The mobility devices market is estimated to reach $14.6 billion by 2024, according to a market report by transparency market research.
Per the report, the market was valued at $7.7 billion in 2015, and is projected to expand at a CAGR of 7.2% from 2016 to 2024.
The demand for personal mobility devices is fueled by the rising global population of geriatrics, which has stimulated the increase in conditions such as rheumatoid arthritis and osteoporosis, along with the risk of other obesity and lifestyle-related disabilities that often increase with age, notes a media release from transparency market research.
Hindrances to this demand include the high cost of high-end products, the social stigma associated with the use of mobility devices, and the lack of technical expertise among sellers.
Personal mobility devices include wheelchairs, mobility scooters, canes, crutches, and walkers. The wheelchairs segment accounted for the dominant share of the market—56%, per the release.
For more information, visit Transparency Market Research.
[Source(s): Transparency Market Research, PR Newswire]
