Industry Trend Analysis
In 2012, the global personal mobility devices market was evaluated around USD 3.60 billion and is expected to reach approximately USD 7.55billion 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. 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. People above the age of 60 years are also more prone to be impacted by motion impairing disorders like Dystonia, spasticity (spinal cord injury, cerebral palsy, and multiple sclerosis), and Parkinson’s disease. 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 and Trend Analysis
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 and Trend Analysis
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. The Large existence of unexplored opportunities in the developing markets of China and India and continuously amending medical infrastructure in these industries are some factors reporting for the abovementioned conclusion.
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. Companies in this market are implementing sustainability strategies like product portfolio expansion, mergers & acquisitions, and entering into strategic collaborations, are further anticipated to boost the market growth.
The global personal mobility devicesmarket is segmented as follows –
Other walking aids (cranes, crutches & walkers)
Rest of Europe
Rest of Asia Pacific
Rest of the World
United Arab Emirates
Some of the key questions answered by the report are:
· What was the market size in 2012 and forecast from 2013 to 2022?
· What will be the industry market growth from 2013 to 2022?
· What are the major drivers, restraints, opportunities, challenges, and industry trends and their impact on the market forecast?
· What are the major segments leading the market growth and why?
· Which are the leading players in the market and what are the major strategies adopted by them to sustain the market competition?