Albany, NY -- (SBWIRE) -- 07/31/2018 -- Personal mobility devices such as wheelchairs, walkers, and assistive canes can be of utmost importance for the disabled and the elderly people. As these products significantly enhance the quality of life of people with disability, the demand for personal mobility devices is likely to soar in the coming years. Some of the prominent market players operating in the global market for personal mobility devices are Argo Medical, Amigo Mobility International, Inc., Graham-Field Health Products Incorporated, Hill-Rom Holdings, Inc., and Drive Medical.
According to Transparency Market Research (TMR), the global market for personal mobility devices is expected to expand at a conducive CAGR of 7.30% between 2015 and 2023, achieving a revenue worth US$12.7 bn by 2023.
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Q. What are the major growth opportunities in the global market for personal mobility devices?
A number of countries are encouraging technologies that help promote working capacity of the elderly population in order to retain their productivity. A joint report by the World Health Organization (WHO) and the National Institute on Aging found that women and men who retire at 63 and 64 years of age respectively, live for almost two decades after retirement. Furthermore, the need to gain from the untapped potential of the disabled population has spurred the formulation of favorable government policies and programs. These factors will open up new doors to the advancement of the market.
Q. Which are the present and projected leading segments by geography?
North America held the largest share in the global market for personal mobility devices in 2014, finds TMR. The massive growth in geriatric and disabled population in this region is responsible for the prominence of this region. The U.S. Census Bureau estimates that the geriatric population in the U.S. will grow at a rate of 2.8% between 2010 and 2030, reaching 80 million by the end of 2050.
Asia Pacific is expected to surface at the fore due to the presence of immense potential for growth. The countries such as South Korea and Singapore have been witnessing rapid transitions in their geriatric population segment. The expanding healthcare spending and growing awareness among the people are also likely to promote growth.
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Q. What does the competitive landscape of the global personal mobility devices market look like?
The global market for personal mobility devices is characterized by a consolidated competitive landscape. However, the competitive scenario of the personal mobility devices market in the emerging economies is fragmented in nature as it is strewn with a large number of small regional players. As a number of market players are offering personalized personal mobility devices that are presently gaining increasing popularity, the competition between them might intensify over the forecast period. Business strategies such as acquisitions, partnerships, product innovations, mergers, and collaborations are being initiated by several companies to fan out their presence worldwide.
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