Walking Aids Industry Overview
The global walking aids market size was valued at USD 2.2 billion in 2021 and is anticipated to grow at a CAGR of 7.1% over the forecast period. The rising geriatric population coupled with the increasing prevalence of arthritis and Parkinson’s is estimated to drive the market growth. In addition, a favorable reimbursement framework and regulatory policies are also anticipated to fuel the market’s growth. However, the mobility devices industry witnessed a significant setback due to the COVID-19 pandemic.
The COVID-19 pandemic initially negatively impacted the demand for the product. The supply chain was highly disrupted due to the pandemic. The pandemic impacted the overall shipping and logistics of mobility and personal care products globally which has also resulted in the high cost of container shipping. The rising cost of supply chain and logistics has had an adverse effect on the company’s finances and liquidity. With the effective COVID-19 protocols and government guidelines, the market is again steadily increasing in every region as the need and demand for the devices increases.
Gather more insights about the market drivers, restraints, and growth of the Global Walking Aids Market
As per the World Bank’s statistics published in 2019, around 15.0% of the world’s population and 20 to 25.0% of the elderly population suffer from some form of disability and it is anticipated to rise in the future. Also, improved accessibility and increased social acceptance are identified as the driving factors for this market.
U.S. walking aids market, type segment is expected to grow at a high compound annual growth rate of 8.4% during the forecast period.
The elderly population is highly prone to falling. These falls can result in hip, pelvis, femur, and spine fractures thereby hampering the physical movement or walking of an individual. Furthermore, falling is considered the second leading cause of accidental and unintentional injury deaths globally. Approximately 424,000 individuals die due to falls every year. Falling, among the elderly population can be prevented by the appropriate use of assistive devices.
Moreover, according to the Centers for Disease Control and Prevention data, nearly 19.4 million adults in the U.S. are unable to walk a quarter-mile. Furthermore, around 40.7 million adults in the U.S. have at least one physical function disability. Thus, the high prevalence of physical disabilities is anticipated to further fuel the market’s growth.
Favorable reimbursement policies offered by organizations such as Medicare are estimated to increase the adoption rate of these devices. Walking aids are covered under the durable medical equipment category by Medicare. The Medicare part B pays for nearly 80.0% of the approved devices while the patient pays the rest 20.0%, thus increasing the affordability and facilitating market demand.
Browse through Grand View Research's Medical Devices Industry Related Reports
Personal Mobility Devices Market - The global personal mobility devices market size was valued at USD 14.9 billion in 2021 and is anticipated to expand at a compound annual growth rate (CAGR) of 6.3% from 2022 to 2030.
Assisted Walking Devices Market - The global assisted walking devices market size was valued at USD 3.4 billion in 2021 and is anticipated to expand at a compound annual growth rate (CAGR) of 6.6% during the forecast period.
Walking Aids Industry Segmentation
Grand View Research has segmented the global walking aids market based on type, and region:
Walking Aids Type Outlook (Revenue, USD Million, 2017 - 2030)
- Rollators
- Premium Rollators
- Low-cost Rollators
- Others
Walking Aids Regional Outlook (Revenue, USD Million, 2017 - 2030)
- North America
- Europe
- Asia Pacific
- Latin America
- MEA (Middle East & Africa)
Market Share Insights:
September 2021: TOPRO acquired the entire share capital of AssiTech. The acquisition will complete the existing product offering of the company.
Key Companies profiled:
Some prominent players in the global Walking Aids Industry include
- HUMAN CARE
- Evolution Technologie
- Invacare Corporation
- Benmor Medical
- Carex Health Brands
- Eurovema AB
- TOPRO
- Briggs Healthcare
- Drive medical design
Order a free sample PDF of the Walking Aids Market Intelligence Study, published by Grand View Research.
No comments:
Post a Comment