Personal Mobility Devices Market Emerging Trends, Analysis and Forecasts 2028

Posted on 2022-05-16 by researchinsights in Healthcare // 0 Comments

San Francisco, California , USA, May 16 2022 — /EPR Network/ —

Personal Mobility Devices Industry Overview

The global personal mobility devices market size was valued at USD 11.5 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 5.8% over the forecast period.

In terms of volume, the market size was valued at 47,515 K Units in 2020. An increasing number of the target population, growing product development, and rising number of accidents causing disabilities are some of the key factors driving the market. The rising geriatric population and cases of chronic diseases across the globe are also major factors contributing to the market growth. According to a 2018 report by the WHO, the global geriatric population is anticipated to rise from 7% in 2000 to 16% in 2050. Moreover, according to the CDC, from 2013 – 2015, 54.4 million individuals in the U.S. were affected by arthritis.

Such conditions are long-lasting, resulting in the continuous use of mobility aids. It is estimated that by 2040, the number of adult arthritis patients will reach 36.4 million, thereby augmenting the demand for personal mobility devices. Moreover, favorable reimbursement policies for purchased and rented devices are expected to drive the market. Few mobility devices, such as walkers, wheelchairs, canes, and crutches, are also covered under Medicare insurance Part B. A patient is required to pay 20% of the product price out of pocket and the remaining 80% is paid by Medicare. In addition, repairs and replacements of reimbursed mobility devices are also covered under the Medicare insurance.

Gather more insights about the market drivers, restrains and growth of the Global Personal Mobility Devices Market

The Indian government has initiated the Scheme of Assistance to Disabled Persons for Purchase/Fitting of Aids/Appliances (ADIP Scheme) to help in procuring sophisticated, durable & modern, scientifically manufactured, standard aids & medical devices to promote social, psychological, and physical rehabilitation of people with disabilities. Moreover, this provision is expected to assist in enhancing the economic potential for purchasing mobility devices. Assistive devices are given to public work departments to promote independent living and to reduce the extent of disability. Technological advancements in products are among the most important drivers for the market.

The introduction of transfer lifts, mobility scooters, and automated rollators is expected to significantly improve the usage rates of mobility devices. Segway’s Personal Transporter, laser-enabled rollators by TOPRO for Alzheimer’s patients, and M300 Corpus HD Power wheelchair are some of the examples of technological advancements. However, the Covid-19 pandemic negatively affected the global market as the demand and production of personal mobility device were decreased. However, the preparation of new proactive steps and policies will be worthwhile for new market entrants during the forecast period.

Matched content

Editor’s pick