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ELECTRONICS & SMART DEVICES

Personal Mobility Devices Market 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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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

  • Drive DeVilbiss Healthcare Ltd introduced a lightweight powerchair called the NEW Carbon Fibre AirFold Powerchair. Despite being compact and lightweight, it weighs only 15.8kg and has an integral grab handle to make carrying and lifting easier.
  • Rollz Mobility UK Ltd has announced that 80% of the Parkinson’s participants benefited from using Rollz’s Parkinson’s walker with different cues. In addition to being able to adjust the cues, it also facilitates an active lifestyle for people with neurological disorders, such as Parkinson's and MS. 

Global Personal Mobility Devices Market Size, Forecast, and Trend Highlights Over 2023 - 2033

Base Year

2022

Forecast Year

2023-2033

CAGR

~6%

Base Year Market Size (2022)

~USD 15 billion

Forecast Year Market Size (2033)

~USD 21 billion

The global personal mobility devices market is estimated to garner 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 revenue of USD 15 Billion in the year 2023. The growth of the market can be attributed primarily to the increasing road accidents and crashes worldwide. 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.

Personal-Mobility-Devices-Market-SizeGet more information on this reportDownload Sample PDF

Devices that facilitate human movement or transport are called personal mobility devices. The majority of these devices are used by people with limited movement or activity. Designed for a single user, these 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, 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. 

Global Personal Mobility Devices Market: Growth Drivers and Challenges

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

  • High Production Costs For The Product
  • Difficulties Associated With The Use Of Personal Mobility Devices
  • Disruption In Sales Of Product Due To COVID-19 Pandemic

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. Among these segments, the homecare segment is anticipated to capture the largest market size in the global personal mobility devices market owing 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. 

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 Personal Mobility Devices Market Regional Synopsis

Regionally, the global personal mobility devices market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these markets, the market in North America is projected to hold the largest market share by the end of 2033 backed by the huge base of geriatric and patient population. For instance, in United States, medicare patients with chronic diseases account 80% of hospitalizations, 90% of medication prescriptions, and 77% of healthcare home visits. Moreover, the availability of personal mobility devices, improved access to healthcare, the prevalence of age-related diseases, and favorable hospital reimbursement policies are other factors anticipated to propel the demand for personal mobility devices in the region during the forecast period. 

Personal-Mobility-Devices-Market-Size

The global personal mobility 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 personal mobility devices market includes the following segments:

By Product

  • Wheelchairs
  • Mobility Scooters
  • Medical Beds
  • Crutches
  • Walking Aids
  • Others

By Sales Channel

  • Wholesalers
  • Online Retailers
  • Specialty Stores

By End User

  • Hospitals
  • Clinics
  • Care Centers
  • Homecare
  • Others
 
Top Featured Companies Dominating the Global Personal Mobility Devices Market
  • Drive DeVilbiss Healthcare Ltd
    • Company Overview
    • Business Strategy
    • Key Product Offerings
    • Financial Performance
    • Key Performance Indicators
    • Risk Analysis
    • Recent Development
    • Regional Presence
    • SWOT Analysis
  • Falcon Mobility Pte. Ltd.
  • Rollz Mobility UK Ltd
  • GF Health Products, Inc.
  • Invacare Corporation
  • Carex Health Brands, Inc.
  • Kaye Products, Inc.
  • Medline Industries, Inc.
  • NOVA Medical Products Inc.
  • Performance Health Holding Inc.

 

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