NEW YORK, Dec. 17, 2016 /PRNewswire/ --
The global Assisted Walking Device Market is expected to reach over USD 2.0 billion by 2024 according to a new report by Grand View Research, Inc. The high market growth is anticipated onaccount of the steep rise in the geriatric population, high prevalence of chronic conditions, such as arthritis, Parkinson's disease, conversion disorder, tendonitis, and the surging demand for rehabilitation equipment succeeding surgeries.
Furthermore, apart from the initiatives commenced by the government and private institutions to encourage the use of these assistive walking aids to mobilize the physically-challenged, the technology-oriented innovationsare transforming the current assisted devices,which are expected toserve as catalystsfor the market growthover the forecast period.
According to the estimates published by the WHO, the elderly population will rise from 900 million to 2.0 billion between 2015 and 2050.The demand for the walking devices is rising amongst thegeriatric population due mainlyto benefits, such as the provision of support, balance, and the subsequent ability to live independently. Moreover, the demand for the rehabilitation equipment is rising as a consequence of thesignificant role they play in bettering the lives of the physically-challenged.
With the aging population on the rise, the global incidences of arthritis are also escalating in accordance. The estimate stated by the centers of disease control and prevention indicatesthat by 2040, 78 million people will be suffering from arthritis in the U.S.There are over 232 million surgeries performed per year, whichreflects the high demand for the assistive walking devices as a part of the post-surgery rehabilitation programs.
The key players are actively participating in the development of novel walking devices that will create a considerable impact on the quality and durability of the devices thereby influencing market growth.The government organizations and private institutions implement various laws and policies for theassisted devices commercially available to the physicallydisabled people in order to increase their accessibility. Varied government-led programs are specifically directed toward financially assisting individuals in purchasing mobility aids in several countries, such as India, Canada, and Australia.
Further Key Findings from the Study Suggest:
In 2015, walkers accounted for the highest revenue share of 31.65%. The advantages related to the use of walkers over other walking devices, which include the improved ability to walk independently and safely, decreased pain and discomfort while walking, and the provision of wider support as compared to in other walking devices, and the high weight bearing capacity serve as major reasons resulting in the sizeable revenue share.
The demand is further accentuated due to the incorporation of these walkers in rehabilitation programs that aim to enable physical activityamongst the disabled, rebuilding of muscular strength, and to help attain optimal mobility of muscles.
The crutches segment is expected to emerge as the fastest growing segment with a CAGR of 10.3% over the forecast period.This rapid growth pace is a result of the high global demand for the crutches as supportive walking devices and as equipment employed to provide rehabilitative care.The crutches minimize the weight-bearing effect on the disabled leg and help improve the balance and stability of the individual while walking.
In 2015, North America dominated the Assisted Walking Device Market with a revenue share of 39.58% owing to the hike in thegeriatric population, presence of well-developed social and healthcare sectors, technological advancements forwarded by the leadingplayers in this region, and various initiatives commencedby the government and private organizations offering varied supportive servicesfor the benefit of the physically disabled people.
The Asia Pacific region is anticipated to grow at the maximum CAGR of over 10.7% from the year 2016 to 2024.Increasing public and private healthcare expenditure and the rising disposable incomes of the population are the key factors supporting the growth of the Assisted Walking Device Market in this region over the forecast period.
The market dynamics indicate the presence of strong competition amongst the key players, such as Carex Health Brands, Inc., Invacare Corporation, Drive medical design and manufacturing, Inc., Sunrise Medical Laboratories, Inc., Electric mobility Euro Ltd., Pride Mobility Products Corporation, Briggs Healthcare Corporation, Graham-Field Health Products, Inc., Nova medical products, and Patterson Medical Holdings, Inc.
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