Global Walking Assist Devices Market Size To Worth USD 6.51 Billion By 2030 | CAGR of 7.06%
The Global Walking Assist Devices Market Size was valued at USD 3.86 Billion in 2021 and the worldwide walking assist devices market size is expected to reach USD 6.51 Billion by 2030, according to a research report published by Spherical Insights & Consulting. Companies Covered: Honda Motor Co., Ltd., Permobil Inc., GF Health Products, Inc., Invacare Corporation, Besco Medical Co., LTD., Betterlifehealthcare Ltd., C.T.M. Homecare Product, Inc., Ottobock, Ossenberg GmbH, Pride Mobility Products Corp., Aetna Inc., Sunrise Medical (US) LLC, Karma Healthcare Ltd and among others.
New York, United States, March 29, 2023 (GLOBE NEWSWIRE) -- The Global Walking Assist Devices Market Size to grow from USD 3.86 Billion in 2021 to USD 6.51 Billion by 2030, at a Compound Annual Growth Rate (CAGR) of 7.06% during the forecast period. The key factors propelling the market are the increasing incidences of rheumatoid and osteoarthritis, the surging demand for rehabilitation equipment, and the steep rise in the aging population.
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Owing to factors such as the increase in the number of initiatives undertaken by governments of various countries to ensure availability of walking assist devices to a huge consumer base, rise in aging population, and increasing incidences of Debilitating Neurological Diseases & Injuries. The rise in the elderly population and rise in the prevalence of musculoskeletal disorders such as osteoarthritis, rheumatoid arthritis, among others has also led to the growth of the walking assist devices market.
Assistance technology is all that walking assist devices are. For those with physical limitations, these gadgets provide rehabilitation, adaptive, and assistive devices. When patients are unable to accomplish or encounter trouble with any type of work, they assist people in carrying out their tasks without any assistance. The device has built-in processor change techniques that facilitate automated work. Essentially, robotic technology is employed in walking assist devices, which are used by patients with physical disabilities to help them function under the supervision of experts.
The number of senior people and cases of musculoskeletal conditions including rheumatoid arthritis and osteoarthritis are both on the rise, which has positively impacted the global market for walking assist devices. For instance, the World Health Organization (WHO) reported that in June 2022, 1.71 billion people worldwide were experiencing musculoskeletal problems. Hence, the rise in musculoskeletal problems is encouraging people to adopt walking assist devices, which is driving the market's expansion.
As more and more individuals begin utilising walking assist devices, the rising incidences of neurological illnesses, osteoarthritis, and rheumatoid arthritis are also significantly contributing to the market's expansion. For instance, the Global RA Network estimates that in 2021, over 250 million individuals worldwide will have arthritis, a prevalent health issue that would make them disabled. This is motivating consumers to utilise walking assist devices, which is accelerating market expansion. The high cost of obtaining walking assistance devices is having a detrimental effect on the expansion of the global market for these devices.
Browse key industry insights spread across 200 pages with 100 market data tables and figures & charts from the report on "Global Walking Assist Devices Market Size, Share, and COVID-19 Impact Analysis, By Product (Cranes, Crutches, Walkers, Gait Trainers), By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2021 – 2030" Get Detailed Report Description Here:
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COVID 19 Impact
The availability of medical equipment to treat infected patients is expanding quickly. To sustain the primary clinical therapy, a variety of respiratory support devices, such as life support machines, atomizers, monitors, and oxygen generators, are frequently employed in the medical industry. The need for medical goods including personal protective equipment like gloves, masks, and safety glasses has increased as a result of both this and the pending. Due to the growing number of COVID-19 cases around the world, there is a parallel increase in the need for medical supplies from both the general public and the healthcare industry. Due to the global government-enforced stay-at-home order, the Covid 19 epidemic has quickly affected the market for walking aids. Also, many governments were unable to invest in the research and development of working assist devices because to a lack of financial resources. Having said that, the market has experienced growth in the second half of 2020 and is anticipated to produce more revenue due to the rising incidence of disorders like obesity that have arisen as a result of people's isolation and inactivity during the pandemic.
Product Insights
Walker segment is dominating the market with the largest market share over the forecast period.
On the basis of product, the global walking assist device market is segmented into canes, crutches, walkers, gait trainers. Among these, the walkers segment is dominating the market with the largest market share over the forecast period. Due to its improved stability qualities that enable patients to operate freely without any direction from the doctor or other healthcare professionals, walkers are becoming more and more popular among patients compared to other mobility devices. Also, the greater support that these mobility aids offer is encouraging physical activity in those with physical disabilities.
The market for gait trainers, on the other hand, is expected to increase at the quickest rate during the forecast period due to the rise in adult incidences of spinal injuries, strokes, Parkinson's disease, and cerebral palsy.
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Regional Insights
North America is dominating the market with the largest market share over the forecast period.
Due to the significant number of elderly individuals there, North America accounted for the largest revenue share over the anticipated period. The regional market is also being driven by the substantial presence of cutting-edge healthcare facilities and well-developed reimbursement schemes. Also, the regional market development that is fueling the market expansion is being boosted by the rising prevalence of specific disorders like Parkinson's disease and other chronic illnesses.
Due to the growing elderly population in developing nations like India, China, and Japan, an increase in chronic disease cases, and the expansion of the healthcare sectors, Asia Pacific is expected to have the fastest market growth over the forecast period.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Walking Assist Devices Market include Honda Motor Co., Ltd., Permobil Inc., GF Health Products, Inc., Invacare Corporation, Besco Medical Co., LTD., Betterlifehealthcare Ltd., C.T.M. Homecare Product, Inc., Ottobock, Ossenberg GmbH, Pride Mobility Products Corp., Aetna Inc., Sunrise Medical (US) LLC, Karma Healthcare Ltd.
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