PUBLISHER: Allied Market Research | PRODUCT CODE: 1414961
PUBLISHER: Allied Market Research | PRODUCT CODE: 1414961
According to a new report published by Allied Market Research, titled, "Walking Assist Devices Market," The walking assist devices market was valued at $3.6 billion in 2022, and is estimated to reach $6.6 billion by 2032, growing at a CAGR of 6.3% from 2023 to 2032.
The demand for walking assist devices has increased substantially as a result of increase in prevalence of mobility-related challenges among the elderly as the countries around the globe experience a demographic shift toward an aging population. For instance, according to WHO, it was estimated that in 2020, the number of people aged 60 years and older outnumbered children younger than 5 years. Advancements in healthcare and improved life expectancy have contributed to a larger percentage of the population entering their senior years, often accompanied by age-related conditions such as arthritis, osteoporosis, and diminished muscle strength. These factors have substantially elevated the need for walking aids, including canes and walkers to enhance the independence and mobility of older individuals. Manufacturers have focused on creating user-friendly, lightweight, and ergonomically designed devices to address the mobility issues faced by the aging population. Thus, the rise in geriatric population is expected to significantly contribute to the growth of the market.
Furthermore, the surge in road accidents and associated injuries has emerged as a significant driver for the growth in market demand for walking assist devices. In recent years, the increase in number of road accidents across the globe has resulted in a considerable rise in the population of individuals facing mobility challenges due to injuries sustained in such incidents. For instance, according to a 2022 report by WHO, it was estimated that between 20 and 50 million more people suffered non-fatal injuries, with many incurring a disability as a result of their injury. These accidents often led to various physical impairments, ranging from fractures to spinal cord injuries, which subsequently necessitate the use of walking assist devices to aid in mobility. These devices, including canes, crutches, and walkers, play a crucial role in supporting individuals during their recovery process and helping them regain their independence. The increase in awareness about the benefits of walking assist devices in enhancing post-injury mobility and ensuring a faster rehabilitation process has fueled their demand in the market.
In addition, the rise in adoption of walking aids post-surgical interventions has emerged as a pivotal driving force propelling the growth of the walking assist devices market. Following surgical procedures, individuals often experience temporary or prolonged mobility challenges, necessitating the use of walking aids to facilitate their recovery and enhance mobility. However, discomfort in using the walking assist devices especially crutches, is anticipated to restrain the growth of the market.
The walking assist devices market is segmented on the basis of product, age group, end user, and region. On the basis of product, the market is segmented into gait trainer, canes, crutches and walkers. On the basis of age group, the market is bifurcated into geriatric and adults. On the basis of end user, the market is segmented into home care, hospital, and others. On the basis of region, the market is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, the UK, Italy, Spain, and rest of Europe), Asia-Pacific (Japan, China, Australia, India, South Korea, and rest of Asia-Pacific), and LAMEA (Brazil, South Africa, Saudi Arabia, and rest of LAMEA).
Major key players that operate in the global walking assist devices market are: Compass Health Brands, Drive DeVilbiss Healthcare, Eurovema Mobility AB, GF Health Products, Inc., Human Care HC AB, Invacare Corporation, Rifton Equipment, Classic Canes Limited, CAN Mobilities Inc, and Ossenberg GmbH