Global Personal Mobility Devices Market Gets a Boost with Health Insurance Coverage Schemes

Transparency Market Research (TMR) announces the publication of a report titled “Personal Mobility Devices Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023”. According to the report, the global personal mobility devices market, which stood at US$6.7 bn in 2014, is expected to reach US$12.7 bn by 2023. If the valuation holds true, the global personal mobility devices market will exhibit a positive CAGR of 7.30% between 2015 and 2023. This comprehensive market study on the global market for personal mobility devices is available on TMR’s official website for sale.

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The advancements in assistive technologies have enabled many over the years to lead a normal life free from dependency. Personal mobility devices have been designed to help the user enhance their mobility experience that may be impaired due to a range of health conditions such as arthritis, cerebral palsy, spina bifida, muscular dystrophy, poliomyelitis, spinal cord injuries, stroke, and visual impairment.

Reducing Cost of Assistive Technologies with Insurance Boosts Market for Mobility Devices

In recent years, the global personal mobility devices market has witnessed a sudden surge due to the entry of health insurance players and a growing geriatric population. The two complement each other, as the growing pool of senior citizens that require assistive devices can now easily afford these devices, as insurance companies are helping in bringing down the costs of the same. Furthermore, the growing number of organizations and institutions working towards providing assistance to the disabled is also boosting the global personal mobility devices market. These factors put together are expected to propel the growth of the global personal mobility devices market.

The global personal mobility devices market is segmented into medical mobility $@!#% and ambulatory devices and medical furniture and bathroom safety products. The medical mobility $@!#% and ambulatory devices segment has been further sub-segmented into scooters, wheelchairs, canes and crutches, walkers, stair lifts, and others. On the other hand, the medical furniture and bathroom safety products segment is sub-divided into medical beds, bars and railings, patient lifts, commodes and shower chains, and others.
Geographically, the global personal mobility devices market is segmented into North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa.

Wheelchairs and Medical Beds the Most Popular Products in Global Personal Mobility Devices Market

In terms of products, wheelchairs and medical beds will show the fastest growth rate in the global personal mobility devices market in the coming years. The prime growth drivers for these product segments are the growing prevalence of chronic diseases, the longevity and durability of wheelchairs and medical beds, growing expenditure by governments, and a high rate of disabilities.

Out of all the geographical segments of the global personal mobility devices market, North America held the largest share of 41.4% in 2014. This commendable share was a result of the well-established healthcare infrastructure, rise in the number of the geriatrics and the disabled, supportive government regulations, and a growing demand for new and innovative products that are being launched in the market.

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To present in-depth analysis of the market, the report segments the global market for personal mobility devices into medical furniture/bathroom safety products and ambulatory devices/medical mobility $@!#%. The latter segment includes scooters, wheelchairs, canes and crutches, stair lifts, walkers and others. The medical furniture and bathroom safety products segment comprises patient lifts, bars and railings, medical beds, shower chairs and commodes, and others. The report studies the market feasibility of each of the aforementioned segments and is compiled with exhaustive details about the market’s utility, effectiveness, and geographical presence.

Regionally, the study segments the global personal mobility devices market into Asia Pacific, Europe, Latin America, Middle East and Africa, and North America. Of these, North America accounted for 41.4% of the global personal mobility devices market in 2014. Asia Pacific, according to the report, is poised to exhibit growth at the fastest pace during the forecast period. The presence of disabled-friendly public infrastructure and improving economic conditions across major economies such as Japan, Singapore, and South Korea will augment the demand for personal mobility devices and equipment from the region.

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