Mobility Assisting Devices and Technologies Market Will Continue to Grow by 2020
Recent advancements in mobility assisting devices include remote controlled and motorized wheelchairs and stair-lifts. The latest devices from robotics manufacturers include exoskeletons and electroencephalograph controlled devices. For quadriplegics, this is an avenue for new life. An EEG connected chair senses the inclination of a person to move in a certain direction and then computes the motors attached to a wheelchair to move in that direction. Although the use of EEG enhanced mobility devices and exoskeleton is very rare today, it is observed that cost is the primary factor controlling the purchase of these devices. A motorized wheelchair may be priced anywhere between US$ 1000 to US$ 3000 over the world, however with the installation of EEG for movement sensing, the cost may increase exponentially. Besides generic factors such as aging population, other major drivers for the market for mobility assisting devices include increasing incidence of debilitating neurological diseases resulting in paralysis or weakening of muscles, trauma injuries from sports and other accidents. The current on-going research estimates the global market for mobility assisting devices to be valued at US$ 10.0 billion. The CAGR of the market is pegged at 4.5% and analysts predict steady revenues for companies from end users such as hospitals and nursing homes.
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The research initiative intends to analyze markets in six geographical regions of North America, Europe, Asia-Pacific, Latin America, Middle-East and Africa. North America and Europe are undoubtedly the largest markets for advanced motorized and electric mobility assisting devices. Companies such as Invacare Corporation, Hoverround, Kymco, Permobil AB, Drive Medical, Karma Healthcare, Ottobock, Sunrise Medical, Pride Performance Mobility, Meyra and GF Health Products are some major American and European brands exporting their technologies over the world. However, the market is quite fragmented with several hundred moderate to small players in this segment and innumerable players in the Asia-Pacific region, particularly for the more affordable devices such as crutches and walkers.
This report intends to analyze the personal mobility assisting devices from several perspectives such as end-users or buyers, product types and geographical regions. The report extends it analysis by providing the statistics of disabled people over the world which can give the reader a scenario of potential and untapped market as compared to the current status. The report is aimed at device manufacturers, group purchase organizations, hospitals, nursing homes, medical professionals, distributors and other stakeholders in this market.
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Spearhead Acuity Business Research & Consulting Private Limited (SA-BRC) is a premium Life Science business intelligence and data analytics firm. SA-BRC team offers a wide range of business intelligence services to multiple stakeholders such as Medical Device Manufacturers, Service Providers (Hospitals, Payers, etc.), Suppliers, Group Purchase Organizations, Distributors and all other individuals in the entire value chain of healthcare industry. Our research and consulting capabilities extend across several sub-domains within the sphere of Life Sciences such as Biotechnology, Healthcare IT, Medical Devices, Veterinary Sciences, Wellness Products and Pharmaceuticals.
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