The latest market report published by Credence Research, Inc. “Global Personal Mobility Devices Market – Growth, Future Prospects, Competitive Analysis, and Forecast, 2016 – 2024” the personal mobility devices market was valued at USD 6,564.1 Mn in 2015, and is expected to reach USD 12,864.3 Mn by 2024, expanding at a CAGR of 7.4% from 2016 to 2024.
Browse the full report Personal Mobility Devices Market – Growth, Future Prospects, Competitive Analysis, and Forecast, 2016 – 2024 at http://www.credenceresearch.com/report/personal-mobility-devices-market
Personal mobility devices refers to any assistive device that facilitates individual human transportation. Although many such devices are used by people with disability or mobility restrictions, mobility aids can be employed generally. Increasing geriatric population and rising prevalence of target bone diseases such as arthritis and osteoporosis among the aged population are major factors driving the market growth during the forecast period. Moreover, innovations in the personal mobility devices and market penetration in the under developed countries would further fuel the personal mobility devices market during the forecast period. Based on the type of products, the personal mobility devices market is categorized into wheelchairs, scooters, walking aids, patient lifts and stair lifts. The wheelchairs segment accounted for the largest share in the global personal mobility devices market. The key factors assisting the overall market growth of wheelchairs segment are high usage rates and growing demand for powered wheel chairs and its rising implementation in home use, hospitals, airports, hotels and other public places. However, walking aids segment it is anticipated to achieve significant growth in the near future due to the growing popularity of three and four wheeled rollators.
In the base 2015, North America formed the largest market for personal mobility devices market. The factors driving the North America personal mobility devices market are presence of supportive government and reimbursement schemes, developed healthcare infrastructure and growing geriatric population in the region are the factors driving North America personal mobility devices market. Asia Pacific is expected to register the fastest growth rate during the forecast period. Large presence of untapped opportunities in the emerging markets of India and China and constantly improving healthcare infrastructure in these markets are some attributes accounting for the aforementioned conclusion. Moreover, growing geriatric population in China and Japan and increasing disposable incomes, rising awareness and healthcare expenditure levels and the presence of government initiatives aimed at improving healthcare access in the region are few also expected to fuel the market during the forecast period.
Market Competition Assessment:
The personal mobility devices market is observed as the competitive market comprising large number of local players. The market is dominated by several players, depending on their major competencies. The key players in this market are Briggs Healthcare, Drive Medical Design & Manufacturing, Sunrise Medical, Electric Mobility, Patterson Medical, Pride mobility, Kaye Products, Nova, Eurovema AB, Graham-Field Health Products Incorporation, Invacare and TOPRO.
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Key Market Movements:
- Growing geriatric population resulting in the rising in the bone diseases such as osteoporosis and arthritis
- Developing technologically advanced, compact and portable personal mobility devices
- Some major restrains for personal mobility devices market is the maintenance and purchasing cost