Mobility Aid Devices Market Trends

Growth Drivers

• Growing Older Population- One of the elements causing the significant increase in the older population is the growing demand for mobility aid devices. Mobility help devices are anticipated to soar in the anticipated period due to the expanding number of persons with mobility. 60 percent of the world's elderly population, or 630 million people, are now 60 years of age or older.
• Rising Growth of Healthcare Expenditure-   When healthcare costs increase, people are prepared to spend money on assistive technologies that can improve their quality of life and keep them independent. The information shows that healthcare spending in the United States increased 9.7% in 2020, totaling USD 4.1 trillion, or USD 12,530 per person.
• Increased Research & Development Expenditure- Rising R&D expenditures have led to the creation of increasingly advanced and user-friendly mobility aids. The mobility aid devices market is growing as a result of companies investing in R&D to improve the functionality, durability, and design of their products. 2.63% of the world's GDP was spent on research and development in 2020, up from 2.2% in 2018, according to figures from the World Bank.

Challenges

• High Price Associated with Mobility Aid Devices- Mobility aids are expensive, and insurance companies frequently refuse to pay for them. Furthermore, many people cannot afford it due to the exorbitant cost of this equipment.
• Extensive Financial Outlays Are Necessary for The Development of Mobility Aids.
• A Lower Level of Market-Related Product Awareness.