The global market value for mobility aids and transportation equipment is poised to reach $7.8 billion by 2021, according to a new report from IndustryARC.
The report estimates the market will to grow at a CAGR of 3.2% through 2016 to 2021. The manual wheelchairs segment will generate the highest amount of revenue, and the motorized wheelchairs segment will achieve the fastest growth. Others contributing to the market share will include walking aids such as canes, crutches, and walkers.
Drivers of the market increase will include the increasing aging population as well as advancements in the healthcare sector. A media release from Industry ARC suggests that the increasing number of bone and knee disorders, as well as disabilities and diseases such as stroke and osteoarthritis, will lead to the rising demand for mobility equipment among the elderly and senior populations.
For more information, visit IndustryARC.
[Source(s): IndustryARC, PR Newswire]