Increasing Healthcare Expenditure to Trigger Industry Growth; Mentioned in the Personal Mobility Devices Market Outlook

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Rediscover Independence, Redefine Movement Navigate the Personal Mobility Devices Market for Enhanced Freedom and Lifestyle

Personal Mobility Devices Market Overview

The Personal Mobility Devices Market insights report has valued at USD 15.2 billion in 2022 and is expected to increase at a compound annual growth rate (CAGR) of 6.70% between 2023 and 2032, from USD 16.2 billion in 2023 to USD 27.3 billion by 2032.

Market Dynamics

The high presence of supportive government efforts is one of the key factors anticipated to drive the market growth rate for personal mobility devices. Consumer buying power, increasing RD, and other factors are predicted to have a substantial impact on the market expansion for personal mobility devices. While the rise in injuries and traffic accidents is one of the major factors projected to fuel the growth of the personal mobility devices market in the aforementioned forecast period.

Additionally, the number of people over 65 who are categorized as geriatrics is quickly increasing globally. One's capacity for physical activity decreases with age. The usage of mobile devices by older persons is likely to increase, primarily as a result of their fear of falling. The demand for personal mobility devices is anticipated to rise over the coming few years as a result.

Market Segmentation

Based on product and end user, the global market for personal mobility devices has been divided into segments.

The market is divided into three product categories: scooters, wheelchairs, and walking aids. The market share leader in 2022 is expected to be the wheelchairs category. The wheelchair industry dominated the market as a result of developments and the device's ongoing evolution in terms of shape and functionality. Manufacturers throughout the world are working to create innovative wheelchair designs, such as versions with weight-changing capabilities to increase comfort and dependability and wheelchairs with sturdy wheels to facilitate maneuverability.

The global market for personal mobility devices has been divided into three categories based on end users: hospitals, homecare, and others.  The older population's rise in cases of arthritis and long-term infirmities led to a rise in revenue for the homecare industry. This age group necessitates home mobility help due to their limited mobility. As a result, the elderly will increasingly employ personal mobility devices during the next years, supporting the expansion of the end user sector.

Regional Analysis

North America is predicted to dominate the market for personal mobility devices for the whole projection period. The expanding senior population in North America, which is more prone to mobility ailments like osteoporosis, rheumatoid arthritis, etc., has increased the adoption of mobility aids. The United States and Canada make up the majority of the region's contributors. Personal mobility devices are widely used as a result of promoting government initiatives that ease the burden of the devices' high cost and broaden reimbursement guidelines.

The Europe Personal Mobility Devices Market is predicted to experience the fastest CAGR growth between 2023 and 2032. Over the course of the forecast years, the presence of an improved healthcare infrastructure, an aging population, an increase in the prevalence of age-related diseases, high healthcare spending, and favorable reimbursement policies for purchase or rental services will all contribute to the regional market's growth. Additionally, the German personal mobility device market had the largest market share while the UK's experienced the fastest pace of growth in the European region.

The Asia Pacific region has the second-largest market share for personal mobility devices as a result of a number of factors, including an overall increase in older adults (especially in East Asian nations like China and Japan), growing knowledge of personal mobility devices, an increase in the incidence of limb dysfunction and disorders, and better access to healthcare. In addition, China had the largest market share for personal mobility devices in the Asia-Pacific region, while India had the fastest rate of growth.

Competitive Analysis

The major players listed in the Personal Mobility Devices Market outlook report are Briggs Healthcare, Carex Health Brands, Inc., Drive DeVilbiss Healthcare, GF Health Products, Inc., Invacare Corporation, Medline Industries Inc., Pride Mobility Products Corp., Rollz International, Stryker Corporation, and Sunrise Medical LLC.

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