According to a new market report published by Credence Research, Inc., “Global Mobility Aid Devices Market (By Product (Walking Assistance, Wheelchairs and Others (Mobility Lifts, Mobility Scooters etc.)), By Application (Hospitals and Nursing Homes, Home Care, and Others (Emergency Care, Specialty Clinics etc.)).-Growth, Future Prospects and Competitive Landscape, 2019 – 2027”, the global mobility aid devices market expected to witness a growth of 4.4% CAGR during the forecast period from 2019 to 2027.
The global market for mobility aid devices is estimated at 3.451.0 Mn, with a CAGR of 4.4 per cent expected to grow steadily during the forecast period from 2019 to 2027. In 2018, the World Health Organization reported that more than a billion people suffer from any kind of infirmity, which means that about 15 per cent of the world’s population has about 190 million people with disabilities. This is one of the key factors in increasing the demand for mobility aid devices around the globe.
In addition, a variety of Organisations are working to improve the lives of people with disabilities and are contributing various mobility aids. For example, the Community-Based Rehabilitation Biratnagar (CBRB) is one such NGO in Nepal that provides rehabilitation services to more than 3000 children and adults with disabilities. CBRB provides orthotics, prostheses and mobility aid tools to people with disabilities in 16 districts of Nepal.
The demand for mobility aid devices is segmented by product, application and geography. Depending on the feature, wheelchairs are the world’s most demanding mobility aid devices. Manufacturers are providing new wheelchairs by adding advanced features, thus increasing the demand for mobility aid products. For example, a new wheelchair was launched by Sunrise Medical in May 2019. The Quickie Q500 M SEDEO Pro is very comfortable and can be configured according to customer requirements.
Therefore, based on geography, the demand for mobility aid devices was dominated by North America in 2018. The supremacy is driven by the presence of major manufacturers in the North American market, such as Invacare and Pride Mobility Products Corp. In addition, initiatives such as the Medical Aids Subsidy Program providing financial support for hospital-based programs is a crucial factor in increasing the demand for mobility aids.
Major players identified in the mobility aid devices market are Invacare, Sunrise Medical, 21st century Scientific, Inc., Ottobock, Permobil, Pride Mobility Products Corp., GF Health Products, Inc., Meyra Group, BiKube, WHILL, Inc. and Besco among others. The major players are focusing on strategies such as acquisitions and development of new products and more. For instance, in October 2019, Invacare and Biralasoft have collaborated with one another. Through the acquisition Birlasoft is going to support Invacare by delivering IT services to Invacare. Invacare with the help of Birlasoft implemented a new analytical platform and moved its data center to cloud.