Personal Mobility Devices Industry Overview
The global Personal Mobility Devices Market was worth $10.58 billion in 2022 and is projected to grow at a compound annual growth rate (CAGR) of 6.8% from 2023 to 2030. The market experienced a downturn in 2020 due to COVID-19-related disruptions in device transportation. Factors such as a growing global population, increasing product innovation, and a rise in disability-causing accidents are significantly contributing to the demand for personal mobility devices. Furthermore, the expanding geriatric population and the increasing incidence of chronic diseases worldwide are major drivers of market growth.
The COVID-19 pandemic had a negative impact on the global market, leading to decreased demand and production of personal mobility devices, which adversely affected the revenues of key players. For example, Invacare's annual revenue declined by 8.3% in 2020. However, the adoption of proactive measures and policies has generated improved opportunities for market participants due to the easing of distribution systems following revisions in COVID-19 restrictions across various regions. Government initiatives, such as favorable reimbursement policies like the Medicare program for purchased and rented devices, are also expected to stimulate the personal mobility devices market.
Detailed Segmentation:
- Product Insights
The wheelchair segment dominated the market for personal mobility devices and accounted for the largest revenue share of over 45.4% in 2022. The segment is expected to retain the leading position throughout the forecast period. Wheelchairs are one of the most common assistive devices used in personal mobility. United Nations provides appropriate legislation for requesting member states in supporting the development, production, distribution, and servicing of these mobility devices. The usage of appropriate wheelchairs enhances the quality of life, reduces common problems, such as deformities and pressure sores, and improves digestion and respiration.
- Regional Insights
Asia Pacific is expected to emerge as the fastest-growing regional market of 8.2% from 2023 to 2030. This is attributed to the increasing geriatric population in Asian countries, such as Japan, China, and India. In addition, extensive R&D activities undertaken by various organizations, such as the China Rehabilitation Research Center (CRRC), are expected to drive the regional market. Increasing disposable income levels, rising awareness, high healthcare expenditure, and government initiatives aimed at improving healthcare access are also expected to boost the market growth in Asia Pacific. The U.S. government doubled the funding for Rehabilitation Engineering Research Center programs for accelerating the research in the field of personal mobility.
Gather more insights about the market drivers, restraints, and growth of the Personal Mobility Devices Market
Key Companies & Market Share Insights
The market players are focusing on adopting various growth strategies, such as partnership and expansion of product portfolio, to retain their market position. For instance, in June 2021, Rollz international launched a new Rollz Flex 2 rollator which provides better comfort, stability, and design to the user. This rollator is among the most innovative creations of the company. Some of the prominent players in the global personal mobility devices market include:
- Drive DeVilbiss Healthcare
- GF Health Products, Inc.
- Invacare Corporation
- Carex Health Brands, Inc.
- Kaye Products, Inc.
- Briggs Healthcare
- Medline Industries, Inc.
- NOVA Medical Products
- Performance Health
- Rollz International
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