Technavio analyzes that the Personal Mobility Devices Market is expected to grow at a CAGR of 7.68% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 3.75 billion.There are various factors that contribute to the growth of the market. The personal mobility devices market is experiencing significant growth due to the increasing prevalence of orthopedic and neurological disorders. These conditions often limit mobility and make it difficult for individuals to move around freely. Personal mobility devices, such as wheelchairs, scooters, and power chairs, offer a solution by providing users with the independence and freedom to move about with ease. The market for these devices is expected to continue growing as the global population ages and the incidence of mobility-limiting conditions increases.
The personal mobility devices market is experiencing significant growth due to demographic shifts and increasing health concerns. With an aging population and a rising prevalence of chronic diseases, there is a heightened demand for mobility assistance in home settings. Product development in this sector is focused on creating innovative solutions to address the unique needs of this demographic. This includes the development of advanced wheelchairs, rollators, and mobility scooters that prioritize safety, ease of use, and design. Moreover, proactive steps in healthcare policies, such as aging in place and home-based care, further fuel the demand for these devices. By enabling individuals to move freely within their homes, personal mobility devices significantly improve daily life activities, reduce dependency on caregivers, and contribute to overall well-being.
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Personal Mobility Devices Market Segmentation
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The Personal Mobility Devices market encompasses a range of mobile solutions for the geriatric population and individuals with disabilities, including mobility aids like crutches, canes, and wheelchairs such as the Ultra-Lite 2 electric model. Product development is driven by an increasing population, chronic diseases, and accidents. Mobility devices like walkers and scooters cater to transportation needs, addressing issues faced by those with cerebral palsy, muscular dystrophy, arthritis, and other disabilities. The Medicare reimbursement program plays a crucial role in market growth, accommodating the needs of the geriatric population and those with chronic illnesses.
The global personal mobility devices market is a significant segment of the expansive healthcare equipment industry, according to Technavio's market research. This sector encompasses mobile devices designed for the elderly and individuals with mobility challenges, such as crutches, canes, wheelchairs, and electric wheelchairs. Technavio's analysis of the healthcare equipment market encompasses the consolidated revenue generated by manufacturers of diagnostic equipment and devices utilized across various therapy areas. The healthcare equipment industry is divided into several sectors: Devices, which includes advanced, differentiated, and clinically tested data-driven devices. The personal mobility devices market falls under this category, contributing to the overall growth and innovation within the healthcare industry.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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