Walking Assist Devices - Market Insights, Competitive Landscape, and Market Forecast - 2030

WALKING ASSIST DEVICES MARKET BY TYPE (CRUTCHES, WALKERS, WHEELCHAIRS, AND OTHERS), BY AGE (PEDIATRIC AND ADULTS), BY DISTRIBUTION CHANNELS (HOSPITALS, E-COMMERCE SITES, AND OTHERS), BY GEOGRAPHY IS ESTIMATED TO REGISTER GROWTH AT A REMARKABLE CAGR FORECAST DURING 2024-2030 OWING TO INCREASING PREVALENCE OF ORTHOPEDIC DISEASES AND RISING NUMBER OF DISABILITIES OWING TO ROAD TRAFFIC ACCIDENTS.

The global walking assist devices market was valued at USD 6.58 billion in 2023, growing at a CAGR of 4.2% during the forecast period from 2024 to 2030 to reach USD 8.41 billion by 2030. The walking assist devices market is slated to witness prosperity owing to growing prevalence of orthopedic diseases such as arthritis, osteoporosis, and others. The rise in road accidents leading to disabilities is another factor for the growth of walking assist devices market. The growing geriatric population and growing focus on improving the safety, affordability, and usability of walking assist devices is further expected to result in the appreciable revenue growth in the walking assist devices market during the forecast period (2024-2030).

WALKING ASSIST DEVICES MARKET DYNAMICS:

The noteworthy drivers of the walking assist devices market includes rising prevalence of chronic orthopedic diseases, rise in road traffic accidents, increasing cases of amputations, and increasing age, among others.

The rising prevalence of orthopedic and neurological diseases such as osteoarthritis, rheumatoid arthritis, Parkinson's disease, and others is an important driver for the market growth. According to World Health Organization (WHO) 2022, musculoskeletal conditions are the leading contributor to disability and worldwide around 1.71 billion people are suffering from musculoskeletal diseases such as osteoporosis, osteoarthritis, rheumatoid arthritis, and others. As per the information provided by the World Bank 2022, around 15% of the total world population face some kind of disability.

The data provided by the WHO 2022, worldwide around 8.5 million people had Parkinson 's disease (PD) in 2019 and as per the same source PD lead to 5.8 million disability-adjusted life years. PD affects the motor capabilities of an individual and thus patients are advised to use walkers, and others for the improvement of mobility and balance in order to avoid any kind of dangerous fall.

This indicates the growing need of walking assist devices that allow disabled individuals to walk around and overcome their mobility related challenges and thus, positively impacting the walking assist devices market.

The rise in road traffic accidents is another major concern for the growth of the market. The light and fatal injuries owing to sudden road accidents lead to disability sometimes and increases the need of walking assist devices, positively impacting the growth of walking assist devices market. According to WHO 2022, approximately 1.3 million people die each year because of road traffic accidents and around 20-50 million individuals suffer from non-fatal injuries or some sort of disability.

However, certain risks associated with walking assist devices and lack of proper training provided to patients regarding usage of these devices may act as restraining factors to the walking assist devices market growth.

The walking assist devices market reported a short period of restraint in the market growth due to the implementation of lockdown as a necessary step to stop the spread of COVID-19 infection. Many countries suspended medical procedures including orthopedic examinations based on the need for urgent medical care in order to streamline the workflow during the COVID-19 crisis. The manufacturing and supply of walking assist devices was also affected during the course of pandemic owing to lockdown impositions and border closures. However, with the resumption of activities across industries including the healthcare sector, there has been rising demand for the walking assist devices. The post COVID scenario is going to be uplifting for the walking assist devices market during the forecast period from 2024-2030.

WALKING ASSIST DEVICES MARKET SEGMENT ANALYSIS:

Walking Assist Devices Market by Type (Crutches, Walkers, Wheelchairs, and Others), Age (Adult and Pediatric), End-User (Hospitals, E-commerce sites, and Others), Geography (North America, Europe, Asia-Pacific, and Rest of the World).

Based on the product type segment of walking assist devices the walkers are expected to register a significant growth in coming years owing to their numerous advantages. The walkers are highly supportive, safer, stable, and convenient to use especially for patients who have less upper body strength.

Walkers allow patients to walk for longer distances and stay active. Due to its light weight property, these are highly recommended by doctors to elderly patients and make them to move around easily without any issues.

Therefore, considering the advantages associated with walkers and their growing popularity among end users, this product category is expected to generate considerable revenue thereby pushing the overall growth of the global walking assist devices market during the forecast period.

NORTH AMERICA IS EXPECTED TO DOMINATE THE OVERALL WALKING ASSIST DEVICES MARKET:

Among all the regions, North America is expected to lead in revenue generation in the global walking assist devices market. This can be due to the factors including prevalence of chronic orthopedic diseases, increasing age-related bone issues, presence of key companies involved in production of walking assist devices, high-tech medical facilities, and others.

One of the prominent factors supporting the growth of the North America walking assist devices market is the prevalence of chronic bone diseases leading to disability, majorly in the United States. The rising prevalence of arthritis in the US is the major factor responsible for the growth of walking assist devices market in the region. As per the Centers for Disease Control and Prevention (CDC) 2022, it has been estimated that there will be around 78.4 million people suffering from doctor-diagnosed arthritis by 2040 and out of that two-thirds will be women population.

As per the same source, an estimated 34.6 million adults will face arthritis-attributable activity limitations in the US by 2040. As per Arthritis Foundation 2022, around 1.5 million people have rheumatoid arthritis in the United States.

The increasing age makes one susceptible to number of health issues including bone diseases, and others and thus is another driver for the growth of walking assist devices market. According to CDC 2022, around 54.1 million US adults were aged 65 or older in 2019. As per the same source, it has been estimated that by 2060, this number will reach up to 94.7 million in the US.

Therefore, along with the presence of large patient pool in the country, the increasing focus of manufacturers on launching new products in the market is expected to bolster the growth of the walking assist devices market in the United States during the forecast period.

WALKING ASSIST DEVICES MARKET KEY PLAYERS:

Some of the key market players operating in the walking assist devices market includes GF Health Products, Inc, Ossenberg GmbH, Besco, Invacare Corporation, Pride Mobility Products Corp, Sunrise Medical, Permobil, Honda Motor Co., Ltd., Biobase, Bischoff & Bischoff, Cobi Rehab, CHINESPORT S.p.a., Drive DeVilbiss Healthcare, Etac AB, MEYRA GmbH, Comfort Company, Ottobock, LEVO AG, mikirad, ReWalk Robotics, and others.

RECENT DEVELOPMENTAL ACTIVITIES IN WALKING ASSIST DEVICES MARKET:

In March 2022, Invacare Corporation and its subsidiary, Alber USA, LLC announced the launch of their next generation of power assist devices - the e-motion® (M25)

In January 2019, Honda Motor Co., Inc. received U.S. Food and Drug Administration (FDA) clearance for its Walking Assist Device, an externally-worn device developed to support people with reduced walking abilities

KEY TAKEAWAYS FROM THE WALKING ASSIST DEVICES MARKET REPORT STUDY

• Market size analysis for current walking assist devices market size (2023), and market forecast for 5 years (2024-2030)
• The effect of the COVID-19 pandemic on this market is significant. To capture and analyze suitable indicators, our experts are closely watching the walking assist devices market.
• Top key product/services/technology developments, mergers, acquisitions, partnerships, joint ventures happened for last 3 years
• Key companies dominating the global walking assist devices market.
• Various opportunities available for the other competitor in the walking assist devices market space.
• What are the top performing segments in 2023? How these segments will perform in 2030.
• Which is the top-performing regions and countries in the current walking assist devices market scenario?
• Which are the regions and countries where companies should have concentrated on opportunities for walking assist devices market growth in the coming future?

TARGET AUDIENCE WHO CAN BE BENEFITED FROM THIS WALKING ASSIST DEVICES MARKET REPORT STUDY

• Walking assist devices market products providers
• Research organizations and consulting companies
• Walking assist devices market-related organizations, associations, forums, and other alliances
• Government and corporate offices
• Start-up companies, venture capitalists, and private equity firms
• Distributors and Traders dealing in walking assist devices
• Various end users who want to know more about the walking assist devices market and latest technological developments in the walking assist devices market.

FREQUENTLY ASKED QUESTIONS FOR WALKING ASSIST DEVICES MARKET:

1. What are the walking assist devices market?

Walking assist devices are the devices that are prescribed to the patients who are unable to walk properly owing to some disability in order to improve their walking pattern, balance, and allow them to move freely.

2. What is the market for the global walking assist devices market?

The global walking assist devices market was valued at USD 6.58 billion in 2023, growing at a CAGR of 4.2% during the forecast period from 2024 to 2030 to reach USD 8.41 billion by 2030.

3. What are the drivers for the global walking assist devices market?

The walking assist devices market is slated to witness prosperity owing to factors such as growing prevalence of bone diseases such as arthritis, osteoporosis, and others. The rise in injuries owing to road traffic accidents along with growing aging population base which is susceptible to the development of multiple health problems including bone disabilities, and the growing focus on improving the safety and usability, affordability of walking assist devices market for end users are further expected to result in the appreciable revenue growth in the walking assist devices market during the forecast period (2024-2030).

4. Who are the key players operating in the global walking assist devices market?

Some of the key market players operating in the walking assist devices market includes GF Health Products, Inc, Ossenberg GmbH, Besco, Invacare Corporation, Pride Mobility Products Corp, Sunrise Medical, Permobil, Honda Motor Co., Ltd., Biobase, Bischoff & Bischoff, Cobi Rehab, CHINESPORT S.p.a., Drive DeVilbiss Healthcare, Etac AB, MEYRA GmbH, Comfort Company, Ottobock, LEVO AG, mikirad, ReWalk Robotics, and others.

5. Which region has the highest share in the walking assist devices market?

North America is expected to dominate the overall walking assist devices market during the forecast period, 2024 to 2030. This can be ascribed to the presence of large patient pool associated with bone diseases. The age related bone problems and local presence of key market players are other factors for positive growth of the walking assist devices in the region.