The prominent companies operating in the global personal mobility devices market are Invacare Corporation, Hill-Rom Holdings, Inc., and Sunrise Medical LLC. A number of innovative, new, and technologically developed personal mobility products are being introduced and marketed by players in this market, as per Transparency Market Research (TMR). Furthermore, the market has huge count of equipment and raw material suppliers for making a wide range of accessories and personal mobility devices. This market is consolidated in developed markets but stays fragmented in majority of the developing markets with the dominance of numerous small regional players.
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The global personal mobility market stood at US$6,655.7 mn in 2014 and is predicted to reach US$12,722.6 mn by 2023, expanding at a 7.30% CAGR between 2015 and 2023. Wheelchairs emerged as the top sub-segment in the medical mobility aids and ambulatory devices segment and held a share of 52.7% in the market in 2014. This segment is also poised to witness the most exponential growth rate of 19.40% between 2015 and 2023. The reasons for the increased development of this sub-segment include diseases or physical injuries coupled with rising awareness and a skyrocketing demand for technologically developed devices globally. The sub-segment of mobility scooters held the second position in the market and accounted for a share of 19.8% in the medical mobility aids and ambulatory devices segment in the same year.
Medical Beds Led Medical Furniture and Bathroom Safety Product Segment with a Share of 53% in 2014
The sub-segment of medical beds was the market leader in the medical furniture and bathroom safety products segment and held a share of 53.0% in 2014. The increasing count of disabled population, the growing aging population, and the increasing adoption of fully equipped and patient-friendly medical beds globally are the main factors behind the exponential growth of this sub-segment. On the other hand, the sub-segment of patient lifts is expected to exhibit an exponential 3.20% CAGR between 2015 and 2023. The reasons for the development of this segment include the globally rising aging population and the high adoption of technological developed patient lifts and lifting systems.
On the basis of geography, the North America personal mobility devices market held the top position and constituted a share of 41.4% in 2014. The growth of the market in this region is poised to rise at a 6.80% CAGR between 2015 and 2023. The growing count of individuals with different kinds of disabilities, huge demand for cutting-edge devices, and increasing affordability of individuals residing in North American nations will work in favor of the growth of the market in this region. Europe trailed North America and held the second position in the market with a share of 31.4% in the same year, while the region of Asia Pacific constituted the third position in the market. The Asia Pacific personal mobility devices market is also predicted to exhibit the swiftest CAGR of 9.50% between 2015 and 2023 owing to increasing proliferation of global companies and increasing awareness amongst people in Asia Pacific nations.
Low Acceptance Rate in Developing Economies to Inhibit Market Development
The increasing geriatric population and disabled population globally is a key factor driving the global personal mobility devices market. “Aging demands the need for expensive long-term caregiving services which the middle class population cannot afford”, says a TMR analyst. Hence, the demand for equipment such as bathroom support systems, medical furniture, and mobility devices is on the rise, propelling the overall personal mobility devices market.
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In addition, the increasing regulations posed by governments and grants from international organizations will work in favor of the market’s development. Furthermore, a number of technological developments taking place in this market will also bode well for the growth of the personal mobility devices market. However, the soaring prices of personal mobility devices and decreased acceptance in some of the economies owing to social stigma may come up as key barriers in the growth of this market.
Nonetheless, the rising productive employment of disabled population in some of the developed nations may emerge as a key opportunity in this market, states a TMR analyst
This information is based on the findings of a report published by Transparency Market Research titled, “Personal Mobility Devices Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 – 2023.”