The global assisted walking devices market is projected to have a moderate-paced CAGR of 6.4% during the forecast period. The current valuation of the market is USD 3.62 billion in 2022. The market value of the global assisted walking devices market is anticipated to reach a high of USD 6.33 billion by the year 2032. This growth is supported by:
The growth is expected to be healthy, owing to the growth of the geriatric population worldwide. However, the high cost of assisted walking devices is a concern, which is most likely to impede the growth of the market in near future.
| Attributes | Value |
|---|---|
| Assisted walking devices Market Size (2022) | USD 3.62 Billion |
| Assisted walking devices Market Projected Size (2032) | USD 6.33 Billion |
| Assisted walking devices Market Value CAGR (2022 to 2032) | 6.4% |
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The North American regions are cumulatively expected to dominate the global assisted walking devices market through the forecast period, contributing a major share of 35.6%. Whilst North America is expected to dominate the forum, the Asia Pacific market is projected to register a considerable CAGR of 7.5% during the projection period, owing to the rising investments in healthcare infrastructure and elevating disposable income.
Besides these domineering markets, it is also identified by the expert analysts at Future Market Insights that the country UK is likely to exert an influence in the augmenting market growth, due to the offering of special grants by government-hosted initiatives to physically handicapped patients for purchasing the assisted walking devices. The physically challenged populace is also granted equitable access and reimbursement policies, along with guidance in matters related to purchasing assisted walking devices.
The growth of the healthcare infrastructure has installed the base of new technology penetration. Countries across the globe are having a considerable expenditure on capital equipment, and different kinds of products for assisted walking devices market. There is a usage of line curves and changes in the regulatory scenarios and their impact is likely to open numerous growth prospects for the key players proliferating in the forum.
As per the analysis of FMI, there are new product launches recently that include technologically advanced wheelchair power assist systems. It is a smartwatch app that enables users to simply tap the wheel to control the powerful SmartDriveMX@+ motor via Bluetooth. The market players are indulged in frequent innovations of assisted walking devices. For instance, Sunrise Medical Limited announced the launch of an easily adjustable mid-wheel drive power wheelchair. This wheelchair can be easily customized to suit individual requirements and quickly adapted to the changing needs of the physically handicapped.
Besides these new product launches, the markets in the USA and Canada region are identified to launch carbon ultralight rollators, which will be commercially available to rescue the growing geriatric population in these regions. Therefore, it is anticipated that the overall advanced walking devices market is likely to have significant growth during the estimated period of study.
Increased average old age, huge consumer base coupled with increasing incidences and rise in prevalence is summing up and fueling the sales of assisted walking devices like walkers, rollators, knee scooters, wheelchairs etc.
A new research report on assisted walking devices states that lifestyle and age-based health diseases like Parkinson, arthritis and other prevalent diseases have rocketed the sales of assisted walking devices. The government's financial support and initiatives are also thriving in the sales of assisted walking devices.
Neurological diseases & injuries are also pushing the demand for assisted walking devices. The growing geriatric population is leading to disability and knee weakness. Walking assist devices provide balance, support, and ultimately, the subsequent ability to survive independently. The aforementioned factors are responsible for the increasing geriatric population getting attracted to these devices.
Demand for assisted walking devices has increased from the last forecast period as governments have increased healthcare expenditure and funding for technological integration like the use of robotics in these assistive devices to help the patient.
Government initiatives run to distribute these walking devices like walkers and wheelchairs to poor people and also consume a huge chunk of assisted walking devices. Additionally, patients with chronic illnesses and standing disabilities are exempted from paying VAT on mobility products, pushing the sales of assisted walking devices.
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Latest technological integration with the assistive devices that help the disable end users are holding hands with the government and private spaces to adopt these innovative devices that help walking disabled people.
Product and geography are the driving factors for assisted walking devices. The equipment employed people who suffered from certain disease are pushing the sales of assisted walking devices. The growing rates of accidents are leading to people with disabilities. Walking disabilities are pushing the demand for assisted walking devices. Increasing cases of arthritis consume walking devices. The increased prevalence of target diseases including Rheumatoid Arthritis and Parkinson’s disease is expected to propel the usage rates of assisted walking devices during the forecast period.
Rising cases of rheumatoid, surging demand for rehabilitation equipment and osteoarthritis are increasing the demand for assisted walking devices.
Covid-19 and its spread have damaged the assisted walking devices market by affecting the manufacturing units and logistics operations while advanced surgeries are also limiting the demand for assisted walking devices.
The major market restrictions are the spread of covid-19, advanced knee and osteosis surgeries and post-pandemic healthcare solutions that have declined the growth of assisted walking devices market. The lower investments through government schemes are slowing down the sales of assisted walking devices. The higher cost of purchasing walking assist devices is another factor that restricts the sales of assisted walking devices.
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According to the assisted walking devices market analysis states that walker segment is the leading vehicle type segment in the assisted walking devices market. The other segments from the vehicle type are Canes, Crutches and Gait Trainers. This segment holds 62.7% of the global revenue. The factor adding to the growth of this segment is its enhanced stability by this equipment, higher mobility and it’s helping factor in physical activities in physically handicapped individuals. This pushes the overall sales of assisted walking devices globally.
While, the gait trainers' segment is expected to witness a maximum CAGR of 8.6% during the forecast period. This is due to the rising number of cerebral palsy and Parkinson’s disease, proliferating spinal injuries, and increase in the number of stroke cases in adults are some of the factors responsible for the growth of the gait trainer segment, increasing the sales of assisted walking devices.
North America is forecasted to hold 35.6% of the revenue in the global assisted walking devices market by the end of 2032.
The growing assisted walking devices market is attributed to the geriatric population in the region, The presence of advanced healthcare facilities and well-developed reimbursement policies are the key factors driving the market in this region.
Moreover, the high prevalence of target diseases, such as arthritis, Parkinson’s disease, and other chronic disabilities in this region is expected to act as a high impact rendering driver for the market expansion over the next nine years. Furthermore, the availability of these mobility devices like walkers, knee rollers etc. at tax free rates for disabled end users is likely to propel this market during the forecast period.
Asia Pacific is likely to thrive on the CAGR of 7.5% share in the assisted walking devices market, generating huge revenue.
Emerging trends in assisted walking devices market explains that the growth attributed to proliferating geriatric population count in the Asia Pacific nations, such as China, India, and Japan, the increasing cases of chronic deformities in the present population in this region, the rise in public and private healthcare investments, and the rise in disposable incomes. This gives an overall push to the sales of assisted walking devices.
Assisted walking devices market report explains that the start-up scenario is not untouched from Assisted walking devices. The latest innovations affect the overall market space. The use of a button to get the tints up and down is one of the latest ideas that generate traction for new market players. The latest technology is an addition to the already existing dynamic glass model. Dynamic glass can transition from being transparent to a tinted and back. This technology is slowly landing up on the market surface, increasing the overall demand for Assisted walking devices. Though, these films are expensive and slow, taking more than 20 minutes to fully tint. Manufacturers and startups are working for the improvement of the latest technology.
The assisted walking devices market has various key competitors that focus on expanding their supply chain while expanding the sales channel. The key competitors focus on advancing technology and experimenting with the latest tools to deliver better convenience. This makes the competitive landscape more dynamic and versatile, owing to the expansion of assisted walking devices market size.
The key players contributing to the growth of Assisted walking devices are Karman; Benmor Medical; Briggs Healthcare; Carex Health Brands; TOPRO; Invacare Corporation; Drive medical design; Eurovema AB; HUMAN CARE
Recent Developments in Global Assisted walking devices Market
The assisted walking devices market is expected to grow at 6.4% CAGR over 2022 to 2032.
The assisted walking devices market is estimated to be around USD 3.62 Billion in 2022.
The assisted walking devices market is anticipated to reach a revenue of USD 6.33 Billion by 2032.
The wheelchair segment is anticipated to hold the largest market share by product type in the assisted walking devices market.
North America region is the most dominant region for assisted walking devices market in 2022.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2017 to 2021 and Forecast, 2022 to 2032 5. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Product Type 5.1. Canes 5.2. Crutches 5.3. Walkers 5.4. Gait Trainers 6. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Region 6.1. North America 6.2. Latin America 6.3. Europe 6.4. Asia Pacific 6.5. Middle East and Africa 7. North America Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 8. Latin America Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 9. Europe Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 10. Asia Pacific Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 11. Middle East and Africa Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 12. Key Countries Market Analysis 13. Market Structure Analysis 14. Competition Analysis 14.1. Medline Industries 14.2. Karman 14.3. Benmor Medical 14.4. Briggs Healthcare 14.5. Carex Health Brands 14.6. Topro 14.7. Invacare Corporation 14.8. Drive Medical Design 14.9. Human Care Group 14.10. Eurovema 15. Assumptions & Acronyms Used 16. Research Methodology
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Assisted Walking Devices Market
