Personal Mobility Devices Market Poised to Reach US$12.7 bn, Driven by Favorable Government Support: Transparency Market Research

Albany, NY, March 14, 2016 (GLOBE NEWSWIRE) -- Transparency Market Research (TMR) announces the publication of a report titled “Personal Mobility Devices Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023”. According to the report, the global personal mobility devices market, which stood at US$6.7 bn in 2014, is expected to reach US$12.7 bn by 2023. If the valuation holds true, the global personal mobility devices market will exhibit a positive CAGR of 7.30% between 2015 and 2023. This comprehensive market study on the global market for personal mobility devices is available on TMR’s official website for sale.

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To present in-depth analysis of the market, the report segments the global market for personal mobility devices into medical furniture/bathroom safety products and ambulatory devices/medical mobility aids. The latter segment includes scooters, wheelchairs, canes and crutches, stair lifts, walkers and others. The medical furniture and bathroom safety products segment comprises patient lifts, bars and railings, medical beds, shower chairs and commodes, and others. The report studies the market feasibility of each of the aforementioned segments and is compiled with exhaustive details about the market’s utility, effectiveness, and geographical presence.

The present generation of geriatric people prefers a more independent lifestyle. Even the elderly and disabled seek to go about their lives without being dependent on others. This, alongside the increasing longevity of people, has resulted in a robust increase in demand for mobility devices around the world. Also aiding the market’s growth are the presence of increased government support and better reimbursement facilities.Among the key sub-segments discussed, wheelchairs held over 52.7% of the global personal mobility devices market in 2014. This segment is also anticipated to witnesses the fastest growth during the forecast period. “Increasing incidence of disability associated with injuries, ailments, and old age spur the demand for wheelchairs worldwide”, said a lead TMR analyst.

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Encouraging the use of mobility equipment and associated devices facilitates efficient reduction in public health expenditure, as the sheer number of aged and disabled individuals and their associated challenges are mounting the pressure on the domestic infrastructure, particularly the healthcare systems.

Regionally, the study segments the global personal mobility devices market into Asia Pacific, Europe, Latin America, Middle East and Africa, and North America. Of these, North America accounted for 41.4% of the global personal mobility devices market in 2014. Asia Pacific, according to the report, is poised to exhibit growth at the fastest pace during the forecast period. The presence of disabled-friendly public infrastructure and improving economic conditions across major economies such as Japan, Singapore, and South Korea will augment the demand for personal mobility devices and equipment from the region.

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Global Personal Mobility Devices Market, by Device Type

  • Medical Mobility Aids & Ambulatory Devices
  • Wheelchairs
    • Manual Wheelchairs
    • Electric Wheelchairs
      • Standard
      • Rehab
      • Obese/Bariatric
    • Scooters
    • Canes & Crutches
    • Walkers
    • Stair Lifts
    • Others
  • Medical Furniture & Bathroom Safety Products
    • Patient Lifts
    • Medical Beds
    • Bars & Railings
    • Commodes & Shower Chairs
    • Others

Global Personal Mobility Devices Market, by Geography

  • North America
  • Europe
  • Asia Pacific
    • Japan
    • South Korea
    • China
    • Rest of Asia Pacific
  • Latin America (LATAM)
  • Middle East and Africa (MEA)

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Transparency Market Research (TMR) is a U.S. based provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.

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Source:Transparency Market Research