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 Market: Key Insights
|
Base Year |
2024 |
|
Forecast Year |
2025-2037 |
|
CAGR |
5.3% |
|
Base Year Market Size (2024) |
USD 9.81 billion |
|
Forecast Year Market Size (2037) |
USD 17.87 billion |
|
Regional Scope |
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Browse key industry insights with market data tables & charts from the report:
Frequently Asked Questions (FAQ)
In the year 2025, the industry size of mobility aid devices is estimated at USD 10.22 billion.
The 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. Rising level of the chronic diseases and increasing demand for wheelchairs will drive the market growth.
North America industry is set to hold more than 35% revenue share by 2037, due to the rising manufacturers of mobility aids devices in the region.
The major players in the market include Invacare Corporation, 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.
