Rising prevalence of diseases like Parkinson’s disease, Alzheimer’s and arthritis, rising geriatric population coupled with favorable reimbursement scenario

NEW YORK, NY, UNITED STATES, November 16, 2021 /EINPresswire.com/ -- According to the current analysis of Reports and Data, the global Personal Mobility Devices market was valued at USD 11.46 Billion in 2020 and is anticipated to reach USD 18.01 Billion by the year 2028, at a CAGR of 5.70%. A personal mobility device is a vehicle that is designed to be used by one person, has one or more wheels that operate on a single axis, and is propelled by an electric motor attached to the vehicle or by human power or both.

Due to the high cost of personal mobility devices, manufacturers are encouraged to finance R&D initiatives for the development of new-age devices, and health insurance companies have been resolving the price-rise crisis with favorable reimbursement plans. Furthermore, governments of different nations are focusing on initiatives to create awareness regarding personal mobility devices. For instance, in August 2015, The Government of India made an effort to transform 5,000 public places in India to be disabled-friendly by July 2019. The sites include all airports, major railway stations, and 4,000 key buildings, which in turn is expected to favor the growth of the personal mobility devices market. Also, European Union implemented the European Disability Strategy 2010-2020 (EDS) in 2010, to complement national efforts with a European-wide framework. The European Disability Strategy’s main aim is to allow people with disabilities to have the right to participate equally and fully in the society and economy.

As social ideologies like workplace equality penetrate in developed as well as developing countries, the popularity of wheelchairs and crutches is markedly mounting and attracting more capital towards the personal mobility devices market. Besides, the susceptibility of the geriatric population to motion control disorders is opening up lucrative prospects for personal mobility devices. However, high purchasing and maintenance cost of the equipment are expected to impede the market growth of Personal mobility devices industry.

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Market Overview:

The pharma and healthcare industry is rapidly expanding in terms of revenue over the last few years and is expected to register significant revenue growth over the forecast period of 2028. Rapid advancements in the healthcare sector, rapid growth in the medical and healthcare sectors, availability of latest equipment and tools, rising healthcare expenditure and improvements in healthcare infrastructures are some key factors driving global market revenue growth. In addition to this, increasing investments in research and development activities, rising prevalence of various diseases and dearth of medications and hospitals during the ongoing COVID-19 pandemic are boosting market growth. Increasing number of funds by public and private sectors, rising adoption of point-of-care diagnosis and home settings, high demand for precision medicine and ongoing research on drug discovery are also expected to fuel market growth going ahead.

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Competitive Landscape

The report sheds light on the competitive landscape of the global Personal Mobility Device market and details about each market player, global position, financial standing, license agreement, and product and service portfolio along with business expansion plan. Major players are investing in research and development activities to develop and launch new products and services and are also focusing on adopting key strategies such as mergers and acquisitions, partnerships, joint ventures and collaborations to strengthen their market position and enhance their product base.

Leading companies operating in the global Personal Mobility Device market include:

TOPRO, Carex Health Brand Incorporation, Drive Medical Design & Manufacturing, Invacare, Sunrise Medical, Pride Mobility, Kaye Products, Electric Mobility, Briggs Healthcare, and Patterson Medical among others, that collectively constitute a competitive market

Further key findings from the report suggest

• Several homes or office modifications are made to facilitate navigation within a building or in other areas where there are changes in surface heights. These include ramps, stairlifts, and handrails. Access ramps are essential as some people with walkers, canes, and crutches find that ramps provide easier access than steps.

• Stairlifts are devices that move people and wheelchairs up and downstairs, either through the floor or along the staircase. Handrails are unique devices that are fitted in many restrooms and by entrances to provide support and stability to people with mobility issues.

• Modern technology is enabling access to some of the coolest personal mobility devices ever to hit the personal mobility devices market. While they are not common now, these impressive advancements are anticipated to be the next big thing, minimizing the use of cars and public transport not only for a greener world but also to look super cool navigating the streets. For instance, in September 2018, Sunrise Medical (US) LLC launched new QUICKIE Q700 M SEDEO ERGO, an advanced mid-wheel drive power wheelchair.

• Acton Rocket Skates, Yuneec E-Go, Self-Balancing Hoverboards, EcoReco Electric Scooter, Ninebot One are the five topmost modern mobile devices that are trending among the youth and are set for tremendous growth in the coming years

Segments covered in the report

This report forecasts revenue growth at a global, regional & country level, and provides an analysis of the market trends in each of the sub-segments from 2016 to 2026. For the purpose of this study, Reports and Data have segmented the Personal Mobility Devices market on the basis of product type, end use and region:

Product Type Outlook (Revenue in Million USD; 2018–2028)

• Wheel chairs
o Manual
o Powered
• Scooters
• Hand Bikes
o Electric handbikes
o Manual handbikes
o Hybrid handbikes
• Walking aids
o Rollators
 Premium
 Low cost
• Stair lifts
• Power Addon products
• Other walking aids
o Canes
 Folding Canes
 Quad Canes
 Offset Canes
o Crutches
 Axillary Crutches
 Elbow Crutches
 Forearm Crutches
o Walkers
 Standard Walkers
 Knee Walkers

Medical Furniture and Bathroom Safety Products (Revenue in Million USD; 2018–2028)

• Patient Lifts
o Manual Lifts
o Power Lifts
o Stand Up Lifts
o Heavy Duty Lifts
o Overhead Track Lifts
• Stair Lifts
o Indoor Stair Lifts
o Outdoor Stair Lifts
• Medical Beds
o Electric Beds
o Manual Beds
 Stretchers
 Low Beds
 Water Beds
• Bars and Railings
• Commodes and Showers

End Use Outlook (Revenue in Million USD; 2018–2028)

• Hospitals and Clinics
• Ambulatory Surgical Centers
• Urgent Care Center
• Home Care setting
• Others

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Regional analysis covers:

• North America
o U.S.
o Canada
o Mexico
• Europe
o Russia
o U.K.
o Germany
o France
o BENELUX
o Rest of Europe
• Asia Pacific
o China
o Japan
o India
o South Korea
o Rest of APAC
• Latin America
o Brazil
o Rest of LATAM
• Middle East & Africa
o Saudi Arabia
o U.A.E.
o Israel
o Rest of MEA

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