The global “Mobility Devices Market” is projected to reach USD 14.86 billion by 2026, exhibiting a CAGR of 6.9% during the forecast period. Staggering rate of growth of geriatric population across the globe will be one of the crucial factors driving this market in the upcoming decade. Old age entails a plethora of disorders that generally restrict mobility in aged individuals and render them helpless. Given the rate at which the world population is ageing, the demand for devices aiding mobility is likely to spike. According the UN’s Population Division, DESA, people at or above 60 years of age are currently numbered at 962 million. In the next three decades, the global geriatric population will reach 2.1 billion, predicts the DESA. Furthermore, old people are more susceptible to accidents associated deteriorating motor functions. For instance, the National Council of Aging estimates about 2.8 million aged Americans are rushed to hospital emergency rooms annually as a result of falling. Thus, a combination of aging and mishaps associated with the process will fuel the mobility devices market trends during the forecast period.
Fortune Business Insights™ shares the above and other valuable market information in its recent report, titled “Mobility Devices Market Size, Share & Industry Analysis, By Product (Wheelchairs, Mobility Scooters, Walking Aids, and Others); By End-user (Personal Users and Institutional Users); and Regional Forecast, 2019-2026”, which states that the value of this market was at USD 8.75 billion in 2018. The report also provides:
- Exhaustive research into profiles of market players, their strategies, and their product offerings;
- Meticulous study of the different market segments;
- In-depth analysis of the factors driving and challenging the market; and
- Comprehensive evaluation of the regional developments shaping the market.
Major Mobility Devices Market Key players covered in the report include:
- MEYRA GmbH
- Sunrise Medical Limited
- Invacare Corporation
- GF HEALTH PRODUCTS, INC.
- 21st Century Scientific, Inc.
- Pride Mobility Products Corp.
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Our research methodology is robust and includes data triangulation based on bottom-up and top-down approaches. We validated the approximate market number with the help of primary research. Secondary research was conducted to find out detailed information about mergers and acquisitions, collaborations, joint ventures, and agreements. At the same time, we have derived significant information about the market dynamics associated with growth drivers, trends, and obstacles.
It offers figurative estimations for upcoming years on the basis of the recent developments and historic data. For gathering information and estimating revenue for all segments, researchers have used top-down and bottom-up approaches. On the basis of data collected from primary and secondary research and trusted data sources the report will help both existing and new aspirants for market to figure out and study the market’s needs, market size, and competition.
Mobility Devices Market Analysis 2021:
Growing Aging Population and Rise in Mobility Impairment Disorders to Drive the Market
The older population around the globe is continuously growing at an unprecedented rate. Aging decreases the ability to move and reduces the ability to perform physical tasks to maintain independent functioning among the elderly population. The growing older population count is likely to increase the percentage usage of mobile devices during the forecast period. According to the World Health Organization (WHO), in 2017, the global population aged 60 years or over was around 962 million and is projected to reach about 2.1 billion by 2050. Rising prevalence of chronic conditions such as arthritis, cerebral palsy, and muscular dystrophy among every age group is expected to increase the demand for highly advanced mobility aid devices during the forecast period.