Personal Mobility Device - Advent of Electric Wheelchairs Fuels Growth of Medical Mobility Aids

The rising geriatric population around the world has emerged as a key driver of the global personal mobility devices market. Transparency Market Research (TMR) projects demand for these devices to steadily increase in Asia Pacific, as the population of aged people increases in India and China. Apart from the geriatric population, caregiving services are also essential for people suffering from disability. A rise in the number of people living with a disability, either temporary or permanent, will fuel demand for personal mobility devices.

Despite witnessing positive growth worldwide, the high cost of these mobility devices will limit their market’s expansion to an extent. The low acceptance of digitized devices will also negatively impact the market’s trajectory. Nevertheless, grants from international organizations and favorable policies will boost sales of personal mobility devices in the coming years.

The global personal mobility devices market stood at US$6.65 bn in 2014. Rising at a CAGR of 7.30% between 2015 and 2023, the market is expected to reach US$12.7 bn by the end of 2023.

Free Sample Pages of this Impact Analysis @ http://www.mrrse.com/sample/1527

North America currently leads the global personal mobility devices market. By revenue, the region held over 41.4% of the overall market in 2014, followed by Europe. Spurred by the rising geriatric population, coupled with the rising number of people with disability, the sales of personal mobility devices is expected to rise considerably in this region. North America has also proven lucrative for producers of technologically advanced devices. The region thus exhibits high demand digitized mobility devices. Furthermore, the increasing willingness among consumers to spend on advanced medical devices will provide improved sales opportunities to personal mobility devices manufacturers in North America.

Asia Pacific emerged as the third-largest market for personal mobility devices in 2014. However, TMR forecasts the regional market to rise at the highest CAGR during the forecast period. The increasing awareness about advanced medical devices, and their rising affordability, will boost demand for personal mobility devices in Asia Pacific. Furthermore, the increasing geriatric population reported in India and China, will augur well for the personal mobility devices market in Asia Pacific.

The global personal mobility devices market can be bifurcated into medical mobility aids and ambulatory devices and medical furniture and bathroom safety products. Of these, the medical mobility aids and ambulatory devices segment dominated the market in 2014. The segment is expected to report the fastest CAGR of 8.5% during from 2015 to 2023. In this segment, wheelchairs emerged as the dominant sub-category in 2014. The increasing incidence of disability related to age, disease, or any physical injury fuels demand for wheelchairs considerably. Furthermore, the demand for electric wheelchairs is expected to rise in the forthcoming years as they provide better outdoor performance and are easy to drive.

Complete Market Analysis with TOC @ http://www.mrrse.com/personal-mobility-devices-market

Besides this, the medical furniture and bathroom safety products segment is expected to witness rising demand for medical beds in the near future. Overall, the segment is expected to report steady growth through the forecast period.

Some of the leading players operating in the global personal mobility devices market are Amigo Mobility International, Inc., Argo Medical, ArjoHuntleigh, Drive Medical, Graham-Field Health Products Incorporated, and Hill-Rom Holdings, Inc.

About MRRSE

MRRSE stands for Market Research Reports Search Engine, the largest online catalog of latest market research reports based on industries, companies, and countries. MRRSE sources thousands of industry reports, market statistics, and company profiles from trusted entities and makes them available at a click. Besides well-known private publishers, the reports featured on MRRSE typically come from national statistics agencies, investment agencies, leading media houses, trade unions, governments, and embassies.

Corporate Office
State Tower,
90 State Street,
Suite 700,
Albany NY - 12207
United States
Tel: +1-518-730-0559
Email: sales@mrrse.com

This release was published on openPR.