Personal Mobility Devices Market Prospects and Growth Assessment
Global Personal Mobility Devices Market: Introduction
In terms of revenue, the global personal mobility devices market is projected to expand at a CAGR of ~ 7% during the forecast period, due to numerous factors, about which, TMR offers comprehensive insights and forecasts in the global personal mobility devices market report.
Personal mobility devices include medical devices that assist in mobility and help in improving the overall quality of life of physically-disabled and geriatric populations. Devices such as wheelchairs, canes, crutches, and walkers are among the major personal mobility devices available in the market. Typically, people with injuries or disabilities, or older adults with increased risk of falling, choose to use mobility devices. Aging is related to declining support for long-term caregiving from families and extremely expensive formal long-term caregiving services. As such, such structural changes in the society are expected to lead to a rise in the demand for mobility devices, medical furniture, and bathroom support systems.
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High Demand for Medical Mobility Aids & Ambulatory Devices
The medical mobility aids & ambulatory devices segment accounted for the largest share of the global personal mobility devices market in 2018. The segment is projected to dominate the global personal mobility devices market from 2019 to 2027, gaining market share by 500 basis points. The medical mobility aids & ambulatory devices segment comprises devices meant primarily for outdoor use, such as wheelchairs, scooters, canes & crutches, and walkers. Additionally, the segment is expected to expand at a higher CAGR in the personal mobility devices market during the forecast period. The segment’s dominance is attributed to the increase in geriatric and disabled populations, driving the demand for mobility devices such as wheelchairs and mobility scooters. However, the high cost of some of these devices is likely to restrain the segment in the developing and underdeveloped countries, in the personal mobility devices market.
Wheelchairs Prominent among Medical Mobility Aids & Ambulatory Devices
The wheelchairs sub-segment dominated the medical mobility aids & ambulatory devices segment, accounting for significant share of the personal mobility devices market in 2018. The global geriatric population is anticipated to increase at a significant pace in the next few years. This is expected to drive the demand for wheelchairs. These chairs are equipped with various other features such as bags and accessories holders. The wheelchairs sub-segment has been classified into manual and electric. Mobility scooters was the second largest sub-segment of the medical mobility aids & ambulatory devices segment. The wheelchairs sub-segment is projected to grow at a faster pace than the mobility scooters sub-segment in the personal mobility devices market during the forecast period. This is attributed to the high cost of mobility scooters as compared to wheelchairs. Additionally, the target population in anticipated to use cars and other transport vehicles for long-distance journeys. This is likely to restrain the usage of mobility scooters.
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Medical Beds with a Significant Share in Medical Furniture & Bathroom Safety Products
Medical furniture and bathroom safety products comprise devices such as patient lifts, stair lifts, medical beds, bars & railings, and commodes & shower chairs. The medical beds sub-segment dominated the medical furniture & bathroom safety products segment in the personal mobility devices market in 2018. Medical beds are meant for comfort and well-being of the disabled or chronically ill, and elderly people, as well as for the convenience of their caregivers. Medical beds are equipped with various features such as adjustable height, pillow lifts, chair beds, and rope ladders. Additionally, these beds are integrated with pressure reducing mattresses, lifting poles, reading stands, and bed tables. Medical beds are classified in two types: electric beds and manual beds. Factors such as rise in affordability of patients and increase in the number of hospitals are expected to fuel the growth of the sub-segment in the near future. However, the stair lifts sub-segment is expected to expand at a higher CAGR in the personal mobility devices market during the forecast period. The segment’s dominance is attributed to the increase in the use of stair lift devices, as this is an effective solution for people with mobility restrictions who cannot climb staircases at home.
Global Personal Mobility Devices Market: Prominent Regions
Asia Pacific to Create High Incremental Opportunity
In terms of revenue, North America is projected to dominate the global personal mobility devices market from 2019 to 2027. This can be ascribed to a large geriatric population in the region requiring mobility aid devices. According to the Population Reference Bureau, the number of people aged above 65 years is likely to more than double from 45 million in 2018 to 98 million by 2060.
The personal mobility devices market in Asia Pacific is expected to expand at a relatively high CAGR during the forecast period, owing to increasing focus on the development of healthcare infrastructure by public as well as private hospitals, and rise in the demand for affordable care in a significant share of the patient population. Additionally, wide scope of development and rapid urbanization offer significant opportunities to emerging as well as established players in the region. This, in turn, drives the mobility aid devices market in Asia Pacific.
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Investments and Mergers & Acquisitions by Key Players to Drive Market
The report provides profiles of the leading players operating in the global personal mobility devices market. Drive DeVilbiss Healthcare, GF Health Products, Inc., Invacare Corporation, Hill-Rom Holdings, Inc., Ottobock, Stryker Corporation, and Permobil (Patricia Industries) are the major players operating in the global personal mobility devices market. These players have adopted strategies such as mergers & acquisitions and investment to increase their share and presence in the global personal mobility devices market.
In August 2018, Sunrise Medical (US) LLC announced the acquisition of Magic Mobility, a leading Australia-based designer and manufacturer of highly innovative and life-enabling all-terrain power wheelchairs, manufactured and distributed from its facility at Melbourne. Additionally, in April 2018, the company announced the launch of its high-performance ultra-lightweight folding manual wheelchair, QUICKIE Xenon2, which offers several benefits over its earlier version QUICKIE in the flexible chair format. Other players operating in the global personal mobility devices market are Pride Mobility Products Corp., Permobil AB, Sunrise Medical (US) LLC, Patterson Companies, Inc., and ArjoHuntleigh.
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