The global personal mobility devices market will attain the valuation of US$ 18 Bn by 2027 end, states a new study published by Transparency Market Research (TMR). The report further highlights that the market is expected to expand at 7% CAGR in the forecast period of 2019 to 2027.
The latest study by TMR gives panoramic view of the global personal mobility devices market. Thus, it provides deep insights on various important facets such as the growth opportunities, challenges, drivers, and research activities in the market. In addition, the report highlights various trends in the market for personal mobility devices.
Personal mobility devices are gaining traction across major parts of the globe. These devices are found to be helpful for people living with various critical health issues such as rheumatoid arthritis and osteoporosis. Thus, increased number of patients dealing with these disorders is projected to boost the demand for products from the personal mobility devices market in the years ahead.
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Growth in Global Older Population Creates High Demand Opportunities in Personal Mobility Devices Market
Generally, the older population is more likely to experience issues related to motion control, and thus may need assistance. Therefore, this population base can utilize the personal mobility devices to perform regular commute activities. Thus, increase in number of older population across the globe is likely to bring prodigious sales opportunities in the personal mobility devices market in the forthcoming years.
Over the period of recent few years, a noteworthy growth in the use of electric bike is observed for commuting across courtyards, corridors of large premises, and gardens. This scenario is likely to boost sales opportunities in the global personal mobility devices market in the years ahead.
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Acquisitions and Collaborations: Key Tactics Used by Companies for Product Development and Regional Expansion
GF Health Products, Inc., Drive DeVilbiss Healthcare, Hill-Rom Holdings, Inc., Invacare Corporation, Stryker Corporation, Ottobock, Pride Mobility Products Corp, Permobil (Patricia Industries), Patterson Companies, Inc., Sunrise Medical (US) LLC, and ArjoHuntleigh are some of the key players working in the global personal mobility devices market. With the presence of many players, major companies are competing with each other in order to gain leading market position.
Several enterprises in the global personal mobility devices market are increasing participation in various strategic moves such as acquisitions and collaborations. These tactics are helping companies in expanding their regional presence as well as supporting their new product development activities. This aside, several enterprises are seen focused on partnership with other market players. All these activities are likely to bring extensive expansion opportunities for the global personal mobility devices market in the years ahead.
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Asia Pacific Personal Mobility Devices Market Projected to Expand at Higher CAGR
Asia Pacific, North America, Europe, Middle East & Africa, and Latin America are some of the important regions in which the global personal mobility devices market shows prominent presence. The report highlights that the market is likely to gather higher expansion opportunities in the Asia Pacific region.
The growth of Asia Pacific personal mobility devices market can be attributed to many factors such as increased interest of regional public and private hospitals toward advancement of healthcare infrastructure and rising demand for inexpensive healthcare among regional patient pool. Apart from this, the market for personal mobility devices may gain the advantage of rapid rate of urbanization across many emerging economies in the region.
Global Personal Mobility Devices Market Segmentation
The segmentation of the global personal mobility devices market is performed based on various key aspects including product and region. Based on product, the market for personal mobility devices is classified into medical furniture & bathroom safety products and medical mobility aids & ambulatory devices.
The study presented here is based on a report by Transparency Market Research (TMR) titled “Personal Mobility Devices Market (Product: Medical Mobility Aids & Ambulatory Devices (Wheelchairs, Mobility Scooters, Canes, Crutches, Walkers), Medical Furniture & Bathroom Safety Products (Patient Lifts, Stair Lifts, Medical Beds, Bars & Railings, Commodes & Shower Chairs)) – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019 – 2027.”
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