Post-COVID Outlook for the Personal Mobility Devices Market

The global personal mobility devices market size was valued at USD 11.5 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 5.8% over the forecast period.

26% of people in the United States, which translates to 61 million adults, have some kind of disability. Of this, mobility-related disabilities account for a very significant proportion of the said population. This makes for a very harsh reading. Over the past few years, the continued rise in elderly population across the globe, coupled with the significant incidence of road accidents (even with increased focus on safety), have resulted in people majorly suffering from disabilities for a short-term, and in certain cases, even life-long disabilities. However, the developments in technology have made it much easier for people to live with these disabilities. We have observed that mobility ultimately becomes a major issue for the geriatric population, with even simple tasks like climbing steps deemed to be difficult. And that is why there have been continued efforts on part of healthcare organizations and technology companies to make lives easier, through the presence of personal mobility devices.

No Mobility Woes!

What are these personal mobility devices? Simply put, they help individuals suffering from mobility issues to move around and perform tasks with minimum discomfort. We all have seen crutches and canes being used by people, even in our own families, at some point in time. There has been a continued growth in the number of people suffering from arthritis across the globe, which makes movement very difficult for the affected individual. CDC data states that from 2013 to 2015, more than 54 million individuals in the US suffered from this disorder, which has helped in driving the demand for the personal mobility devices market. What has also helped in driving the demand is favorable reimbursement policies for certain mobility devices such as wheelchairs, walkers, canes, and crutches, wherein the patient is required to pay only 20% out of their own pocket, while the remaining is covered by Medicare. Similar policies across other developed and developing nations have ramped up the demand for personal mobility devices.

Related Press Release@ Personal Mobility Devices Market Size Worth $18.2 Billion By 2028

How has the pandemic impacted the market?

The global COVID-19 pandemic has created numerous disruptions in every major industry, mainly in terms of supply chain. The personal mobility devices market is no exception, with notable industry players having faced difficulties in addressing consumer demands, especially in the early months of the pandemic.

Technological advancements…the way ahead

The elderly population across the globe is projected to breach the 2 billion market by 2050, and this positions the personal mobility devices market to be highly important in the coming decades. As such, major industry players such as Rollz International, Invacare Corporation, and TOPRO are expected to spearhead technological innovations over the coming years, as means to not only drive their revenue, but also to make life worth living for people facing major mobility issues. The role of government is also expected to play a critical role in this regard, be it through funding organizations, introducing favorable policies, or setting up awareness campaigns for all stakeholders involved. How the pandemic has changed the industry environment will only be visible in the years to come.

Read More @ Post-COVID Outlook for the Personal Mobility Devices Market