The global personal mobility devices market is anticipated to grow at a CAGR of around 6.2% during the forecast period 2021 to 2028 and to reach around US$ 18.5 Bn by 2028.
The rise in geriatric demographics and age-related diseases, the number of people living with disabilities around the world and the increased prevalence of osteoporosis and rheumatoid arthritis are some of the key factors which are anticipated to fuel demand for personal mobility equipment and drive the market development of global personal mobility equipment. Additionally supportive reimbursement policies for purchasing and leasing personal mobility equipment for enhancing disabled individual’s lifestyles, particularly in various developing countries are factors anticipated to spur demand growth for a longer term. Nevertheless, the high price and lack of expertise on the quality of the equipment as well as the lack of training are some of the key factors which can impede the growth of the world market in personal mobility appliances. Furthermore, the lack of adoption of certain digitalized products and certain recalls by the FDA in developing and underdeveloped countries are other significant factors which may conflict with target market growth. Nonetheless, in delivering preparation and offering after-sales services for personal mobility system customers, businesses are projected to build prospects for global industry vendors for large-scale customer base and increase in revenues. Public services are equipped with personal mobility systems aimed at encouraging active living and reducing the severity of disability. Mobility computer technical innovation is one of the key drivers of this market. This will greatly increase the use of mobile devices by adding transfer elevators, portable scooters, and automatic rollers. A few examples of technologic advances in the field of mobile mobility systems include Segway 's personal elevator, Toppro laser-activated rollers for people with alzheimer's disease and the M300 Corpus HD Power wheelchairs. The most common aid for handicapped persons has been walking sticks and wheelchairs. The true dawn of the demand for personal mobility devices can however be dated back to the 20th century, when the idea of blurring the actual obstacles started to spread. The use of personal mobility devices has increased, growing in quantity and popularity, as consumers have risen above the social stigma. The production of personal mobility devices has recently been driven by the introduction of sophisticated technologies. As a popular tool, manufacturers demonstrate an interest in the production of new technology wheelchairs, contributing to the introduction of electric and efficient wheelchairs. Nonetheless, laser-related, AI, GPS, and IoT technologies are expected to remain available for the future of personal mobility instruments.
Segment Analysis by Region
In 2020, Europe led the global personal mobility devices market. An increasing predominance of old-age diseases and geriatric demographics are key factors in contributing to the regional market for personal mobility products, including the existence of improved medical infrastructures, rising healthcare spending, higher discretionary sales and attractive buy or leasing reimbursement policies. In the projected timeframe, favorable policy policies are also expected to fuel business growth.
Asia Pacific will be the fast-growing regional segment with a substantial CAGR amid the forecast time span. The explanation is that in eastern Asian countries such as Japan and China the geriatric population is growing. Furthermore, comprehensive R&D efforts by such organizations as the CRRC are projected to fuel regional demand in support of personal mobility equipment. In addition, there are other reasons projected to fuel the personal mobility product market in the Asia Pacific that include higher disposable incomes, rising visibility, improved health coverage and strong policy policies to expand access to the healthcare system.
North America is also an important region, powered by consumer spending and rising policy efforts. The U.S. policy increased its funding for projects to promote work in the area of human mobility through recovery innovation research centres. Approximately 14.3 percent of the population, according to statistics released by Human Resources and Development Canada, suffer from vision, hearing and motion disorders. In order to pay a disability less to no fee, the Canadian government has produced a disability fee credit card. In compliance with the ADP (Assistive Devices Program), the Ontario Ministry of Health and Long-Term Care (OMHLT) has provided assistance and services for the elderly people.
Pandemic situation across the globe has disrupted the business flow worldwide. In 2020 every industry vertical in its 2nd, 3rd, 4th quarter has witnessed substantial drop on production and revenue, this was majorly due to lockdown. The restriction on the operations is impacting the production side and also impacting the supply chain of products. The disrupted supply of raw materials and low operational factories efficiency has contributed in the slower growth of the global market. Moreover, there is an urgent need for a rapid acceleration in the manufacturing process at high operational efficiency, better supply chain models, and effective distribution network. These factors to some extent will help the industry vertical to flourish and aid market growth.
The global personal mobility devices market is highly competitive due to presence of large number of players and innovative product offerings. In addition, business expansion activities through partnerships and agreements are factors expected to further increase the competition.
Personal Mobility Devices Market Segment Analysis, 2020
The global personal mobility devices market is segmented into type and end use. The wheelchair is one of the most common personal mobility aid. Developments in wheelchairs, such as the advent of electronic wheelchairs and wheelchairs that can store the medical records and make phone calls and supervise the health of a individual, are among the reasons which are driving the demand. Players operating in the global personal mobility devices market are Amigo Mobility International Inc., Argo Medical, ArjoHuntleigh, Graham-Field Health Products Incorporated, Hill-Rom Holdings Inc., Invacare, TOPRO, Carex Health Brand Incorporation, and Others.
Key Players & Strategies
Participants include major global players Amigo Mobility International Inc., Argo Medical, ArjoHuntleigh, Graham-Field Health Products Incorporated, Hill-Rom Holdings Inc., Invacare, TOPRO, Carex Health Brand Incorporation, and Others.
Personal Mobility Devices Market By Type
Personal Mobility Devices Market By End Use
Home Care Settings
Hospitals and Clinics
Personal Mobility Devices Market By Geography
The personal mobility devices market value is anticipated to be worth around US$ 11.3 Bn in 2027.
The personal mobility devices market is anticipated to grow around 6.8% CAGR amid the forecast period 2020-2027.
Europe held highest market share in 2019.
Asia Pacific is projected to be the fastest growing region in the global market.
The report provides insights on global Personal Mobility Devices market segment by type, end use and major geographic regions.
Amigo Mobility International Inc., Argo Medical, ArjoHuntleigh, Graham-Field Health Products Incorporated, Hill-Rom Holdings Inc., Invacare, TOPRO, Carex Health Brand Incorporation, and Others are the prominent players in the Personal Mobility Devices market.
The rise in geriatric demographics and age-related diseases, the number of people living with disabilities around the world and the increased prevalence of osteoporosis and rheumatoid arthritis are some of the key factors which are anticipated to fuel demand for personal mobility equipment