Market Research Report
Personal Mobility Devices Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)
|Personal Mobility Devices Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)|
Published: January 17, 2022
Mordor Intelligence Pvt Ltd
Content info: 110 Pages
Delivery time: 2-3 business days
The personal mobility devices market is expected to register a CAGR of nearly 5.85%, with a revenue of approximately USD 8,163.99 million in 2020, and it is expected to reach USD 11,527.84 million by 2026.
Many people with chronic conditions or people with physical disabilities are not able to follow the guidelines and procedures to reduce the spread of COVID-19. For example, complete isolation may not be possible for a person with a disability because you need help from home helpers or caregivers. If the outbreak becomes more severe in the area, those services may be disrupted as the attendants become ill themselves. Some may not have access to affordable travel and may have to rely on mobility devices to continue receiving medications or making purchases.
The pandemic has a devastating effect on the market as the epidemic has disrupted, and can continue to disrupt the performance of the major manufacturers and can have a devastating effect on business, financials of the market, including the ability of end-users to gain access to products.
The major factor contributing to the growth of the market is the growing number of disability cases, due to the rising elderly population, increasing number of road accidents, spinal cord injuries, and meningitis are the important factors likely to boost the growth of the global personal mobility devices market.
According to the revised World Population Prospects by the United Nations, the number of people aged 60 years or above is expected to grow more than double by 2050, from 962 million in 2015 to 2.1 billion by 2050, worldwide. This age group is at high risk for various age-related illnesses, which require the help of personal mobility. According to Disabled World, currently, about 10% of the world's population, or nearly 650 million people, are living with a disability. In most OECD countries, females have higher rates of disability than males, and according to the UN Development Program (UNDP), 80% of persons with disabilities live in developing countries.
Continuous evolution and advancement in wheelchairs have taken place for centuries. Wheelchairs have more robust wheel design and movement capabilities, and the following models continuously shift toward weight reduction and increased maneuverability and performance. From there, electric wheelchairs have seen advancement in design, maneuverability, reliability, and comfort. In recent years, there has been a progressive approach to technological adaptations led by the private sector that has enabled the exploration and design of 'hi-tech' assistive devices. There are many companies that offer advanced technological wheelchairs. For example, Invacare Corporation offers power wheelchairs (Storm Series, TDX Series, etc.) starting from USD 5,970.
Furthermore, growing research and development programs to solve the issues and for product development by the key players propel the growth of the market. In November 2019, Arjo acquired substantial equity in Atlas Lift Tech, which is involved in the deployment and management of comprehensive mobility programs through its innovative Lift Coach Model and Mobility Tracking Software Platform.
The COVID-19 pandemic has contributed to a global shipping and logistics crisis, including shortages in the availability of, and increasing costs for, container shipping and has disrupted, and may continue to disrupt, the ability to obtain critical products, components, and raw materials which could have an adverse effect on the financial condition of manufacturers and shortage of supply to the end-users.
A wheelchair is a popular aid device used for personal mobility. There is a growing trend in wheelchair-mounting devices, such as the introduction of electric wheelchairs and wheelchairs that can maintain a medical history of the disability to make emergency calls during disasters, and to monitor human health, are some of the factors driving the market.
According to the Bureau Of Transportation Statistics, U.S. Department of Transportation, an estimated 25.5 million Americans have disabilities that make traveling outside the home difficult. The rising elderly population who are more prone to mobility diseases is also a major factor for market growth. In addition, the growing popularity of wheelchairs with advanced features due to the growing number of patients is driving the market. In addition, the increasing number of product launches by players is expected to boost the market growth.
North America is expected to dominate the overall personal mobility devices market, throughout the forecast period. Due to the increasing geriatric population who are more prone to mobility disorders, such as osteoporosis, rheumatoid arthritis, etc., the craze for mobility aid has been a rise in North America.
The United States and Canada contribute to the major share of the region. The supportive government initiatives that reduce the burden of the high cost of the devices, combined with growing reimbursement policies, have resulted in a high-volume usage of personal mobility devices.
As per the Bureau of Transportation Statistics, US Department of Transportation, an estimated 25.5 million Americans have disabilities that make traveling outside the home difficult. As the geriatric population, which is more prone to mobility diseases, the demand for personal mobility devices is expected to increase over the forecast period.
In Ontario, Canada, the Department of Health and Long-Term Care provides support and funding to Ontario residents with a long-term disability under the Assistive Devices Program (ADP). The program offers to cover the cost of items, such as wheelchairs and rollators and walkers, scooters, and specialized seating.
Additionally, manufacturers in North America have access to new technologies, enabling the development of advanced technology devices in the short term, which is a major factor in market growth.
The personal mobility devices market is moderately competitive and consists of several major players. Some of the companies currently dominating the market are Drive DeVilbiss Healthcare, GF Health Products Inc., Invacare Corporation, Ottobock, Permobil, Stryker Corporation, Pride Mobility Products Corp., Sunrise Medical (US) LLC, Patterson Companies, Inc., and ArjoHuntleigh.