“The rising geriatric population around the world has been a key
target market for personal mobility devices,” observes the TMR
report’s author. In India and China, the population of aged people
is particularly expected to surge at an unprecedented rate through
the forecast period. Aging is often associated with lower bone
density, and, consequently, mobility in numerous cases. The prevalent
social structure has led to a decline in long-term caregiving support
from families. This creates an environment conducive to the expansion
of the personal mobility devices market.
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“Besides the geriatric population, caregiving services also become
necessary for people with physical disabilities creating a window of
opportunity for personal mobility devices,” added the TMR analyst.
As per annual report on Disability Statistics published in 2014, by
the University of New Hampshire, the rate of disability increases
with age. Thus the increasing number of people suffering from
disabilities will fuel requirement of advanced personal mobility
devices. The demand for these devices is also expected to surge in
the near future in response to the favorable government regulations
and increasing grants from the United Nations and other international
organizations. The advent of latest technologies will also allow the
market to pace up considerably.
However, the high cost of many of these mobility devices is hampering
the market’s trajectory to an extent. Due to their high cost, the
sales prospects of these devices are compromised with in developing
or underdeveloped economies. Furthermore, TMR has observed low
acceptance for highly digitized mobility devices. This could be
because of the limited utilization of computers by disabled
individuals. Moreover, digitization is pushing up the cost of
products, which limits the market’s growth.
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In addition, the social stigma attached to using mobility devices
such as crutches, wheelchairs, and cranes could inhibit the market’s
expansion as well.
TMR expects that policies delaying the age of retirement will
positively influence the sales of personal mobility devices.
Implementing such policies would require a flexible working
environment and adequate facilities for the elderly working in the
organization. This in turn will increase the demand for personal
mobility devices in the forthcoming years. Furthermore, the market is
also expected to gain significant impetus from the increase in
productive employment of people with disabilities.
The WHO has been encouraging governments across various nations to
develop policies for assistive and mobility devices as a part of the
strategy for human development to leverage untapped potential of the
disabled population. Such regulations will augur well for personal
mobility devices sales.
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In terms of device type, the global personal mobility devices market
was led by the medical mobility aids and ambulatory devices segment
in 2015. On the basis of revenue, the segment is expected to surge at
a CAGR of 8.5% from 2015 to 2023. Regionally, North America led the
overall market with a share of 41.4% in 2014.
As per TMR, the global personal mobility devices market, which stood
at US$6.65 bn in 2014, is expected to reach US$12.7 bn by the end of
2023. The market is thus expected to exhibit a CAGR of 7.30% between
2015 and 2023.
A moderate level of competition exists among the key players in the
global personal mobility devices market. As per the findings of
Transparency Market Research (TMR), the top three players in the
personal mobility devices market, Invacare Corporation, Hill-Rom
Holdings, Inc., and Sunrise Medical LLC, together accounted for
approximately 35.6% of the overall market in 2015. Presently, the
industry comprises a few major players operating across each product
segment. In the forthcoming years, TMR expects price wars to persist
between leading players operating in the different market segments.
Spurred by the aforementioned factors, competition prevailing in the
personal mobility devices market will intensify through the course of
the report’s forecast period between 2015 and 2023. Furthermore,
threat of substitution and considerable bargaining power of buyers
will possibly escalate rivalry among the key market players.
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