The latest trending report published by Crystal Market Research titled, Personal Mobility Devices Market, approximates that the Personal Mobility Devices market size is estimated to flourish at a significant CAGR in the future, and this is attributed to the escalation in need for this product across the globe along with novel innovations in the market.
In 2012, the global Personal Mobility Devices Market was evaluated around USD 3.60 billion and is expected to reach approximately USD 7.55 billion by 2022 while registering itself at a compound annual growth rate (CAGR) of 7.68% over the forecast period owing to the factors like growing geriatric population worldwide, the occurrence rate of target illnesses and encouraging governmental initiatives.
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Key Growth Factors:
With the introduction of technologically sophisticated personal mobility devices like laser enabled rollators and Segway Personal Transporter by TOPRO, personal mobility devices industry are anticipated to witness growth during the next few years.
Aging is counted as the highest risk factor impacting personal mobility because of old age is anticipated to intensify the susceptibility of an individual towards emerging target illnesses like osteoporosis and rheumatoid arthritis thus growing the requirement for support through personal mobility devices.
The advent of encouraging government initiatives like the Older Americans Act and Affordable Care Act the in the United States, the formation of China Rehabilitation Research Center (CRRC) and Disability Tax Credit Certificate in Canada are further anticipated to drive the personal mobility devices market growth over the projected period.
Product Outlook:
The global personal mobility devices market is anticipated by examining three key categories which are walking aid, wheelchairs, and scooters. Wheelchairs are the most frequently utilized personal mobility devices rendering support to the geriatric and disabled population. It enhances the easiness of doing fundamental functions thus, improving the quality of life. The wheelchairs demand is anticipated to grow at a considerable rate over the projected period owing to a rapidly growing geriatric population worldwide.
In 2013, powered wheelchairs appear as the major product sub-segment due to rapidly rising market infiltration rates. The walking aids are further split into rollators as well as other walking aids like walkers, canes, and crutches. Premium rollators are projected to achieve popularity in approaching years due to the unique features like oxygen tank holders, laser attachment (Alzheimer’s patient), lockable wheels, extended weight bearing capacity, hemiplegic handles, light frame, larger wheel diameter, pressure brakes, etc. are attached to it.
Regional Outlook:
In 2013, the North American regional market was the major customer of the personal mobility devices market. Rising geriatric population, growing demand for assistive equipment, along with the existence of an advanced reimbursement system policies functioning towards abbreviating the out of pocket expenditure of patients are key factors assigning to the region’s major market.
In 2013, European region reported for around 30% of the market revenue share in the global personal mobility devices industry and was the next major consumer of personal mobility devices over the projected period. Asia-Pacific region is anticipated to grow at the highest CAGR throughout the forecast years.
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Competitive Outlook and Trend Analysis
Key market players of the global personal mobility devices market are; Argo Medical, Amigo Mobility International, Inc., ArjoHuntleigh, Hill-Rom Holdings, Inc., Graham-Field Health Products Incorporated, Carex Health Brand Incorporation, Invacare, TOPRO, Drive Medical Design & Manufacturing, Electric Mobility, Sunrise Medical, Pride mobility, Briggs Healthcare, Kaye Products, Nova, Eurovema AB, and Patterson Medical.
Report’s Magnitude:
This report contains Segment wise in-depth analysis in terms several above-mentioned segments along with market size forecasts and approximations to observe significant areas of industry growth in detail. Additionally, an executive summary, summarizing the entire report in such a way that decision-making team can speedily become familiar with background information, summarizing analysis and main conclusions.
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