Global Assisted Walking Devices Market Grows at a Staggering CAGR of 6.57%

Introduction

The global Assisted Walking Devices Market was valued at USD 3.37 billion in 2021 and is projected to reach USD 6.36 billion by 2030 at a CAGR of 6.57% 2022 to 2030.

Sometimes, walking aids are also called ambulatory assistive devices. A walking assistance is one of several devices a patient may be issued to improve their walking pattern, balance, or safety while independently mobile. When a reduction in weight bearing on the lower limb is desired, they can also be used to transfer weight from the upper limb to the ground.

Market Dynamics

A RISE IN ELEDERLY POPULATION IS DRIVING THE MARKET

The increase in the elderly population has increased the market for walking assist devices. According to the World Health Organization (WHO) 2020 report, the prevalence of rheumatoid arthritis ranges from 0.3% to 1% and is more prevalent in developed countries and among women. In addition, within ten years of the disease's onset, at least fifty percent of patients in developed nations were unable to maintain a full-time job. Consequently, as the global geriatric population grows, so does the global demand for walking assist devices. In addition, the walking aids provide balance, support, and subsequently the ability to survive independently. These factors are responsible for the increasing number of senior citizens who are attracted to these devices.

According to the World Health Organization (WHO), approximately 15% of the global population is impaired in some way. This equates to easily more than a billion people worldwide. As a result of people living longer lives throughout the world, the United Nations notes a rise in the risk of disability.

On average, older individuals are more likely to be disabled. Due to advancements in mobility devices, this segment of the population could participate in all aspects of life to the same extent or to the same extent as everyone else. With enhanced mobility, not only can individuals realise their full potential at work, but these solutions can also help them extend their mobility. The increased demand for Walking Aids encourages the development of new technologies.

CERTAIN SPECIFIC DISEASES ARE DRIVING THE MARKET

Increased prevalence of target diseases, such as Rheumatoid Arthritis and Parkinson's disease, has contributed to the rise in the proportion of the population with a walking disability. As a result of their use in rehabilitation programmes to gradually restore body balance and promote muscle function in sedentary, disabled individuals, the rising number of surgical procedures generates a high demand for assisted walking devices. Consequently, the increasing prevalence of debilitating neurological diseases, rheumatoid arthritis, and osteoarthritis has contributed to the growth of the assisted walking device market over the forecast period.

GOVERNMENT INITIATIVES WILL BRING IN NEW OPPORTUNITIES

Access to equipment demonstrations at centres that provide patients with pertinent advice regarding the selection of equipment suited to a specific disability is made possible by initiatives sponsored by government and private organisations. In addition, patients with chronic illnesses or disabilities of long duration are exempt from paying VAT on mobility products. The governments of the countries, the United States and the United Kingdom, provide special grants to physically-challenged patients in order to purchase this equipment. Independent organisations, such as Charity search, the Disabled Information and Advice Lines (DIAL) network, Rica, and Shop mobility, are actively engaged in providing a variety of services for physically disabled people seeking solutions. The Priority Assistive Products List has been published by the World Health Organization (WHO) to promote equitable access to assistive mobility devices for those in need, as well as to outline reimbursement policies and provide guidance regarding the purchase of these devices.

REGIONAL ANALYSIS

Due to the presence of a large geriatric population in this region, North America held the highest revenue share in 2021 at nearly 35.6%. The market in this region is primarily driven by the presence of advanced healthcare facilities and well-established reimbursement policies. In addition, the high prevalence of target diseases, such as arthritis, Parkinson's disease, and other chronic disabilities in this region is anticipated to have a substantial impact on the market's growth over the next nine years. Moreover, the availability of these mobility devices at subsidised prices for disabled patients is anticipated to drive this market over the forecast period.

During the forecast period, the Asia-Pacific region is anticipated to experience the highest CAGR of nearly 7.5%. The staggering geriatric population count in Asia-Pacific nations such as China, India, and Japan, the rising prevalence of chronic deformities in the population residing in this region, the increase in public and private healthcare expenditures, and the rise in disposable incomes are significant contributors to the rapid expansion.

KEY HIGHLIGHTS

• The global Assisted Walking Devices Market was valued at USD 3.37 billion in 2021 and is projected to reach USD 6.36 billion by 2030 at a CAGR of 6.57% 2022 to 2030.
• A rise in geriatric population and certain specific diseases is driving the market for assisted walking devices.
• This market can be segmented on the basis of product type, geographical regions and competitors.
• By 2030, North America is anticipated to have the largest market share, with the Asia Pacific emerging as the fastest-growing market.

Competitive Players

1. Honda Motor Co. Ltd
2. GF Health Products Inc.
3. Ossenberg GmbH
4. Homecare Product Inc.
5. Invacare Corporation
6. Better Life Healthcare Ltd
7. Karma Healthcare Ltd
8. Besco Medical Co. Ltd
9. Permobil Inc.
10. Sunrise Medical LLC

Recent Developments

• In February 2021, Invacare Corporation will release the Invacare® AVIVA® STORM RXTM motorised wheelchair.
• WHILL is experimenting with generative designs to develop intelligent products for more agile and lightweight personal electric mobility vehicles.
• To provide users with a more convenient lifestyle and enhanced mobility, businesses have invested in self-balancing wheelchairs that can easily ascend and descend stairs.
• The Swiss company Küschall claims to have created the world's lightest wheelchair made from graphene. These inventive designs also provide enhanced security. Küschall, for instance, asserts that its cutting-edge wheelchairs are designed to reduce arm fatigue and injuries.

Segmentation

1. By Product Type
   1. Canes
   2. Crutches
   3. Walkers
   4. Gait Trainers