ALBANY, N.Y., Feb. 23, 2021
- The growth of the global mobility aid devices market is fueled by a rise in the geriatric population
- Assistive mobility offers many benefits, such as it lessens the impact of mobility limitations, improves the quality of life, and helps in social participation
ALBANY, N.Y., Feb. 23, 2021 /PRNewswire/ -- Mobility aid devices are developed to benefit the disabled and elderly community who has trouble getting about. In home care environments, these devices are also useful for transferring patients who have trouble moving around. Due to the various technological developments, these devices are increasing in popularity across the globe. A powered wheelchair, for instance, offers a number of features, such as wafer boards, sip and puff drive control, touchpad control, finger control, and traditional joystick that make it easier to use the device. Such innovations are expected to foster development of the global mobility aid devices market in the years to come.
The global mobility aid devices market is likely to be driven by a rise in the geriatric population across the globe. Rise in the geriatric population coupled with increase in age-related mobility issues are expected to fuel growth of the market over analysis timeline, from 2018 to 2026. It is also likely that the need for mobility devices at the time of physical illness and injury is likely to augur well for the global mobility aid devices market in the near future.
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The global mobility aid devices market is anticipated to clock a growth rate of ~5.5% CAGR over the forecast tenure, from 2018 to 2026. In the next few years, the number of people aged 65 or more is projected to grow rapidly. Assistive technologies mitigate problems in carrying out day-to-day operations. Increased life expectancy has contributed to an augmented demand for technology for assistive mobility. Rising demand for these devices from the geriatric population is anticipated to benefit the market in the near future.
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Key Findings of Mobility Aid Devices Market Study
Innovations in the Mobility Aid Devices to Boost Demand in the Market
Augmented investment in research and development by major players in the industry results in technologically superior devices to support the disabled and elderly population. In addition to that, it is predicted that favorable reimbursements policies, improved buying power, and economic growth are expected to drive widespread adoption of these high-value products worldwide. These factors are likely to boost growth of the global mobility aid devices market in the forthcoming years. These devices have demonstrated ability to improve the quality of life, which is why innovative technologies in mobility aid devices are getting popular among the disabled population. Development of self-driving wheelchair is expected to assist individuals with limited mobility and is projected to be an opportunity for businesses to generate revenue.
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North America to Present High Growth Opportunities for the Market Players
Given the high spending potential, availability of advanced mobility aid devices, and awareness of various powered wheelchairs, the North America region is anticipated to dominate the overall mobility aid devices market. The region presents lucrative prospects for such technologically advanced device manufacturers. In addition, the willingness of patients to spend on cutting-edge medical devices is likely to improve the North American market, which is likely to benefit the regional market in the future.
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Mobility Aid Devices Market: Key Driving Factors
Mobility Aid Devices Market: Key Market Participants
Some of the major manufacturers found in the global mobility aid devices market are MEYRA Group, GF Health Products, Inc., Pride Mobility Products Corporation, Medical Depot, Inc., Investor AB (Patricia Industries-Permobil), and Sunrise Medical (US) LLC.
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