Market Research Report
Personal Mobility Devices Market Size, Share, & Trends Analysis Report By Product (Walking Aids, Wheelchairs, Scooters), By Region (Europe, APAC, North America, MEA), And Segment Forecasts, 2021 - 2028
|Published by||Grand View Research, Inc.||Product code||989685|
|Published||Content info||110 Pages
Delivery time: 2-3 business days
|Personal Mobility Devices Market Size, Share, & Trends Analysis Report By Product (Walking Aids, Wheelchairs, Scooters), By Region (Europe, APAC, North America, MEA), And Segment Forecasts, 2021 - 2028|
|Published: February 3, 2021||Content info: 110 Pages||
The global personal mobility devices market size is expected to reach USD 18.2 billion by 2028 registering a CAGR of 5.8% over the forecast period, according to a new report by Grand View Research, Inc. Growing R&D investments for new product development and government initiatives aimed at strengthening reimbursement frameworks are some of the key factors propelling the market growth. The rising geriatric population and prevalence of target diseases, such as arthritis, Parkinson's, and Alzheimer's, are also expected to drive the market over the forecast period.
According to a report published by the WHO in 2020, the number of people aged 60 years and above is likely to grow by 56.0%, from 962 million in 2017 to 1.4 billion in 2030, thus showcasing the probable addressable market. Furthermore, the rising number of surgical procedures, due to growing cases of neurological & cardiovascular disorders and an increasing number of accidents and trauma cases, is contributing towards the market growth. Europe was the most matured regional market in 2020 and accounted for the largest revenue share of over 33%.
The regional market will retain its leading position throughout the forecast years. Sophisticated healthcare infrastructure and growing 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 personal mobility devices as a result of the growing geriatric population and increasing disposable income & awareness levels. However, decreased production of these devices due to the Covid-19 pandemic has severely affected the industry growth. The prices of wheelchairs and scooters have also dropped extremely.