Personal Mobility Devices Market is expected to CAGR of 8.5% from 2015 to 2023
In terms of device type, the global personal mobility devices market was led by the medical mobility aids and ambulatory devices segment in 2015. On the basis of revenue, the segment is expected to surge at a CAGR of 8.5% from 2015 to 2023. Regionally, North America led the overall market with a share of 41.4% in 2014.
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As per TMR, the global personal mobility devices market, which stood at US$6.65 bn in 2014, is expected to reach US$12.7 bn by the end of 2023. The market is thus expected to exhibit a CAGR of 7.30% between 2015 and 2023.
Demand for Personal Mobility Devices to Rise as Geriatric Population Increases Globally
“The rising geriatric population around the world has been a key target market for personal mobility devices,” observes the TMR report’s author. In India and China, the population of aged people is particularly expected to surge at an unprecedented rate through the forecast period. Aging is often associated with lower bone density, and, consequently, mobility in numerous cases. The prevalent social structure has led to a decline in long-term caregiving support from families. This creates an environment conducive to the expansion of the personal mobility devices market.
“Besides the geriatric population, caregiving services also become necessary for people with physical disabilities creating a window of opportunity for personal mobility devices,” added the TMR analyst. As per annual report on Disability Statistics published in 2014, by the University of New Hampshire, the rate of disability increases with age. Thus the increasing number of people suffering from disabilities will fuel requirement of advanced personal mobility devices. The demand for these devices is also expected to surge in the near future in response to the favorable government regulations and increasing grants from the United Nations and other international organizations. The advent of latest technologies will also allow the market to pace up considerably.
High Cost of Personal Mobility Devices Limiting their Demand
However, the high cost of many of these mobility devices is hampering the market’s trajectory to an extent. Due to their high cost, the sales prospects of these devices are compromised with in developing or underdeveloped economies. Furthermore, TMR has observed low acceptance for highly digitized mobility devices. This could be because of the limited utilization of computers by disabled individuals. Moreover, digitization is pushing up the cost of products, which limits the market’s growth.
In addition, the social stigma attached to using mobility devices such as crutches, wheelchairs, and cranes could inhibit the market’s expansion as well.
Market to Gain Impetus from Favorable Grants by International Organizations
TMR expects that policies delaying the age of retirement will positively influence the sales of personal mobility devices. Implementing such policies would require a flexible working environment and adequate facilities for the elderly working in the organization. This in turn will increase the demand for personal mobility devices in the forthcoming years. Furthermore, the market is also expected to gain significant impetus from the increase in productive employment of people with disabilities.
The WHO has been encouraging governments across various nations to develop policies for assistive and mobility devices as a part of the strategy for human development to leverage untapped potential of the disabled population. Such regulations will augur well for personal mobility devices sales.
A moderate level of competition exists among the key players in the global personal mobility devices market. As per the findings of Transparency Market Research (TMR), the top three players in the personal mobility devices market, Invacare Corporation, Hill-Rom Holdings, Inc., and Sunrise Medical LLC, together accounted for approximately 35.6% of the overall market in 2015. Presently, the industry comprises a few major players operating across each product segment. In the forthcoming years, TMR expects price wars to persist between leading players operating in the different market segments.
Spurred by the aforementioned factors, competition prevailing in the personal mobility devices market will intensify through the course of the report’s forecast period between 2015 and 2023. Furthermore, threat of substitution and considerable bargaining power of buyers will possibly escalate rivalry among the key market players.