Personal Mobility Devices Market Gets a Boost with Health Insurance Coverage Schemes
A new report on the global personal mobility devices market for published by Transparency Market Research (TMR) estimates the market to increase from US$6.7 bn in 2014 to US$12.7 bn by 2023. The research study, titled “Personal Mobility Devices Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 – 2023,” projects the market to report a CAGR of 7.30% during the period from 2015 to 2023.
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Personal mobility devices assist individuals with mobility-related disabilities or neurological disorders or other diseases. These conditions could affect their mobility, circulation, or respiration and impede their day-to-day movements. The increasing incidence of arthritis and osteoporosis, together with the rising cases of accidents and bone injuries, is fuelling the demand for these devices significantly across the world.
In this study, the global market for personal mobility devices has been evaluated on the basis of the type of device and the region. By the type of device, the market has been broadly classified into medical furniture and bathroom safety products and medical mobility aids and ambulatory devices.
Wheelchairs led the medical mobility aids and ambulatory devices segment in 2014 with a share of 52.7% and the segment is likely to maintain its position over the forecast period. In the medical furniture and bathroom safety products segment, medical beds acquired the leading position with a share of 53% in 2014, states the report.
Regionally, the report segments the worldwide personal mobility devices market into Latin America, North America, Asia Pacific, Europe, and the Middle East and Africa. North America dominated the overall market in 2014 with a share of 41.4%. The presence of a well-established medical and healthcare infrastructure and a favorable environment for reimbursement in this region have been the key driving forces behind the growth of this regional market over the past few years.
The high demand for technically advanced devices, propelled by the growing geriatric population as well as the increasing pool of disabled patients, has also driven the North America personal mobility devices market significantly in the recent times, reports the study.
Asia Pacific, on the other hand, is likely to experience the fastest growth among all the regions throughout the forecast period. The improving economy and healthcare infrastructure in Asian nations such as South Korea, Japan, and Singapore are expected to aid the growth of this market in the coming years.
Apart for this, the availability of raw materials and skilled workers at low wages is prompting companies to venture into this region, owing to which the Asia Pacific personal mobility devices market is projected to register a significant rise over the forecast period, notes the research study.
The market report also reviews the profiles of the leading companies in the personal mobility devices market in order to present the prevalent market hierarchy. In 2014, Invacare Corp. accounted for the highest share in the overall revenue generated in this market. Hill-Rom holdings Inc. emerged second in the market that year.
Other prominent market participants mentioned in this study are Sunrise Medical LLC, Stryker Corp., Pride Mobility Products Corp., Permobil AB, Patterson Medical Holdings Inc., Otto Bock Healthcare Deutschland GmbH, Invacare Corp., Hill-Rom Holdings Inc., GF Health Products Inc., Drive Medical, ArjoHuntleigh, Argo Medical, and Amigo Mobility International Inc. Innovations and technical advancements in products are the major trends among market players, states the report.
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