Mounting Global Efforts to Provide Institutionalized Healthcare to the Disabled and the Elderly to Foster Bright Prospects for the Mobility Devices Market
The global mobility devices market size is projected to reach USD 14.86 billion by 2026, exhibiting a CAGR of 6.9% during the forecast period. Staggering rate of growth of geriatric population across the globe will be one of the crucial factors driving this market in the upcoming decade. Old age entails a plethora of disorders that generally restrict mobility in aged individuals and render them helpless. Given the rate at which the world population is ageing, the demand for devices aiding mobility is likely to spike. According the UN’s Population Division, DESA, people at or above 60 years of age are currently numbered at 962 million. In the next three decades, the global geriatric population will reach 2.1 billion, predicts the DESA. Furthermore, old people are more susceptible to accidents associated deteriorating motor functions. For instance, the National Council of Aging estimates about 2.8 million aged Americans are rushed to hospital emergency rooms annually as a result of falling. Thus, a combination of aging and mishaps associated with the process will fuel the mobility devices market trends during the forecast period.
Growing Aging Population and Rise in Mobility Impairment Disorders to Drive the Market
The older population around the globe is continuously growing at an unprecedented rate. Aging decreases the ability to move and reduces the ability to perform physical tasks to maintain independent functioning among the elderly population. The growing older population count is likely to increase the percentage usage of mobile devices during the forecast period. According to the World Health Organization (WHO), in 2017, the global population aged 60 years or over was around 962 million and is projected to reach about 2.1 billion by 2050.Rising prevalence of chronic conditions such as arthritis, cerebral palsy, and muscular dystrophy among every age group is expected to increase the demand for highly advanced mobility aid devices during the forecast period.
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North America to Lead the Pack; Europe to Follow Closely
Among regions, North America is set to dominate the mobility devices market share owing to the rising prevalence mobility-related disorders in the region. Coupled with this is the increasing number of aged people in the region, which will propel the regional market.
Europe is anticipated to be the second most dominant region in this market on account of high proportion of aged people with mobility impairment. Asia-Pacific is touted to be the most promising region as geriatric population in the region is growing, whileunmet needs of the people in Latin America, the Middle East, and Africa will create lucrative market opportunities.
Focus on Patient Safety and Comfort to Drive Innovation Among Players
“Strengthening market position is expected to be the primary focus of key players in this market”, says one of our lead analysts. One of the leading strategies adopted is increasing investment in innovation to come up with novel solutions, keeping patient comfort and safety in mind. Some players are also expanding their global presence through collaborations and acquisitions.
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