Medical Mobility Aids Market: Current Analysis and Forecast (2021-2027)
Emphasis on Product Type (Wheelchairs, Walkers, Crutches, Stretchers, Accessories, Others); End-Users (Hospitals & Clinics, Ambulatory Surgical Centers, Home Care Settings, Others); Region/Country
Global Medical Mobility Aids Market is anticipated to grow with an elevated CAGR of around 6% over the forecast period (2021-2027). Medical mobility aids are the devices that provide an easy & safe way to move and transfer patients from one location to other, enabling them to be more independent and mobile. These devices can be complex electronically powered machines or basic machines and have wide applications in the healthcare industry.
With the rapid advancement in technology and rising awareness among the target population to become mobile, many industry players are focusing on expanding their product portfolio by launching new products in the market due to which the medical mobility aids market is witnessing an uptick all over the globe. For instance, in May 2021, Quantum Rehab, a global innovator of consumer-inspired complex rehab mobility technologies, launched J4 HD Power Chair offering a 400-pound weight capacity and optional Q4 HD Power Tilt. The J4 HD is engineered for tight-quarter maneuverability and has a narrow base width of 24.25 inches.
Furthermore, the demand for medical mobility aids is increasing on account of the growing number of people having disabilities. Almost 15% of the world’s population, experiences some form of disability, and disability prevalence is higher in developing countries. One-fifth of the estimated global total, or between 110 million and 190 million people, experience significant disabilities. This global estimate for disability is on the rise due to population aging and the rapid spread of chronic diseases, as well as improvements in the methodologies used to measure disability. For instance, 61 million adults in the United States live with a disability out of which 13.7 percent of people with a disability have a mobility disability with serious difficulty walking or climbing stairs.
Invacare Corporation, Stryker Corporation, GF Health Products, Inc., Sunrise Medical LLC, Briggs Healthcare, Benmor Medical Limited, Medline Industries Inc., Ostrich Mobility Instruments Pvt. Ltd., Ottobock, NOVA Medical Products, are some of the prominent players operating in the medical mobility aids market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with new varieties of medical mobility aids devices.
Insights Presented in the Report
“Amongst Product Type, wheelchairs segment holds the major share”
Based on product type, the medical mobility aids market is segmented into wheelchairs, walkers, crutches, stretchers, accessories, and others. The wheelchair segment accounted for a significant market share in 2020 and it is estimated that it will exhibit the highest CAGR during the forecast period. The growth of this segment can be attributed to the popularity of these mobility aid devices among the elderly population. According to the data published by KD Smart Chair, the estimated number of wheelchair users in the U.S. was 3.3 million in 2020, which is 1% of the total population. There are approximately 2 million new users every year, which translates to increased demand for wheelchairs in the country. However, the walkers segment is also anticipated to grow with the lucrative CAGR in the upcoming years.
“Amongst End-Users, hospitals & clinics segment holds the major share”
Based on end-users, the medical mobility aids market is divided into hospitals & clinics, ambulatory surgical centers, home care settings, and others. The hospitals & clinics segment is anticipated to grow at a rapid rate in the upcoming years owing to the increasing preference of consumers to get treatment in hospitals mainly due to the well-established healthcare infrastructure, and presence of highly skilled healthcare professionals. Furthermore, the presence of several advanced types of equipment in hospitals, such as remote-controlled wheelchairs and innovative gadgets at their disposal, that can increase the quality of patient care is also one of the reasons why patients prefer hospitals for their treatment.
“North America represents one of the largest markets of medical mobility aids market”
For a better understanding of the market dynamics of the medical mobility aids market, a detailed analysis was conducted for different regions across the globe including North America (U.S, Canada, and the Rest of North America), Europe (Germany, France, Spain, United Kingdom, Italy, and Rest of Europe), Asia-Pacific (China, India, Australia, Japan, and Rest of APAC), Rest of World has been conducted. North America grabbed a significant market share of the global medical mobility aids market in 2020, and it is expected to grow with considerable CAGR during the forecast period (2021-2027F). The major factors such as favorable government initiatives, increased investments in research and development for technologically advanced mobility aid devices and the rapid increase in the geriatric population are propelling the growth of this market in the region. For instance, the number of Americans aged 60 and older increased by 34% from 55.7 million to 74.6 million between 2009 and 2019.
Reasons to buy this report:
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts
- The report presents a quick review of overall industry performance at one glance
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry
- The study comprehensively covers the market across different segments
- Deep dive regional level analysis of the industry
Customization Options:
The global medical mobility aids market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.
Table of Contents
Analyzing the historical market, estimation of the current market, and forecasting the future market of the global medical mobility aids market were the three major steps undertaken to create and analyze the adoption of medical mobility aids in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global medical mobility aids market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments the industry pertains to. Detailed methodology is explained below:
Seek More Details About Research Methodology
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the medical mobility aids through company internal sources such as annual report & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the medical mobility aids market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments included in the report as product type and end-users. Further country-level analyses were conducted to evaluate the overall adoption of medical mobility aids across the globe.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the medical mobility aids. Further, we conducted factor analysis using dependent and independent variables such as the growing number of people with disability and the increasing elderly population all over the globe. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, merger and acquisition, business expansion, and product launches in the medical mobility aids sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the medical mobility aids market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., top-down/bottom-up approach was applied to arrive at the market forecast about 2027 for different segments and subsegments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of value (US$) and the adoption rate of medical mobility aids across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the medical mobility aids market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, and Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
Data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers of each segment and sub-segment of the medical mobility aids market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of product type and end-users of the medical mobility aids market.
The main objective of the Medical Mobility Aids Market Study
The current & future market trends of medical mobility aids were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments from the qualitative and quantitative analysis performed in the study. Current and future market trends were determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of medical mobility aids in terms of value (US$). Also, analyze the current and forecast market size of different segments and sub-segments
- Segments in the study include areas of of product type and end-users
- Define and analysis of the regulatory framework for the medical mobility aids industry
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
- Analyze the current and forecast market size of the medical mobility aids market for the major region
- Major regions studied in the report include North America, Europe, Asia-Pacific and Rest of the world
- Company profiles of the medical mobility aids market and the growth strategies adopted by the market players to sustain in the fast-growing market
Deep dive regional level analysis of the industry
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