Personal Mobility Devices Market Size Worth $18.2 Billion By 2028
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.
Related Press Release @ Personal Mobility Devices Market Report
Personal Mobility Devices Market Report Highlights
- Wheelchairs was the largest product segment in 2020 owing to an increase in demand for powered wheelchairs, especially in developed countries, such as U.S. and Germany
- Europe dominated the global market in 2020 due to increased healthcare expenditure and geriatric population in the region
- The Asia Pacific is expected to be the fastest-growing regional market during the forecast period owing to the rising geriatric population and increasing disposable income levels
- Major market players are adopting various strategies to gain a competitive edge over others
- Some of these strategies include strategic alliances with buyers and the development of advanced devices via extensive R&D investments