Personal Mobility Devices Market Size, Revenue Analysis, Business Strategy, Top Leaders and Global Forecast 2027

Personal Mobility Devices Market Outlook 2031

  • The global personal mobility devices market was valued at US$ 10.4 Bn in 2021
  • The global market is projected to grow at a CAGR of 7.1% from 2022 to 2031
  • The global personal mobility devices market is anticipated to cross US$ 20.5 Bn by the end of 2031

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Global Personal Mobility Devices Market Introduction

Personal mobility device is any assistive device, which includes scooters, powered wheelchairs, patient lifts, and stair lifts that help people with locomotive disabilities. These devices offer significant benefits by increasing people’s mobility, along with substituting for automobile travel. Mobility devices are provided by a number of stakeholders such as international agencies, governments authorities, private sector, and nongovernmental organizations. Furthermore, the wheelchairs segment accounts for key share of the personal mobility devices industry, which primarily focuses on high-income markets and is significantly fragmented. The four largest manufacturers, including Sunrise Medical, Ottobock, Invacare, and Permobil, control less than 50% of the global mobility market.

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Increase in Incidence Rate of Road Accident Injuries to Boost Demand for Personal Mobility Devices

Several factors, including rising population, growing number of vehicles, roads defects, and poor infrastructure affect the number of road crashes and severe injuries. A report published by the World Health Organization (WHO) stated that road traffic crashes cause non-fatal injuries to 20 million to 50 million people across the globe each year. According to Centers for Disease Control and Prevention (CDC) estimates, non-fatal injuries and fatal injuries will cost the global economy around US$ 1.8 Trn (in 2010) from 2015 to 2030. Hence, the demand for personal mobility devices is expected to increase significantly during the forecast period.

Rise in Geriatric Population Globally to Drive Product Demand

The geriatric population (over 65 years) is increasing at a high rate across the world. The capability to do physical chores reduces with age. The percentage of geriatric population utilizing mobile devices is likely to increase, primarily due to the fear of falling. This is likely to fuel the demand for personal mobility devices over the next few years.

According to a research conducted by the WHO, between 2015 and 2050, the proportion of the global population above 60 years will nearly double from 12% to 22%. Moreover, around 80% of elderly people will be living in low- and middle-income countries by 2050.

The scope of global personal mobility devices market growth is likely to increase by advancements in assistive devices or mobility aids, including crutches, canes, and wheelchairs, to improve mobility in elderly people.

For instance, in August 2021, Falcon Mobility Singapore, Singapore's prominent distributor for Personal Mobility Aids (PMA) announced the official launch of its lightweight and advanced Ultra-Lite 2 electric wheelchair. With this product launch, Falcon Mobility aims to offer the elderly as well as disabled people with a new, convenient, and cost-effective wheelchair option.

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Surge in Adoption of Advanced Wheelchairs

In terms of product, the global personal mobility devices market has been bifurcated into medical mobility aids & ambulatory devices and medical furniture & bathroom safety products. The medical mobility aids & ambulatory devices segment held key share of the global market in 2021. The medical mobility aids & ambulatory devices segment has been split into mobility scooters, wheelchairs, canes, crutches, and walkers. The wheelchairs sub-segment is projected to grow at a rapid pace during the forecast period, owing to surge in adoption of advanced wheelchairs and high target population, specifically across the U.S., China, India, and Brazil. Additionally, strong presence of leading players and their effective collaboration strategies are projected to propel the wheelchairs sub-segment during the forecast period. For instance, in January 2021, Permobil, Inc., the pioneering company in advanced wheelchair, and LUCI, the U.S.-based wheelchair manufacturer, announced a tie-up in order to distribute LUCI’s smart wheelchairs to Veterans Affairs’ (VA) rehabilitation clinics across the U.S.

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Regional Outlook of Global Personal Mobility Devices Market

According to the TMR’s personal mobility devices market statistics, North America accounted for a notable share of around 40.0% of the global personal mobility devices market in 2021. The personal mobility devices market size in the region is projected to grow at a steady rate during the forecast period, primarily due to rise in prevalence of age-associated diseases, improvements in healthcare infrastructure, favorable reimbursement policies for rental or purchase services, and higher healthcare expenditure.

Europe and Asia Pacific are also key markets for personal mobility devices, and held second and third largest share, respectively, of the global market in 2021.

The personal mobility devices market in Asia Pacific is driven by increase in injuries due to road accidents. Moreover, supportive government policies are driving the personal mobility devices market in region. For instance, in November 2019, the Jakarta Regional Transportation Agency announced new regulations for the electronic scooter by classifying it as a personal mobility device (PMD). In addition, in January, 2019, The Toyota Mobility Foundation announced the official launch the ‘$4 million global challenge’, with the aim of enhancing the lives of people with paraplegia (lower-limb paralysis). Toyota Mobility Foundation announced five visions for the future of mobility at CES, including The Evowalk: Evolution Devices; Phoenix Ai Ultralight Wheelchair: Phoenix Instinct, Qolo (Quality of Life with Locomotion); Quix: IHMC & MYOLYN; and Moby: Italdesign (Italy).

Latin America is a larger customer of personal mobility devices than Middle East & Africa. Moreover, the market in Latin America is projected to grow at a faster pace than in Middle East & Africa.

Analysis of Key Players in Global Personal Mobility Devices Market

The global personal mobility devices market is consolidated due to the presence of small number of leading players. Majority of the companies are investing significantly in research & development activities, primarily to introduce advanced personal mobility devices. Moreover, strategic alliances between key players to increase revenue and market share augment the global market. Furthermore, diversification of product portfolios and mergers & acquisitions are the key strategies adopted by the leading players. Drive DeVilbiss Healthcare, GF Health Products, Inc., Invacare Corporation, Hill-Rom Holdings, Inc., Ottobock, Stryker Corporation, Permobil (Patricia Industries), Pride Mobility Products Corp, Sunrise Medical (US) LLC, Patterson Companies, Inc., and ArjoHuntleigh are the prominent players operating in the global personal mobility devices market.

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Each of these players has been profiled in the personal mobility devices market report based on parameters such as company overview, financial overview, business strategies, product portfolio, business segments, and recent developments.

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Transparency Market Research registered at Wilmington, Delaware, United States, is a global market research company providing custom research and consulting services. TMR provides in-depth insights into factors governing demand in the market. It divulges opportunities across various segments based on Source, Application, Sales Channel, and End-Use that will favor growth in the market over the next 9 years.

 

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Publicado en Health en agosto 12 at 04:18
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