility aid devices market includes the following segments:
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Product |
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End - User |
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Vishnu Nair
Head - Global Business DevelopmentCustomize this report to your requirements — connect with our consultant for personalized insights and options.
Mobility Aid Devices Industry - Regional Synopsis
North American Market Forecast
The North America mobility aid devices market is projected to hold about 35% of the revenue share by the end of 2037. The region is home to some of the greatest manufacturers of mobility aids, which supports the growth of the sector. Along with major investments in health and welfare, North America has manufactured cutting-edge and user-friendly mobility aids to meet the needs of those who have mobility challenges. The United States spent over USD 3.5 trillion on health care overall in 2020, and it is predicted that this amount will rise to USD 6 trillion by the end of 2028.
APAC Market Statistics
The mobility aid devices market in the Asia Pacific is also projected to have about 28% market share. With the attractive reimbursement regulations for purchasing or renting services, the market is expected to grow quickly throughout the forecast period in the region. Moreover, the rising number of accidents in the Asia-Pacific region is increasing the requirement for mobility aid devices for injured people. As per the Asian Development Bank, every year in Asia and the Pacific accounts for nearly 645,000 road accidents.
Companies Dominating the Mobility Aid Devices Market
- Invacare Corporation
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
- Sunrise medical (US) LLC
- Permobil, Inc.
- Stryker Corporation
- MEYRA GmbH (MEYRA Group)
- Besco Medical Limited
- Medline Industries, LP
- GF Health products. Inc
- Kaye Products, INC
- Performance Health holding, Inc.
Recent Developments
- Invacare Corporation introduced its next generation E-Fix Eco Power Assist devices. This power assist device aims to convert a manual wheelchair into a portable wheelchair through joy stick, battery, and in-wheel motors.
- GF Health Products announced that the company acquired Gendron, Inc., a manufacturer of mobility devices, and a seating products.
Author Credits: Radhika Pawar
- Report ID: 4246
- Published Date: Oct 10, 2024
- Report Format: PDF, PPT
