Personal Mobility Devices Market Size, Share & Growth [2031]

Report Description

The global personal mobility devices market size was valued at USD 11.6 billion in 2020 and is expected to expand at a CAGR of 5.9% during the forecast period, 2021–2028. The growth of the market is attributed to increasing target population, wide product development, and rising number of incidents resulting in disability.

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Personal mobility devices are a type of small motorized micro mobility vehicle primarily designed to transport a single person at a speed of less than 25 km/h (16 mph). According to the Centers for Disease Control and Prevention (CDC), 54.4 million people in the United States were affected with arthritis between 2013 and 2015. Such diseases are long-term that are necessitating the usage of mobility aids on a regular basis. Only a few mobility aids such as walkers, wheelchairs, canes, and crutches, are covered by Medicare Part B. The Scheme of Assistance to Disabled Persons for Purchase/Fitting of Aids/Appliances (ADIP Scheme) was established by the Indian government to assist in the procurement of sophisticated, durable, and modern products. These products are manufactured to allow standard aids and equipped with medical devices in order to promote the social, psychological, and physical rehabilitation of people with disabilities. Furthermore, this provision is likely to help increase the economic potential for mobility gadget purchases. Public works departments are given assistive gadgets to encourage independent living and lessen the level of handicap. Some examples of technology developments are Segway's Personal Transporter, TOPRO's laser-enabled rollators for Alzheimer's sufferers, and the M300 Corpus HD Power wheelchair.

The COVID-19 pandemic, on the other hand, had a negative impact on the worldwide market as demand and output of personal mobility devices fell drastically. During the projected period, however, new market entrants are likely to extract more benefits from the preparation of new proactive initiatives and policies due to several governments’ encouragement and incentives.

Market Trends, Drivers, Restraints, and Opportunities

• Growing number of the elderly population and wide prevalence of chronic illnesses among the group worldwide are key factors driving the market.
• Rising number of patients suffering from adult arthritis is a key aspect for the market expansion. As per sources, the number is expected to rise 36.4 million by 2040.
• Advantageous reimbursement schemes for both purchased and rented devices presents a vital factor that drives the market.
• High purchase and maintenance costs of devices act as a major hurdle that can hamper the market growth during the forecast period.
• Advanced technology development that allows easy transfer lifts, mobility scooters, and automated rollators is a key factor that can create lucrative opportunities for the market expansion.

Scope of the Report

The report on the global personal mobility devices market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Market Segment Insights

Wheelchairs segment to expand at a considerable CAGR

On the basis of products, the personal mobility devices market is segmented into wheelchairs, walking aids, and scooters. The wheelchairs segment is further bifurcated into powered wheelchairs and manual wheelchairs. The walking aids segment is further categorized as rollators and others that include canes, crutches, and walkers. The rollators segment is further bifurcated into low-cost rollators and premium rollators. The wheelchairs segment is projected to expand at a considerable CAGR during the forecast period as it is often utilized as an assisted mobility equipment. On the other hand, the walking aids segment is anticipated to account for a major market share during the forecast period owing to wide adoption for helping in walking purposes. It provides advanced features including a laser attachment for aiding Alzheimer's sufferers, locking wheels, oxygen tank holders, hemiplegic handles, light frame, wider wheel diameter, pressure brakes, and expanded weight-bearing capability.

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Europe is anticipated to constitute a key market share

In terms of regions, the market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. Europe is expected to constitute a key share of the market during the projected period owing to an increase in the frequency of age-related disorders in the region. Moreover, an increase in the elderly population, enhanced healthcare infrastructure, high healthcare spending, and advantageous reimbursement policies for purchase or rental services present another key drivers of the regional market. However, the market of Asia Pacific is anticipated to expand at a rapid pace during the forecast period due to increasing disposable income levels, increased awareness, high healthcare expenditure, and governments’ program targeted at expanding healthcare access.

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