Mobility Aid Devices Market Size & Share, Growth Forecasts 2035

Global Market Size, Forecast, and Trend Highlights Over 2023 - 2035

Mobility Aid Devices Market size is poised to cross USD 16.6 Billion by the end of 2035, growing at a CAGR of 5.2% during the forecast period, i.e., 2023 – 2035. In the year 2022, the industry size of mobility aid devices was around USD 9 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.

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Mobility Aid Devices Market: Key Insights

Base Year	2022
Forecast Year	2023-2035
CAGR	~ 5.2%
Base Year Market Size (2022)	~ USD 9 Billion
Forecast Year Market Size (2035)	~ USD 16.6 Billion
Regional Scope	North America (U.S., and Canada) Latin America (Mexico, Argentina, Rest of Latin America) Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific) Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe) Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)

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

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 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 2035. 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:

Product	Wheelchairs Mobility Scooters Walking Aids Mobility Lifts
End - User	Hospitals Ambulatory Surgical Centers Diagnostic Imaging Centers Academic & Research Institutes

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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 2035. 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.

Key Questions Answered in the Report

1) What are the major factors driving the growth of the mobility aid devices market?

Ans: Rising level of the chronic diseases and increasing demand for wheelchairs are estimated to majorly boost the market growth.

2) What would be the CAGR of the mobility aid devices market over the forecast period?

Ans: The market size of mobility aid devices is anticipated to attain a CAGR of 5.2% over the forecast period, i.e., 2023 â€“ 2035.

3) Who are the major players dominating the mobility aid devices market?

Ans: The major players in the market are 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, and others.

4) Which segment captures the largest market size in the product segment in the mobility aid devices market?

Ans: The wheelchair segment is anticipated to garner the largest market size by the end of 2035 and display significant growth opportunities.

5) Which region will provide more business opportunities for the growth of the mobility aid devices market in the future?

Ans: The market in the North America region is projected to hold the largest market share by the end of 2035 and provide more business opportunities in the future.