Mobility Aids & Transportation Equipment Market size is projected to experience significant growth from 2019 to 2025. Mobility aids & transportation equipment market size will witness significant growth due to a rising incidence of mobility impairments and visually disabled people in worldwide populations. Obesity is one of the major factor leading to increased stress on joints which can result in impaired mobility. Momentous increase in the obese populations across the globe will augment the mobility aids & transportation equipment market.
A large number of aging population will give an impetus to the mobility aids & transportation equipment market. Elderly populations suffer from age-related diseases resulting in impaired mobility. The risk from rheumatoid arthritis and osteoporosis is more in the geriatric population. According to WHO, the worldwide geriatric population will double by 2050 from 12% top 22%, propelling the mobility aids & transportation equipment market growth.
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New technological developments and research activities in the healthcare industry pertaining to mobility aids industry are increasing rapidly. Scientists are working on new technologies to develop wheelchair and scooters in terms of its quality and comfort for the patients as well as the weight of the equipment. For instance, there is a rapid development in powered wheelchairs. Advanced technologies will positively impact the mobility aids & transportation equipment industry growth.
Increased spending capacities of the population as well as high per-capita income will positively impact the mobility aids and transportation equipment market growth. An increased healthcare expenditure and reimbursements by the government will further favor the mobility aids & transportation equipment industry growth.
Expensive equipment costs and low reimbursement rates for the mobility and transportation equipments can limit the growth of mobility aids & transportation equipment market.
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Wheelchairs segment will garner the largest market share owing to the increasing patient population suffering from fractures, bone and knee disorders, growing geriatric population and physically disabled people across the globe.
The hospitals segment will witness a momentous growth on account of greater patient admissions due to age-related disorders and various bone-related injuries. Obese patient handling and rising number of accidents worldwide are also the key drivers for the hospital segment of mobility aids & transportation equipment market.
U.S. will dominate the mobility aids & transportation equipment market owing to the rising geriatric population and manypeople suffering from knee and bone disorders.
UK is the fastest mobility aids & transportation equipment market in Europe region due to large number of patient populations that are physically disabled as well as a high percentage of obese people in UK.
Some of the major market players include Invacare Corporation, GF Health Products, Hoveround Corp, Hill-Rom, LEVO, Medical Depot, Medline Industries, OttoBock Healthcare, Permobil, Stryker Corporation and Sunrise Medical. The companies strategize by engaging in technological development of products and acquisitions to progress in the mobility aids & transportation equipment. For instance, in August 2016, Permobil acquired Advanced Health Care, a company involved in gving rehab solutions to disable, for expanding its business in Canada by providing its advanced innovative technologies for the disabled patients.