The rise in geriatric population, an increase in chronic conditions like Parkinson’s disease and arthritis is boosting the market for assisted walking devices.
Market Size – USD 1.97 Billion in 2018, Market Growth - CAGR of 1.04%, Market Trends –Advancement in assistive technology.
NEW YORK, May 16, 2019 (GLOBE NEWSWIRE) -- The Global Assisted Walking Device Market is forecast to reach USD 2.14 Billion by 2026, according to a new report by Reports and Data.
The main focus of assisted walking devices is empowering individuals with disabilities and help them restore their ability of movement and mobility. The major driving factor promoting the global assisted walking device is a rise in geriatric population who are exposed to chronic conditions like arthritis and associated musculoskeletal issues. As a result of the increase in the geriatric population, there has been a positive impact on the global assisted walking device market.
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Apart from the rise in geriatric population, technological advancements also help in boosting the market. It is because of technological advancements; there have been enhancements in assistive technologies, making assisted walking devices user-friendly. Hence, developments in assistive technologies have also resulted in making a positive impact on the global assisted walking device market. Applicability of assisted walking devices in chronic conditions like Parkinson's disease, arthritis, and tendonitis that requires rehabilitation equipment followed by surgeries, also have a positive impact on the market.
North America dominates the market for the global assisted walking device due to a rise in the geriatric population. Key players of the region are promoting technological advancements and well-structured healthcare and social care sectors, are also complementing its growth. Another important region of the market is Europe, which follows North America in terms of its market share. It is an essential region for global assisted walking device market because of the high rate of obesity and government support provided to individuals with a disability, which result in boosting the market in this region.
Further key findings from the report suggest
- With the rise in geriatric population, the number of individuals seeking assistive walking facilities will rise.
- In the year 2018, global assisted walking device market held a market share of USD 1.97 Billion, which is forecasted to reach USD 2.14 Billion by 2026.
- Apart from the rise in geriatric population, the market is also boosted due to the high rate of prevalence of disabling neurological conditions like Parkinson's disease, Alzheimer's, in which assisted walking devices are applicable.
- These devices are also applicable in rehabilitation programs followed by surgical operations to promote muscle functioning and restore body balance among disabled and sedentary individuals.
- Such a diverse application of these devices result in having a positive impact on the market growth of assisted walking device market.
- Government supports provided to individuals with a disability while buying mobility products like exemption of VAT on these products also promotes the market.
- The global assisted walking device market is dominated by North America that held a market share of 32% in the year 2018 with a CAGR of 1.4% during the forecast period.
- The reason for North America to dominate the market is a rise in geriatric population, technological advancements promoted by key players of the region and government support provided to individuals with a disability.
- In regards to application, assisted walking devices can be seen to be mostly applied in hospital and care home, which held a market share of 33% and 29% respectively, in the year 2018.
- Reason for dominance of hospital in the market is due to diverse care services like accidents and emergencies, orthopedic surgeries that require the application of assisted walking devices to restore the mobility skills of the care users.
- Key participants include Permobil Inc., Invacare Corporation, GF Health Products, Inc., Honda Motor Co., Ltd., Betterlifehealthcare Ltd., Besco Medical Co., Ottobock, C.T.M. Homecare Product, Inc., Pride Mobility Products Corp., Sunrise Medical (US) LLC, Aetna Inc., Ossenberg GmbH, Electric Mobility Euro Ltd.
To identify the key trends in the industry, click on the link below: https://www.reportsanddata.com/report-detail/assisted-walking-device-market
Segments covered in the report:
For the purpose of this report, Reports and Data have segmented the global assisted walking device market based on Product Type, Application, Technologies, and Region:
Product Type Outlook (Revenue, USD Billion; 2016-2026)
- Walker cane hybrid
- Gaits belts and lift vests
- Prosthetic Limb
- Power scooters
Technologies Outlook (Revenue, USD Billion; 2016-2026)
- Low Tech
- Mid Tech
- High Tech
Application Outlook (Revenue, USD Billion; 2016-2026)
- Care Home
Regional Outlook (Revenue, USD Million; 2016-2026)
- North America
- Asia Pacific
- Latin America
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