Personal Mobility Devices Market: A New Era of Mobility

Personal Mobility Devices Industry Overview

The global personal mobility devices market size was valued at USD 10.58 billion in 2022 and is anticipated to expand at a compound annual growth rate (CAGR) of 6.8% from 2023 to 2030. The market has witnessed a decline in 2020 during the COVID-19 pandemic due to the disrupted transportation of the devices.

An increasing population, growing product development, and a rising number of accidents causing disabilities are some of the key factors driving the market for personal mobility devices. The rising geriatric population and cases of chronic diseases across the globe are the major factors contributing to market growth.

Gather more insights about the market drivers, restrains and growth of the Personal Mobility Devices Market

The COVID-19 pandemic negatively affected the global market as the demand and production of personal mobility devices were decreased and revenues of key players took a hit owing to the pandemic. For instance, the annual revenue of Invacare fell by 8.3% in 2020. However, the implementation of proactive steps and policies has created better opportunities for the market players owing to the ease in distribution systems due to revised COVID-19 restrictions in different regions. Government initiatives such as favorable reimbursement policies, for instance, the Medicare reimbursement program for purchased and rented devices are expected to drive the market for personal mobility devices.

Few mobility devices, such as walkers, wheelchairs, canes, and crutches, are also covered under Medicare insurance Part B. The market players are also adopting various strategic initiatives such as a change in distribution footprints to reduce the transit time and freight charges. For instance, the net sales of Invacare Corporation increased by 2.6% from 2020 to 2021 owing to the cost improvement strategy in supply-chain and administrative functions and global IT modernization initiatives for optimizing the operations structure of the company.

In U.S., the personal mobility devices market, the walking aids product segment is expected to witness a CAGR of 6.1% over the forecast period. The Indian government has initiated the Scheme of Assistance to Disabled Persons to help in procuring sophisticated, durable and modern, scientifically manufactured, standard aids and medical devices to promote social, psychological, and physical rehabilitation of people with disabilities. Moreover, this provision is expected to assist in enhancing the economic potential for purchasing mobility devices. Assistive devices are given to public work departments to promote independent living and to reduce the extent of disability. Technological advancements in products are among the most important drivers for the market.

The introduction of advanced mobility scooters, transfer lifts, and automated rollators are expected to significantly improve the usage rates of mobility devices. For instance, Phoenix Instinct is the first lightweight wheelchair with smart technology which comes with a carbon fiber body and other life-enhancing features.

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Key Companies profiled:

• Drive DeVilbiss Healthcare

• GF Health Products, Inc.

• Invacare Corporation

• Carex Health Brands, Inc.

• Kaye Products, Inc.

• Briggs Healthcare

• Medline Industries, Inc.

• NOVA Medical Products

• Performance Health

• Rollz International