Albany - NY, Oct. 20, 2015 (GLOBE NEWSWIRE) -- Transparency Market Research has published a new report titled "According to a new market report published by Transparency Market Research "Personal Mobility Devices Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023" the global personal mobility devices market was valued at US$6.7 bn in 2014 and is expected to grow at a high CAGR of 7.3% from 2015 to 2023, to reach an estimated value of US$12.7 bn in 2023."
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Various drug therapies are performed at home including pain management, parenteral nutrition, antibiotics and IVIG therapy. In addition, insulin home infusion therapy is also performed; it is the most widely used home infusion therapy. Pain killers and IVIG account for the major market shares after insulin. IVIG can be allowed to be administered to a patient after the diagnosis of congestive heart failure, neurological disorders and immune disorders. Home infusion therapy requires administrative services, pharmacy services, patient educating and training, equipments, care coordination and supplies.
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Rising preference for an independent lifestyle and attitudinal change of the elderly and disabled to explore the world coupled with increased longevity has fuelled the demand for mobility devices globally. Additionally, increased government support and reimbursement facilities are likely to further fuel the growth of this market in the future. These factors could propel the market to progress at a high CAGR of 7.3% during the forecast period from 2015 to 2023. The report offers a detailed description behind this high growth and outlines a possible growth trajectory at global as well as regional level in terms of volume and value of the market share for each mobility device segment. The report is thus, compiled with the prime intent of updating the stakeholders with the incumbent market dynamics through a graphical illustration and in-depth analysis of major sub-segments for each region considered in the study scope.
Wheelchairs were the largest sub-segment of the medical mobility aids and ambulatory devices segment, accounting for a share of 52.7% in 2014. The global wheelchairs market is also expected to witness the highest growth rate during the forecast period. Key factors attributed to the high growth of the sub-segment are increasing forms of disability associated with aging, physical injury or other diseases/disorders and rising demand for technologically advanced powered wheelchairs worldwide.
Moreover, the recent industry estimates suggest that there are more than 160,000 people in the U.S. only who are using electric wheelchairs and scooters. With the rise in number of physically disabled people and the staggering cost of caregiver services, the demand for mobility devices will increase exponentially all over the world as in the U.S. in the future. Innovative products such as Medalist and Trident HD from Drive Medical and Jazzy Power Chair from Pride Mobility Products Corp and other innovative products such as mobility scooters and transfer lifts in automated versions will further fuel growth in this market. Medical beds were the largest sub-segment of the global medical furniture and bathroom safety products segment, accounting for a share of 53.0% in 2014.
Major players operating in the global market include Amigo Mobility International, Inc., Argo Medical, ArjoHuntleigh, Drive Medical, Graham-Field Health Products Incorporated, Hill-Rom Holdings, Inc., Invacare Corporation, Otto Bock Healthcare GmbH, Patterson Medical Holdings, Inc., Permobil AB, Pride Mobility Products Corporation, Stryker Corporation, and Sunrise Medical LLC. Most of these players are continuously innovating designs and portability features to cater to the multi-dimensional needs of the geriatric and disabled individuals globally.
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The global personal mobility devices market is segmented as follows:
Global Personal Mobility Devices Market, by Device Type
- Medical Mobility Aids & Ambulatory Devices
- Manual Wheelchairs
- Electric Wheelchairs
- Canes & Crutches
- Stair Lifts
Medical Furniture & Bathroom Safety Products
- Patient Lifts
- Medical Beds
- Bars & Railings
- Commodes & Shower Chairs
Global Personal Mobility Devices Market, by Geography
- South Korea
- Rest of Asia Pacific
Latin America (LATAM)
Middle East and Africa (MEA)
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Source:Transparency Market Research