Personal Mobility Devices Market Trends

Growth Drivers

• Growing Numbers of Geriatric Population Around the World- According to the World Bank, there were 747,238,580 people over the age of 60 years in the world in 2021. Across the globe, the number of seniors over 65 is rapidly increasing.
• There is a reduction in the ability to do physical chores as people age. Mobile device usage among the geriatric population is expected to increase significantly as a result of chronic illness, fear of falling, and difficulty walking. This factor is expected to fuel the demand for personal mobility devices during the forecast period.
• Rise in Prevalence of Musculoskeletal Conditions Among the Population – According to the World Health Organization, worldwide, 1.71 billion people suffer from musculoskeletal conditions. These conditions are responsible for the majority of disability, with back pain being the most prevalent cause.
• Increasing Incidence of Disabilities Worldwide- For Instance, there are more than 1 billion people living with disabilities. A total of about 15% of the world's population is affected by this problem, with 190 million (3.8%) people over the age of 15 experiencing significant difficulties.
• Surge in Exports of Mobility Carriages for Disabled Persons- According to the statistics by the International Trade Center (Trademap), the value of exports of mobility Carriages in China in the year 2021 was recorded to be USD 255,613 thousand, which was an increase from USD 183,661 thousand in the previous year.
• Globally Increasing Spending on Healthcare Services- The Centers for Medicare & Medicaid Services released a report showing that in 2020, the United States spent USD 4.1 trillion on healthcare services in the form of healthcare services, which represented 19.7% of the country's GDP.

Challenges

• Disruption in Sales of Product as of COVID-19 Pandemic - Owing to the COVID-19 pandemic's detrimental effects on production and decreased demand for personal mobility devices, the market for these devices have been declined globally. This factor is projected to hinder the market growth over the forecast period.
• High Production Costs for The Product
• Difficulties Associated with The Use of Personal Mobility Devices