Personal mobility devices are devices that provide assistance in moving for physically disabled or aged people. Personal mobility devices include wheelchairs, crutches, canes, mobility scooters, walkers, and rollators. The promotion of personal mobility devices for the elderly and disabled becomes necessary to reduce public health expenditure. The global personal mobility devices market is boosted by the growing geriatric population in developing nations.
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Reduction in Prices of Personal Mobility Devices by Insurance Companies to Boost Market
The growing use of medical insurance by the geriatric population and the middle-age population has ensured that they receive medical help, including personal mobility devices, at a reduced cost. Thus, insurance companies assist in covering mobility devices by reimbursing and making the personal mobility devices much more affordable for the consumers. The entrance of various government, private, and international insurance organizations will thus boost the market for personal mobility devices globally.
Asia Pacific to Witness Fastest Growth between 2015 and 2023 in the Personal Mobility Devices Market
The global personal mobility device market is segmented on the basis of geography and device type. On the basis of geography, the market is segmented into North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa, out of which North America held the largest share of 41.4% in the global market in 2014. The growth of the personal mobility devices market in the region was due to the presence of well-established healthcare infrastructure, increasing geriatric population, growing demand for innovative and new devices, and steady government support.
The regional segment of Asia Pacific is expected to witness the fastest growth in the period between 2015 and 2023 due to improvement in the economic condition in the region. The disabled-friendly infrastructure in countries such as Singapore, Japan, and South Korea is expected to support the growth of the personal mobility devices market in these countries. Furthermore, the lower manufacturing costs of the devices in Asia Pacific, coupled with the growing demand for innovative mobility devices, are expected to drive the market in Asia Pacific.
Wheelchairs and Medical Beds to be the Fastest Growing and Largest Segment of Personal Mobility Devices Market
The global personal mobility device market is segmented on the basis of type into six segments: scooters, canes and crutches, wheelchairs, stair lifts, walkers, and medical furniture and bathroom safety products. The medical furniture and bathroom safety products segment is subdivided into medical beds, bars and railings, commodes and shower chairs, and patient lifts. Out of these, medical beds and wheelchairs were the fastest and largest growing segment, owing their success to the rising prevalence of chronic diseases, the longevity of these sturdy devices, and increased government funding.
Key players operating in the global personal mobility device market include: Argo Medical, Amigo Mobility International, Inc., ArjoHuntleigh, Drive Medical, Patterson Medical Holdings, Inc., Hill-Rom Holdings, Inc., Invacare Corporation, Graham-Field Health Products Incorporated, Otto Bock Healthcare GmbH, Pride Mobility Products Corporation, Permobil AB, Sunrise Medical LLC, and Stryker Corporation.