Personal mobility devices such as wheelchairs, mobility scooters, and stair lifts have witnessed significant growth in revenue and volume in the past few years. A personal mobility device is either a manual or battery powered device used by an individual with mobility disabilities. A personal mobility device is designed for use by a single person. Read More: http://www.transparencymarketresearch.com/personal-mobility-devices-market.html

1. Personal Mobility Devices Market - Global
Industry Analysis, Size, Share, Growth,
Trends and Forecast upto 2023
A moderate level of competition exists among the key players in the
global personal mobility devices market. As per the findings of
Transparency Market Research (TMR), the top three players in the
personal mobility devices market, Invacare Corporation, Hill-Rom
Holdings, Inc., and Sunrise Medical LLC, together accounted for
approximately 35.6% of the overall market in 2015. Presently, the
industry comprises a few major players operating across each product
segment. In the forthcoming years, TMR expects price wars to persist
between leading players operating in the different market segments.
Spurred by the aforementioned factors, competition prevailing in the
personal mobility devices market will intensify through the course of the
report’s forecast period between 2015 and 2023. Furthermore, threat of
substitution and considerable bargaining power of buyers will possibly
escalate rivalry among the key market players.
Demand for Personal Mobility Devices to Rise as Geriatric
Population Increases Globally
“The rising geriatric population around the world has been a key target
market for personal mobility devices,” observes the TMR report’s
author. In India and China, the population of aged people is particularly
expected to surge at an unprecedented rate through the forecast period.
Aging is often associated with lower bone density, and, consequently,
mobility in numerous cases. The prevalent social structure has led to a

2. decline in long-term caregiving support from families. This creates an
environment conducive to the expansion of the personal mobility
devices market.
Browse Full Research Report on Personal Mobility Devices Market:
http://www.transparencymarketresearch.com/personal-mobility-devices-
market.html
“Besides the geriatric population, caregiving services also become
necessary for people with physical disabilities creating a window of
opportunity for personal mobility devices,” added the TMR analyst. As
per annual report on Disability Statistics published in 2014, by the
University of New Hampshire, the rate of disability increases with age.
Thus the increasing number of people suffering from disabilities will
fuel requirement of advanced personal mobility devices.
The demand for these devices is also expected to surge in the near future
in response to the favorable government regulations and increasing
grants from the United Nations and other international organizations.
The advent of latest technologies will also allow the market to pace up
considerably.
High Cost of Personal Mobility Devices Limiting their Demand
However, the high cost of many of these mobility devices is hampering
the market’s trajectory to an extent. Due to their high cost, the sales
prospects of these devices are compromised with in developing or
underdeveloped economies. Furthermore, TMR has observed low

3. acceptance for highly digitized mobility devices. This could be because
of the limited utilization of computers by disabled individuals.
Moreover, digitization is pushing up the cost of products, which limits
the market’s growth.
In addition, the social stigma attached to using mobility devices such as
crutches, wheelchairs, and cranes could inhibit the market’s expansion as
well.
Market to Gain Impetus from Favorable Grants by International
Organizations
TMR expects that policies delaying the age of retirement will positively
influence the sales of personal mobility devices. Implementing such
policies would require a flexible working environment and adequate
facilities for the elderly working in the organization. This in turn will
increase the demand for personal mobility devices in the forthcoming
years. Furthermore, the market is also expected to gain significant
impetus from the increase in productive employment of people with
disabilities.
The WHO has been encouraging governments across various nations to
develop policies for assistive and mobility devices as a part of the
strategy for human development to leverage untapped potential of the
disabled population. Such regulations will augur well for personal
mobility devices sales.

4. In terms of device type, the global personal mobility devices market was
led by the medical mobility aids and ambulatory devices segment in
2015. On the basis of revenue, the segment is expected to surge at a
CAGR of 8.5% from 2015 to 2023. Regionally, North America led the
overall market with a share of 41.4% in 2014.
As per TMR, the global personal mobility devices market, which stood
at US$6.65 bn in 2014, is expected to reach US$12.7 bn by the end of
2023. The market is thus expected to exhibit a CAGR of 7.30% between
2015 and 2023.
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