Mobility Aid Devices Market - Know the Latest Profit Sources of the Industry

Mobility Aid Devices Market Outlook 2031

The mobility aid devices market was valued over US$ 9.5 Bn in 2021

It is estimated to advance at a CAGR of 5.1% from 2022 to 2031

The mobility aid devices market is expected to reach value of US$ 15.6 Bn by the end of 2031

Overview of Mobility Aid Devices Market

Mobility disorders are the most common type of illness, and mobility aid devices used by patients can facilitate independence, autonomy, and social participation. The higher prevalence of these illnesses among the geriatric population is resulting in increased use of mobility aids.

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The 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.

An increase in the geriatric population is fueling growth of the global mobility aid devices market. The population aged 65 years and above is anticipated to increase rapidly in the next few years.

According to the Journal of Aging Research, the number of adults in the U.S. is expected to reach 87 million by 2050. Moreover, according to the Bureau of Transportation Statistics 2020, the US Department of Transportation, an estimated 25.5 million people in the U.S. have a disability.

Assistive technology reduces the difficulty of performing daily tasks. Understanding the size and demographics of the people who use these assistive technologies is highly important.

The field of mobility devices has witnessed several developments such as smart wheelchairs that can stay on a sidewalk and avoid rough patches, scooters for the elderly and disabled, and assistive technologies for the visually impaired. Another development includes marker-free smart highways, smart robots in warehouses that can precisely position themselves next to shelves, and even domestic assistants that can handle day-to-day chores inside a home. Novel developments have been driven due to an increasing need for mobility devices.

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An increase in investments in research and development (R&D) by leading players in the market is resulting in the introduction of technologically superior products. Moreover, rising awareness, increasing convenience due to the availability of technologically advanced products, and favorable reimbursements are anticipated to drive the adoption rate of high-value devices across the globe.

Lucrative Opportunities for Market Players in Europe Due to Large Elderly Population

Life expectancy is increasing with the use of advanced medical technologies, and a significant percentage of the elderly population requires the support of assistive technologies to perform their daily activities. Thus, the demand for mobility aid devices is potentially increasing among the geriatric population. Such findings are contributing to growth in the assisted living industry.

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For instance, as per United Nations, the older population of over 60 years of age is expected to double by 2050, and triple by 2100; rising from 962 million in 2017 to 2.1 billion in 2050 and 3.1 billion in 2100. Globally, the geriatric population is increasing at a faster pace than the young age population group.

Presently, Europe is home to the largest old-age population of aged 60 years and above globally. Aging is associated with declining support for long-term caregiving from families and highly expensive formal long-term caregiving services. Hence, these structural changes in society are likely to also fuel the demand for mobility aid devices such as wheelchairs. These trends are fueling innovations in personal mobility devices and mobility scooters.

R&D Enables Development of Technologically Advanced Products with High Safety and Easy Mobility

Increasing research and development activities is boosting the approvals of technologically advanced products that are able to improve the quality of life of people with disability. This has led to a rise in acceptance and the demand for these products. As such, med-tech companies are investing in R&D to innovate in assistive devices and mobility aids.

Increasing awareness about the available mobility aid devices, such as innovative powered wheelchairs, power assists, standing wheelchairs, walkers, and patient lifts, over the last few years is also boosting the market.

Developments in software have widened the application areas of powered wheelchairs and target patient segments. For instance, Gecko Systems introduced the SafePath wheelchair technology solution in order to provide safety, mobility, and ease of access to the patients.

Training Initiatives and Provision of Insurance for Disabled to Boost Market Growth

The healthcare sector in emerging economies is moving toward privatization. Hence, the infrastructure in these regions is developing rapidly. A collaborative partnership between the WHO and the United States Agency for International Development (USAID) has led to the development of the 'Wheelchair Service Training Package-Intermediate Level following the release of the Basic level earlier.

The main purpose of this training package is to increase the number of wheelchair users to meet their needs, push the growth of intermediate wheelchair service, and achieve the integration of wheelchair service delivery in the rehabilitation centers.

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Various public and private insurance players provide insurance coverage for mobility aid devices including wheelchairs so that the customers can reimburse them. But the Powered wheelchairs are highly expensive and are not reimbursed by insurance systems.

In some countries, it becomes tedious for an individual to get access to the usage of mobility aid devices. An increase in the number of both private and government insurance players is likely to provide significant opportunities for the global mobility aid devices market.

High Demand for Wheelchairs from Alzheimer's and Parkinson's Disease Patients

The global geriatric population is likely to increase at a significant pace in the next few years. This is likely to drive the demand for wheelchairs. The wheelchairs segment is expected to outperform the comfortable chairs, stable chairs, and custom & lightweight chairs segments due to their mobility feature.

The wheelchairs segment dominated the mobility aid devices market and held around 50% share in 2021. The high prevalence of Alzheimer's disease and Parkinson's disease, which affects personal mobility, is likely to drive the wheelchairs segment during the forecast period.

Regional Outlook of Global Mobility Aid Devices Market

North America accounted for a prominent share of around 50% of the global mobility aid devices market in 2021. The market in the region is projected to advance at a CAGR of over 4% from 2022 to 2031.

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The Asia Pacific was a rapidly growing market for mobility aid devices in 2021, and the market in the region is slated to clock a CAGR of around 5% during the forecast period.

Analysis of Key Players in Mobility Aid Devices Market

The mobility aid devices market is fragmented, with a large number of key players accounting for the market share. Most companies are making significant investments in comprehensive research and development.

Diversification of product portfolios and mergers & acquisitions are the key strategies adopted by the players. The Mobility devices market is fragmented due to the presence of a large number of players.

Key players operating in the market include Invacare Corporation, Sunrise Medical (US) LLC, Ottobock, Permobil, MEYRA GmbH., Besco Medical, Stryker, and Medline Industries, LP.

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