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HEALTHCARE & PHARMACEUTICAL

Mobility Aid Devices Market Analysis by Product {Wheelchairs (Manual and Power), Mobility Scooters (Boot Scooter, Midsize Scooter and Road Scooter), Walking Aids (Canes, Crutches and Walkers) and Mobility Lifts}; and by End-user(Home Care Settings, Hospitals & Nursing Homes, Assisted Living Facilities and Others) – Global Supply & Demand Analysis & Opportunity Outlook 2022-2031

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Inflation And Looming Recession to Haunt Businesses:

In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022.

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Purchasing power in the couPurchasing power in the country is expected to fell nearly by 2.5%. On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.                                                         Request Insights

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IN THE NEWS

  • February, 2022: Invacare Corporation, a market leading manufacturer and distributor of medical devices, today introduced its next generation E-Fix Eco Power Assist device. This power assist device aims to convert a manual wheelchair into a portable wheelchair through joy sticks, battery and in-wheel motors.
  • June, 2020: GF Health Products (“Graham-Field”), a leading manufacturer of healthcare products, today announced that the company has acquired Gendron, Inc., a manufacturer of mobility devices, seating products. The acquisition will strengthen and maximize the manufacturing and marketing opportunities for Graham-Field in terms of the acute care, home care and rehabilitation market.

Global Mobility Aid Devices Market Size, Forecast, and Trends Highlights Over 2022 - 2031

Mobility-Aid-Devices-Market-CAGR

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. 

Mobility-Aid-Devices-Market-Overview

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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.

Global Mobility Aid Devices Market: Growth Drivers and Challenges

Growth Drivers

  • 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.

  • Rising Growth of Healthcare Expenditure – According to the data, the health expenditure of the United States was approximately USD 3.7 trillion in 2020, accounting for about 18% of GDP, which is projected to reach ~USD 6 trillion by the end of 2028.
  • Increased Research & Development Expenditure – As per data by World Bank, global research and development expenditure in proportion with gross domestic product (GDP) was around 2.63% in 2020, up from 2.2% in 2018.
  • Rising Prevalence of Arthritis – According to the most recent data, there were around 350 million people suffering from arthritis globally in 2021.
  • Improved Healthcare InfrastructureAs per data, Indian Healthcare infrastructure is anticipated to reach valuation of ~USD 345 billion by the end of 2022.

Challenges

  • High Price Associated with Mobility Aid Devices
  • High-Cost Expenditure Required for Research and Development of Mobility Aid Devices
  • Less Awareness related to the Product in the Market

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.

Major Macro-Economic Indicators Impacting the Market Growth

Global-Healthcare-Expenditure

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.

Global Mobility Aid Devices Market Regional Synopsis

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.

Mobility-Aid-Devices-Market-Analysis-Size-Share

The global mobility aid devices market is further classified on the basis of region as follows:

  • North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook

Market Segmentation

Our in-depth analysis of the global mobility aid devices market includes the following segments:

By Product

  • Wheelchairs
  • Manual
  • Power
  • Mobility Scooters
  • Boot Scooter
  • Midsize Scooter
  • Road Scooter
  • Walking Aids
  • Canes
  • Crutches
  • Walkers
  • Mobility Lifts

By End-user

  • Home Care Settings
  • Hospitals & Nursing Homes
  • Assisted Living Facilities
  • Others
 

Top Featured Companies Dominating the Global 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.

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