Mobility Aid Devices Market Analysis by Product (Wheelchairs, Mobility Scooters, Walking Aids, and Mobility Lifts); and by End-User (Hospitals, Ambulatory Surgical Centers, Diagnostic Imaging Centers, and Academic & Research Institutes) – Global Supply & Demand Analysis & Opportunity Outlook 2023-2033
Buy Now Report ID: 4246 | Published Date: Feb 27, 2023
The global mobility aid devices market is estimated to garner a revenue of ~USD 15 billion by the end of 2033 by growing at a CAGR of ~5% over the forecast period, i.e., 2023 – 2033. Further, the market generated a revenue of ~USD 9 billion in the year 2022. 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. The global mobility aid devices market is also estimated to witness growth on account of the increasing level of the geriatric population globally. Moreover, increasing technological advancements in products and increasing competition among key manufacturers are anticipated to be other factors driving the growth of the global mobility aid devices market in the coming years.
Additionally, mobility products are mainly used in hospitals and healthcare centers to help patients move around more easily, usually with the aid of another person. Automated mobility aids that only require a minimal amount of human effort to control and run are now possible thanks to technological advancements. Consumers increasingly favor high-tech goods like smart chairs and powered wheelchairs that can be operated by power buttons or mobile applications. People's preferences for improved and innovative mobility goods are influenced by their higher disposable income and rising healthcare costs. One of the major market trends for medical mobility aids that will propel the market share growth is the rising usage of advanced mobility products. Additionally, a major factor in the wheelchair market's supremacy worldwide is the accessibility of wheelchairs and the comfort they provide. For instance, according to Clinton Health Access' AT2030 Program, 90% of individuals with disabilities have access to wheelchairs in high-income nations like the United States, Canada, and China. International demand for wheelchairs is also rising as a result of technological advancements in the industry. For instance, Invacare unveiled the TDX SP2 scooter in August 2017. A power wheelchair with a touchscreen monitor, wireless programming, SureStep suspension, and a lock function for increased stability is the Invacare TDX SP2.
|
Base Year |
2022 |
|
Forecast Year |
2023-2033 |
|
CAGR |
~5% |
|
Base Year Market Size (2022) |
~ USD 9 Billion |
|
Forecast Year Market Size (2033) |
~ USD 15 Billion |
|
Regional Scope |
|
Growth Drivers
Rising Demand for Wheelchairs – The enormous rise in the population of elderly people is one of the factors contributing to the rising need for wheelchairs. With the number of rising people suffering from mobility disabilities mobility aid devices are expected to propel in the forecasted period. As per estimates, more than 72 million people require wheelchairs daily to perform their regular activities, which is about 1% of the global population.
Rising Growth of Healthcare Expenditure – People are more willing to spend money on assistive technology that can enhance their quality of life and keep them independent when healthcare expenses rise. To promote the health and wellness of their inhabitants, governments are also funding healthcare infrastructure and initiatives that increase the availability of mobility aids. According to the data, U.S. healthcare spending grew 9.7 percent in 2020, reaching USD 4.1 trillion or USD 12,530 per person. As a share of the nation's Gross Domestic Product (GDP), health spending accounted for 19.7 percent.
Increased Research & Development Expenditure – More sophisticated and user-friendly mobility aids have been created as a result of rising research and development spending. The market is expanding as a result of businesses spending on R&D to enhance the use, longevity, and design of their goods. As per data from the World Bank, global research and development expenditure in proportion to gross domestic product (GDP) was around 2.63% in 2020, up from 2.2% in 2018.
Rising Prevalence of Arthritis – The need for mobility aids is rising as arthritis is becoming more common, particularly among the elderly population. Mobility devices including wheelchairs, crutches, and walkers can help people with arthritis who have joint pain, stiffness, and trouble moving. According to the most recent data, around 350 million people were suffering from arthritis globally in 2021.
Improved Healthcare Infrastructure – Access to medical supplies and mobility aids has been facilitated by the development of the healthcare system, particularly in developing nations. More individuals can obtain healthcare thanks to better medical facilities and more access to medical equipment. As per data, Indian Healthcare infrastructure is anticipated to reach a valuation of nearly USD 370 billion by the end of 2022.
Challenges
The global mobility aid devices market is segmented and analyzed for demand and supply by end-user into hospitals, ambulatory surgical centers, diagnostic imaging centers, and academic & research institutes. Out of these segments, the hospital segment is anticipated to garner the largest market share by the end of 2033, owing to the rising healthcare expenditure per capita along with a huge patient pool that requires treatment in hospital facilities. As per the World Bank, health expenditure in the year 2019, accounted for 9.83% of the global GDP.
The global mobility aid devices market is also segmented and analyzed for demand and supply by-products into wheelchairs, mobility scooters, walking aids, and mobility lifts. Out of these segments, the wheelchairs segment is anticipated to garner the largest market share by the end of 2033. People who have trouble moving about due to physical restrictions, accidents, or aging concerns use wheelchairs as assistance equipment. To increase mobility and freedom, wheelchairs are available in a variety of styles, including manual, powered, and sports wheelchairs. They are one of the most widely used mobility devices. Their use is increasing as a result of the growing number of persons with disabilities. For instance, the CDC estimates that 13.7% of U.S. adults struggle significantly to walk or climb stairs due to mobility limitations.
Our in-depth analysis of the global mobility aid devices market includes the following segments:
|
By Product |
|
|
By End-User |
|
The North America mobility aid devices market, amongst the market in all the other regions, is projected to hold the largest market share by the end of 2033. This is brought on by several elements, including an aging population, a high frequency of chronic illnesses like arthritis, and a sophisticated healthcare system in the area. In addition, the region has some of the biggest producers of mobility aids, which helps the industry expand. As a technically advanced area, North America has also produced cutting-edge and user-friendly mobility aids that cater to the demands of those who have mobility issues, along with significant expenditure on health and welfare. According to statistics, in 2020, the total health expenditure of the United States was approximately USD 3.5 trillion, which is projected to reach ~USD 6 trillion by the end of 2028.
Additionally, the market in the Asia Pacific region is also projected to grow rapidly over the forecast period on the back of factors including an aging population, an increase in age-related disorders, expanding healthcare infrastructure, high healthcare spending, and favorable reimbursement rules for purchasing or renting services.
Invacare Corporation 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.
GF Health Products (“Graham-Field”) announced that the company acquired Gendron, Inc., a manufacturer of mobility devices, and seating products.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Author Credits: Radhika Gupta, Shivam Bhutani
Ans: Rising level of the geriatric population and increasing demand for wheelchairs are estimated to majorly boost the market growth.
Ans: The market is anticipated to attain a CAGR of ~5% over the forecast period, i.e., 2023 – 2033.
Ans: High cost of mobility aid devices is estimated to hamper the market growth.
Ans: The market in North America is projected to hold the largest market share by the end of 2033 and provide more business opportunities in the future
Ans: 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.
Ans: 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
Ans: The market is segmented by product, end-user, and by region
Ans: The hospital segment is anticipated to garner the largest market size by the end of 2033 and display significant growth opportunities.
Submit Your Request For Proposal (RFP)
