Personality Mobility Devices Market to Surpass US$12 Bn by 2020; Rising Demand for Advanced Assistive Technologies to Underpin Growth, says FMI
Future Market Insights (FMI) in its recent study projects the personal mobility devices market to rise at a CAGR of 6% between 2020 and 2030. The market is expected to witness high demand for canes, crutches, wheelchairs, and other devices. Besides this, experts at FMI forecast the sales of mobility scooters to surge, driven by the increasing demand for innovative modes of transport.
Personal Mobility Devices Market
A recent market study published by Future Market Insights on the personal mobility devices...
Personal mobility devices are in high demand especially among people facing disability or impaired mobility. Heath issues such as physical disabilities, osteoarthritis or fracture can restrict the ability of movement in a person. Personality mobility devices are often used to assist in movement of such individuals.
According to a study conducted by the World Health Organization, the population of people aged 60 years and higher is expected to total 2 billion by 2050, up from 900 million in 2015. It is a known fact that aged population are more vulnerable to diseases and health concerns, which may result in disability.
As per the Centers for Disease Control and Prevention (CDC), in the U.S. alone nearly 54.5 million people were affected by arthritis between 2013 and 2015. Globally, the number of people reporting disability or activity limitation is increasing. This connotes that it is more likely for the demand for personal mobility devices to surge in the forthcoming years.
Future Market Insights offers insights into key factors prevailing in the market. Some of these are:
- Driven by higher demand for assistive technologies, the market is forecast to surpass US$ 12 Bn by 2020
- An increasing number of companies are expected to focus on developing novel products with enhanced features. There will be ample focus towards making these products more affordable to ensure their better accessibility across the world
- East Asia and South Asia are expected to demonstrate high demand for personal mobility devices backed by the presence of a sophisticated healthcare infrastructure
- Penetration in consumer markets key to succeed in personal mobility device market
- Manufacturers of personal mobility devices are moving close to customer vicinity by moving to rapidly growing sales platforms
- Favorable reimbursement policies on purchase and rental of personal mobility devices will aid expansion of the market in the coming years
Who is winning?
Global personal mobility devices market is characterized with sizable presence of large MNCs as well as small star-ups. Concentration of these companies are evenly distributed in Europe, North America and East Asian tech-backed countries.
Some of the leading players operating in the global personal mobility devices market are Stryker Corporation, Invacare Corporation, GF Health Products Inc., Arjo AB, Compass Health Brands, Pride Mobility Products Corporation, Permobil Company, Hill-Room Holdings Inc., Klaxon Mobility GmbH, Briggs Medical service Company, Eurovema Mobility AB, Ottobock Holdings GmbH & Co. KG, Sunrise Medical LLC, TOPRO Ltd., and Drive Medical GmbH & Co. KG, and others.
Acquisition is an important strategy adopted by some of the leading companies operating in the market. For instance in 2017, Permobil Company acquired Comfort Company, which specialized in seating and positioning of mobility devices to expand their service offerings.
In 2020, the company also announced that it is planning to acquire Supportec B.V, a Dutch manufacturer to further expand its seating and positioning solutions.
“The presence of several companies has rendered the personal mobility devices market highly fragmented and competitive in nature. In order to strengthen their foothold, these companies are likely to focus on acquisitions. Besides this, investing in innovations will remain a priority in the market,” said a lead FMI analyst.
Get Valuable Insights into Personal Mobility Devices Market
Future Market Insights, in its new offering, provides an unbiased analysis of the global personal mobility devices market, presenting historical demand data (2015-2019) and forecast statistics for the period from 2020-2030. The study divulges compelling insights on the personal mobility devices market based on the product type (walking aids, mobility scooters, medical beds, wheelchairs and others), End-user (hospitals & clinics, long term care centres, households, and others), and sales channel (wholesalers/distributors, online retailers, multi-brand stores, and specialty stores) across six major regions.
About Consumer Products division of FMI
Expert analysis, in-depth insights, and strategic recommendations - the Retail & Consumer Products team at Future Market Insights helps clients from all over the globe with their unique business intelligence needs. With a repertoire of over 500+ reports, the team has analyzed the consumer goods industry lucidly in 80+ countries for over a decade. We provide end-to-end research database on retail & consumer products market and consulting services; reach out to explore how we can help.
About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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