Mobility Aid Devices Market to Grow at a CAGR of 5.1% during the 2022 to 2031 Forecast Period: TMR Study

Wilmington, Delaware, United States, June 15, 2023 (GLOBE NEWSWIRE) — The global mobility aid devices market stood at US$ 9.5 billion in 2021 and the global market is projected to reach US$ 15.6 billion in 2031. Global mobility aid devices industry is anticipated to expand at a CAGR of 5.1% between 2022 and 2031.

Mobility disorders are considered to be the most common type of illness and devices for mobility aid used by patients are said to aid independence, autonomy, and social participation where higher pervasiveness of these illnesses among the geriatric population is resulting in increased use of mobility aids.

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Evolution and development of human mobile devices have been taking place over the centuries. Manufacturers of wheelchairs and other mobility device models are emphasizing on reducing the weight of the device, enhancing flexibility, and boosting efficiency.

Key Takeaways of Market Report

• Global mobility aid devices market to generate absolute dollar opportunity worth US$ 15.6 billion until 2031.
• Global mobility aid devices market from 2022 to 2031 is 5.1%
• Global mobility aid devices market is currently valued at US$ 10 billion in 2022.
• Global mobility aid devices market stood at US$ 9.5 billion in 2021.Market value of the global mobility aid devices market management from 2018 to 2022 is 4.2%
• North America is said to have a market share of 50%
• Asia Pacific market region is estimated to have a market share of 28%

Global Mobility Aid Devices Market: Growth Drivers

• Global geriatric population is said to rise at a significant pace in the next few years which is said to drive the demand for wheelchairs. Wheelchairs segment is expected to surpass the comfortable chairs, stable chairs, and custom and lightweight chairs segments due to their mobility feature.

Wheelchairs segment dominated the mobility aid devices market and held around 50% share during the forecast period. High presence of Alzheimer’s disease and Parkinson’s disease, that affects personal mobility, is said to drive the wheelchairs segment during the forecast period.

• Healthcare sector in emerging economies is moving toward privatization where the infrastructure in these regions is rapidly developing. Collaborative partnership between the WHO and the United States Agency for International Development (USAID) has led for the development of the Wheelchair Service Training Package-Intermediate Level. Main purpose of this training package is raising the number of wheelchair users to meet their needs, uplift the growth of intermediate wheelchair service, and achieve the integration of wheelchair service delivery in the rehabilitation centers.

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Global Mobility Aid Devices Market: Regional Landscape

• North America accounted for a prominent share of around 50% of the global mobility aid devices market in the forecast period where the market in the region is projected to advance at a CAGR of over 4% from 2022 to 2031.
• Asia Pacific is considered a rapidly growing market for mobility aid devices, and the market in this region is contracted to clock a CAGR of around 5% during the forecast period as the market for personal mobility devices is expected to grow fast attributed to the increasing geriatric population in Asian countries. Extensive Research and Development activities undertaken by various organizations, such as the China Rehabilitation Research Center (CRRC), are expected to drive the regional market. Increase in disposable income levels, high healthcare expenditure, and government initiatives are all aimed at improving healthcare access are also expected to boost the market growth in Asia Pacific.

Global Mobility Aid Devices Market: Key Players

• Medical equipment manufacturer Invacare announced the U.S. launch of its next generation of power assist devices – the e-fix eco. This device transforms a manual wheelchair into a portable power chair via a joystick, battery, and in-wheel motors.
• Invacare, the e-fix eco is equipped with a new modern design for the wheel hub, color display, battery, and battery bag. The e-fix eco represents a ‘significant upgrade’ from the previous generation. It has a quick-release mechanism, making it easy to remove the wheels for transport.
• Sunrise Medical Limited announced the launch of QUICKIE Q700 M SEDEO PRO, an easily adjustable mid-wheel drive power wheelchair. This power wheelchair can be easily customized to suit individual requirements and quickly adapted to changing needs.

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Global Mobility Aid Devices Market: Segmentation

• Product
  • Wheelchairs
  • Mobility Scooters
    • Boot Scooter
    • Midsize Scooter
    • Road Scooter
  • Walking Aids
  • Mobility Lifts
• End-user
  • Home Care Settings
  • Hospitals & Nursing Homes
  • Assisted Living Facilities
  • Others
• Region
  • North America
  • Latin America
  • Europe
  • Latin America
  • Middle East & Africa

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