Analysis by Product (Wheelchairs, Mobility Scooters, Medical Beds, Crutches, Walking Aids, and Others); by Sales Channel (Wholesalers, Online Retailers, and Specialty Stores); and by End User (Hospitals, Clinics, Care Centers, Homecare and Others) – Global Supply & Demand Analysis & Opportunity Outlook 2023-2033
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The global personal mobility devices market is estimated to garner a revenue of USD 21 Billion by the end of 2033 by growing at a CAGR of ~6% over the forecast period, i.e., 2023 – 2033. Further, the market generated a revenue of USD 15 Billion in the year 2022. The growth of the market can be attributed to the increasing road accidents and crashes worldwide, along with the increasing count of workplace and sports injuries. According to the World Health Organization (WHO), approximately 1.3 million lives are lost each year as a result of road traffic accidents. The number of non-fatal injuries is between 20 and 50 million, with many of them resulting in a disability. In addition, it was stated that more than 4,37,000 road accident cases were reported in 2019 in India. A rise in traffic accidents has resulted in a higher number of people with severe disabilities as a result. Thus, the demand for personal mobility devices is predicted to grow rapidly over the forecast period.
Designed for a single user, the personal mobility devices include one or more wheels and an electric motor, along with a stopping system controlled either by brakes, gears, or other controls, and can only travel at modest speeds. Moreover, rising disposable income, followed by the increased awareness of self-care, high spending on healthcare, initiatives by the government to expand healthcare access, as well as the development of advanced innovative products are anticipated to expand global personal mobility devices market size during the forecast period. For instance, in January 2022, Falcon Mobility Pte. Ltd. launched its 2nd-generation Ultra-Lite 2 electric wheelchair, which provides lightweight mobility and is simple to operate.
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Base Year |
2022 |
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Forecast Year |
2023-2033 |
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CAGR |
~6% |
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Base Year Market Size (2022) |
~ USD 15 Billion |
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Forecast Year Market Size (2033) |
~ USD 21 Billion |
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Regional Scope |
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Growth Drivers
Growing Numbers of Geriatric Population Around the World- According to the World Bank, there were 747,238,580 people over the age of 60 years in the world in 2021. Across the globe, the number of seniors over 65 is rapidly increasing.
There is a reduction in the ability to do physical chores as people age. Mobile device usage among the geriatric population is expected to increase significantly as a result of chronic illness, fear of falling, and difficulty walking. This factor is expected to fuel the demand for personal mobility devices during the forecast period.
Rise in Prevalence of Musculoskeletal Conditions Among the Population – According to the World Health Organization, worldwide, 1.71 billion people suffer from musculoskeletal conditions. These conditions are responsible for the majority of disability, with back pain being the most prevalent cause.
Increasing Incidence of Disabilities Worldwide- For Instance, there are more than 1 billion people living with disabilities. A total of about 15% of the world's population is affected by this problem, with 190 million (3.8%) people over the age of 15 experiencing significant difficulties.
Surge in Exports of Mobility Carriages for Disabled Persons- According to the statistics by the International Trade Center (Trademap), the value of exports of mobility Carriages in China in the year 2021 was recorded to be USD 255,613 thousand, which was an increase from USD 183,661 thousand in the previous year.
Globally Increasing Spending on Healthcare Services- The Centers for Medicare & Medicaid Services released a report showing that in 2020, the United States spent USD 4.1 trillion on healthcare services in the form of healthcare services, which represented 19.7% of the country's GDP.
Challenges
The global personal mobility devices market is segmented and analyzed for demand and supply by end user into hospitals, clinics, care centers, homecare, and others. Out of these types of segments, homecare segment is estimated to gain the largest market share over the projected time frame. The growth of the segment can be attributed to the rising prevalence of diseases such as arthritis and chronic disability in the elderly population. It was observed that a staggering 45% of older persons aged 60 and older are living with a disability, and more than 245 million older people suffer from mild to severe levels of disability. Older people are less capable of walking and need mobility aids at home. Therefore, the acceptance of personal mobility devices among the elderly population is expected to augment segment growth during the forecast period.
The global personal mobility devices market is also segmented and analyzed for demand and supply by product into wheelchairs, mobility scooters, medical beds, crutches, walking aids, and others. Amongst these segments, the wheelchairs segment is expected to garner a significant share. Wheelchairs used by people living with mobility disability for locomotion. Wheelchairs can be both power-driven and manually operated. The benefits of a wheelchair are reduction in the physical problems such as. Progression of deformities, pressure sores, and digestion. The segment is estimated to grow on the back of escalating number of people across the globe with disabilities every day. For instance, it was observed that the need for wheelchairs rises by nearly 3000 every day worldwide while around 600 million people are living with some sort of disabilities across the globe.
Our in-depth analysis of the global personal mobility devices market includes the following segments
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By Product |
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By Sales Channel |
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By End User |
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The North American personal mobility devices market, amongst the market in all the other regions, is projected to hold the largest market share by the end of 2033. The growth of the market can be attributed majorly to the huge base of geriatric and patient population with severe mobility issues and also triggering the demand for hospitalization owing to several chronic and acute diseases. Well-structured homecare services in the region also expected to hike the market growth over the forecast period. For instance, in United States, Medicare patients with chronic diseases account 80% of hospitalizations, 90% of medication prescriptions, and 77% of healthcare home visits. Additionally, more than 6 million Americans are anticipated to use assistive devices for mobility. Moreover, the availability of personal mobility devices, improved access to healthcare, the prevalence of age-related diseases such as cancer, diabetes, seizures, and others, and favorable hospital reimbursement policies are some other factors anticipated to propel the demand for personal mobility devices in the region during the forecast period. In addition to this, an upsurge in the adoption of electric mobility is also a crucial factor that is anticipated to further boost the personal mobility devices market in the region in the coming years. For instance, currently, around 150,000 people uses electric powered wheelchair and scooters in USA. Moreover, as of 2021, approximately 2 million people were diagnosed with cancer while this disease accounted for around 600,000 deaths in the United States. Therefore, all these factors are projected to enlarge the market size in the region over the forecast period.
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.
Ans: Growing numbers of geriatric population around the world and increasing incidence of disabilities worldwide are the major factors driving the market growth.
Ans: The market is anticipated to attain a CAGR of ~6% over the forecast period, i.e., 2023 – 2033.
Ans: Disruption in sales of product as of COVID-19 pandemic are estimated to be the growth hindering factors for the market expansion.
Ans: The market in the North American region 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 Falcon Mobility Pte. Ltd., Rollz Mobility UK Ltd, GF Health Products, Inc., Invacare Corporation, Carex Health Brands, Inc., Kaye Products, Inc, Medline International B.V., Ottobock SE & Co. KGaA, Hoveround Corporation, 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, sales channel, end user, and by region.
Ans: The homecare segment is anticipated to garner the largest market size by the end of 2033 and display significant growth opportunities.
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