The global mobility aid devices market is estimated to garner a revenue of ~USD 15 billion by the end of 2031 by growing at a CAGR of ~5% over the forecast period, i.e., 2022 – 2031. Further, the market generated a revenue of ~USD 9billion in the year 2021.The market is estimated to grow on the back on rising level of population that are suffering from mobility disabilities and physical functioning.According to recent statistics, a large number of adults in the United States were having difficulty performing physical tasks, for example, about 17 million adults aged 18 and older were unable (or experiences extreme difficulty) to walk a quarter mile.
The global mobility aid devices market is also estimated to witness growth on account of increasing level of geriatric population globally. According to World Health Organization (WHO) data, the global population aged 60 years and above stood at around 1 billion in 2020, which is projected to increase to 1.4 billion by the end of 2030. Furthermore, this figure is estimated to reach 2.1 billion, by 2050.Moreover, increasing technological advancements in products and increasing competence among key manufacturers are anticipated to be other factors driving the growth of the global mobility aid devices market in the coming years.
Rising Demand for Wheelchairs - As per estimates, more than 72 million people require wheelchairs on a daily basis to perform their regular activities, which is about 1% of the global population.
The global mobility aid devices market is segmented and analyzed for demand and supply by end-user into home care settings, hospitals &nursing homes, assisted living facilities and others. Out of these segments, the hospitals and nursing homes segment is anticipated to garner the largest market share over the forecast period, owing to the rising number of hospitals globally. According to statistics, in 2020, the total number of hospitals in the United States was about 6000, in addition, in the same year, the number of hospitals in Japan was around 8,000. Moreover, the rising growth of the hospital industry is also expected to fuel the growth of this segment in the coming years.
According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5355.79, which grew from USD 3515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, the National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.
Regionally, the global mobility aid devices market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Out of these, the market in North America is projected to hold the largest market share by the end of 2031. This can be accredited to the rising level of geriatric population and increasing healthcare expenditure in the region. According to statistics, the share of the population aged 65 and older in the total United States population was approximately 17% in 2020, which is projected to reach ~20% by the end of 2030.
Further, the market in Asia Pacific is estimated to gain the significant growth during the forecast period, owing to the rising number of developmental disabilities among children. In addition, the increasing prevalence of chronic diseases such as arthritis and the increasing number of older people helped increase sales of mobility aided devices. According to the World Health Organization data, in 2019, the population aged 60 and over in China was about 254 million, which is expected to reach 402 million by the end of 2040, which is 28% of the total Chinese population. Hence such factors are expected to drive the growth of global mobility aid devices market in the coming years.
Our in-depth analysis of the global mobility aid devices market includes the following segments:
Top Featured Companies Dominating the Global Mobility Aid Devices Market
FREQUENTLY ASKED QUESTIONS
Rising level of geriatric population and increasing demand for wheelchairs are estimated to majorly boost the market growth.
The market is anticipated to attain a CAGR of ~5% over the forecast period, i.e., 2022 – 2031.
High cost of mobility aid devices is estimated to hamper the market growth.
The market in North America is projected to hold the largest market share by the end of 2031 and provide more business opportunities in the future.
The major players in the market are Sunrise Medical (US) LLC, Permobil, Inc., Stryker Corporation, Besco Medical Limited, Medline Industries, LP, GF Health Products, Inc, Kaye Products, INC, Performance Health Holding, Inc. and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by product, end-user and by region.
The hospitals & nursing homes segment is anticipated to garner the largest market size by the end of 2031 and display significant growth opportunities.
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