Assisted Walking Device Market To Reach $2 Billion By 2024
The global assisted
walking device market is expected
to reach over USD 2.0 billion by 2024
according to a new report by Grand View Research, Inc. The high market growth
is anticipated onaccount of the steep rise in the geriatric population, high
prevalence of chronic conditions, such as arthritis, Parkinson’s disease,
conversion disorder, tendonitis, and the surging demand for rehabilitation
equipment succeeding surgeries.
With Covid-19 infections rising globally, the
apprehension regarding a shortage of essential life-saving devices and other
essential medical supplies in order to prevent the spread of this pandemic and
provide optimum care to the infected also widens. In addition, till a
pharmacological treatment is developed, ventilators act as a vital treatment
preference for the COVID-19 patients, who may require critical care. Moreover,
there is an urgent need for a rapid acceleration in the manufacturing process
for a wide range of test-kits (antibody tests, self-administered, and others).
The report will account for Covid19 as a key market contributor.
Furthermore, apart from the
initiatives commenced by the government and private institutions to encourage
the use of these assistive walking aids to mobilize the physically-challenged,
the technology-oriented innovationsare transforming the current assisted
devices,which are expected toserve as catalystsfor the market growthover the
forecast period.
According to the estimates published
by the WHO, the elderly population will rise from 900 million to 2.0 billion
between 2015 and 2050.The demand for the walking devices is rising amongst
thegeriatric population due mainlyto benefits, such as the provision of support,
balance, and the subsequent ability to live independently. Moreover, the demand
for the rehabilitation equipment is rising as a consequence of thesignificant
role they play in bettering the lives of the physically-challenged.
With the aging population on the rise,
the global incidences of arthritis are also escalating in accordance. The
estimate stated by the centers of disease control and prevention indicatesthat
by 2040, 78 million people will be suffering from arthritis in the U.S.There
are over 232 million surgeries performed per year, whichreflects the high
demand for the assistive walking devices as a part of the post-surgery
rehabilitation programs.
The key players are actively
participating in the development of novel walking devices that will create a
considerable impact on the quality and durability of the devices thereby
influencing market growth.The government organizations and private institutions
implement various laws and policies for theassisted devices commercially
available to the physicallydisabled people in order to increase their
accessibility. Varied government-led programs are specifically directed toward
financially assisting individuals in purchasing mobility aids in several
countries, such as India, Canada, and Australia.
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A few
key players in this market include Carex Health Brands, Inc., Invacare
Corporation, Drive medical design and manufacturing, Inc., Sunrise Medical
Laboratories, Inc., Electric mobility Euro Ltd., Pride Mobility Products
Corporation, Briggs Healthcare Corporation, Graham-FieldHealth Products, Inc.,
Nova medical products, and Patterson Medical Holdings, Inc. The
market dynamics provide a competitive platform for various players to tap into
the high growth areas and cater to the high-unmet needs across the different
regions. The established players are consistently engaged in launching
modifications and new product designs to sustain a competitive advantage in the
industry.
Further key findings from the study suggest:
·
In 2015, walkers accounted for
the highest revenue share of 31.65%. The advantages related to the use of
walkers over other walking devices, which include the improved ability to walk
independently and safely, decreased pain and discomfort while walking, and the
provision of wider support as compared to in other walking devices, and the high
weight bearing capacity serve as major reasons resulting in the sizeable
revenue share.
·
The demand is further
accentuated due to the incorporation of these walkers in rehabilitation
programs that aim to enable physical activityamongst the disabled, rebuilding
of muscular strength, and to help attain optimal mobility of muscles.
·
The crutches segment is
expected to emerge as the fastest growing segment with a CAGR of 10.3% over the
forecast period.This rapid growth pace is a result of the high global demand
for the crutches as supportive walking devices and as equipment employed to
provide rehabilitative care.The crutches minimize the weight-bearing effect on
the disabled leg and help improve the balance and stability of the individual
while walking.
·
In 2015, North America
dominated the Assisted Walking Device Market with a revenue share of 39.58%
owing to the hike in thegeriatric population, presence of well-developed social
and healthcare sectors, technological advancements forwarded by the leadingplayers
in this region, and various initiatives commencedby the government and private
organizations offering varied supportive servicesfor the benefit of the
physically disabled people.
·
The Asia Pacific region is
anticipated to grow at the maximum CAGR of over 10.7% from the year 2016 to
2024.Increasing public and private healthcare expenditure and the rising
disposable incomes of the population are the key factors supporting the growth
of the Assisted Walking Device Market in this region over the forecast period.
·
The market dynamics indicate
the presence of strong competition amongst the key players, such as Carex
Health Brands, Inc., Invacare Corporation, Drive medical design and
manufacturing, Inc., Sunrise Medical Laboratories, Inc., Electric mobility Euro
Ltd., Pride Mobility Products Corporation, Briggs Healthcare Corporation,
Graham-Field Health Products, Inc., Nova medical products, and Patterson
Medical Holdings, Inc.
The
global Assisted Walking Device Market was valued at USD 803.0 million in 2015.
Key factors accruing to the growth are the overwhelming geriatric population
figures, rise in prevalence of target diseases, such as arthritis, and
Parkinson’s disease, rise in the total number of surgical operations, globally,
and financial support initiatives undertaken by government and private
organizations to encourage the use of assistive mobility aids.
According
to estimates published by the United Nations in 2012, the global geriatric
population count was estimated to be nearly 809.4 million and is anticipated to
reach an estimated figure of nearly 1.13 billion and 2 billion by 2022 and
2050, respectively. The chronic conditions prevalent among the elderly
population have a detrimental impact on their musculoskeletal and neurological
systems that further engenders walking disabilities in this population.
The
increased prevalence of target diseases including Rheumatoid Arthritis and
Parkinson’s disease is expected to propel the usage rates of the assisted
walking devices over the forecast period. Rise in the total number of surgical
operations creates a high demand for the assisted walking devices as they are
employed in rehabilitation programs to gradually restore body balance and
promote muscle functioning in sedentary, handicapped individuals. According to
the data published by Healthcare Cost and Utilization Project (H-CUP), from
1992 – 2012, the rise in the total number of surgical operations was 17%.
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Grand View Research has segmented the
Assisted Walking Device Market by product:
Assisted Walking Device Market, by product (USD Million,
2016 - 2024)
·
Canes
·
Crutches
·
Walkers
·
Gait trainers
Initiatives
hosted by government and private organizations provide access to equipment
demonstrations at centers that furnish patients with relevant advice related to
making an equipment choice suited to a specific disability. Additionally,
patients with chronic illnesses or a long-standing disability are exempted from
paying VAT on mobility products. The governments of the countries, the U.S. and
the U.K. offer special grants to the physically-handicapped patients to
purchase this equipment. Independent organizations including Charity search,
Disablement Information and Advice Lines (DIAL) network, Rica, and Shop
mobility are actively engaged in providing varied services for the physically
disabled seeking solutions. The WHO has declared the Priority Assistive
Products List, which has been published with the objective of promoting
equitable access of assistive mobility aids to those in need, and further, the
list serves to outline reimbursement policies and to provide guidance in
matters related to purchase of these devices.
About Grand View Research
Grand View Research, Inc. is a U.S.
based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides syndicated
research reports, customized research reports, and consulting services. To help
clients make informed business decisions, we offer market intelligence studies
ensuring relevant and fact-based research across a range of industries, from
technology to chemicals, materials and healthcare.
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