Per a new market report published by Transparency Market Research, the global personal mobility devices market is expected to grow between 2015 and 2023.
The personal mobility devices market includes medical mobility aids and ambulatory devices, and medical furniture & bathroom safety products. According to the report, the global market for these devices was valued at $6.7 billion in 2014 and is expected to grow at a high CAGR of 7.3% from 2015 to 2023, to reach an estimated value of $12.7 billion in 2023, per a media release from Transparency Market Research.
The elderly and disabled’s increasing preference for an independent lifestyle and a wish to explore their world, coupled with increased longevity, has fueled the global demand for medical devices. Increased governmental support and reimbursement facilities are likely to fuel the growth of this market in the future, the release notes.
The global wheelchairs market, which accounts for 52.7% of the medical mobility aids and ambulatory devices segment, is also expected to grow during the forecast period. Key factors for this include the increasing forms of disability associated with aging, physical injury, or other diseases/disorders, and the rising worldwide demand for technologically advanced powered wheelchairs, the release explains.
Also according to the release, recent industry estimates suggest that more than 160,000 people in the United States only use electric wheelchairs and scooters. The report suggest that the rise in the number of physically disabled people and the staggering costs of caregiver services will increase the demand for mobility devices all over the world as in the US.
For more information, visit Transparency Market Research.
[Source(s): Transparency Market Research, PR Newswire]