PUBLISHER: Grand View Research | PRODUCT CODE: 1301030
PUBLISHER: Grand View Research | PRODUCT CODE: 1301030
The global elderly walker market size is expected to reach USD 2.4 billion by 2030, expanding at 6.9% CAGR from 2023 to 2030, according to a new report by Grand View Research, Inc. Increase in geriatric population, rise in prevalence of chronic disorders such as arthritis, tendonitis, Parkinson's disease, conversion disorder, increase in R&D investments for the development of advanced mobility products are some major factors driving the market growth. Furthermore, government initiatives to support reimbursement policies, and the surge in demand for rehabilitation devices and equipment succeeding procedures are other key factors driving the growth of the market.
The technologically advanced innovations are also transforming the walkers, which are expected to serve as a key factor for the market growth during the forecast period. For instance, the introduction of devices with new features such as rollators with the attached laser for Parkinson's patients is anticipated to propel market growth over the forecast period. The rise in disposable income coupled with an increase in awareness in developed countries is anticipated to further boost market demand.
The elderly walkers industry was disrupted during the COVID-19 pandemic in 2020 which affected the manufacturing and transportation of the devices. The decreasing production of these mobility devices owing to the pandemic has negatively affected the industry's growth in the first half of 2020. The market was likely to grow at a lucrative rate after the second half of 2020 as there was an ease of restrictions and an increase in demand and requirement for the devices.
The surge in the number of surgical procedures in elderly patients, due to an increase in cases of cardiovascular and neurological diseases and a rise in the number of trauma & accident cases, is also contributing to the market growth. The North America regional market will retain its leading position throughout the forecast years. Developing healthcare infrastructure and a rise in healthcare expenditure are some of the factors contributing to its large share. Asia Pacific is expected to register the fastest CAGR during the forecast period due to the rising demand for elderly walkers as a result of the growing geriatric population and increasing disposable income and awareness levels about walking aid.