The walking assist devices market is expected to register a CAGR of 4.7% during the forecast period. The key factors propelling the market are the increasing incidences of rheumatoid and osteoarthritis, surging demand for rehabilitation equipment, and the steep rise in the aging population.
- The rise in the elderly population has led to the growth of the walking assist devices market. According to the World Health Organization (WHO) 2020 report, the prevalence of rheumatoid arthritis varies between 0.3% and 1% and is more common in women and in developed countries. Moreover, within 10 years of the onset of the disease, at least 50% of patients in developed countries seemed unable to hold down a full-time job.
- Furthermore, the increasing prevalence of debilitating neurological diseases, rheumatoid arthritis, and osteoarthritis have been contributing to the increased percentage of the population with a disability to walk.
- Therefore, as the geriatric population is growing, the demand for walking assist devices is also rising across the world. Also, the walking assist devices provide balance, support, and ultimately, the subsequent ability to survive independently. The aforementioned factors are responsible for the increasing geriatric population getting attracted to these devices.
- Furthermore, the rise in healthcare expenditure and funding by the government for the development of robots to improve health are also significantly contributing to the market growth across the world.
Key Market Trends
Crutch, the Fastest Growing Segment, is Expected to Grow During the Forecast Period
The crutch segment is expected to emerge as the fastest-growing segment, owing to the rapid growth pace that is a result of the high global demand for crutches as supportive walking devices and as equipment employed to provide rehabilitative care. Crutches minimize the weight-bearing effect on the disabled leg and help improve the balance and stability of the individual while walking. According to the World Health Organization (WHO) 2020 report, 18.0% of women and 9.6% of men aged over 60 years have symptomatic osteoarthritis. Moreover, 80% of patients with osteoarthritis have limitations in movement, and 25% cannot perform their major daily activities of life. Therefore, increasing innovations in crutches and the rising prevalence of arthritis are believed to show stable growth in the future.
North America holds the Largest Market and is Expected to Follow the Same Trend Over the Forecast Period
North America has dominated the market owing to the increase in the geriatric population, the presence of well-developed healthcare sectors, technological advancements forwarded by the leading players, and private organizations offering varied supportive services for the benefit of the physically disabled people. According to the Centers for Diseases Control and Prevention, the number of adults unable (or very difficult) to walk a mile was found to be around 17.1 million in 2016 in the United States. In addition, the increasing cases of rheumatoid arthritis in the United States are also driving the walking assist devices market in the country.
The walking assist devices market is fragmented, competitive, and consists of several major players. There are many companies that have adopted various strategies, such as partnerships, mergers and acquisitions, product launches, and new technology launches to increase their market shares and boost production. Some of the companies currently dominating the market are Honda Motor Co. Ltd, GF Health Products Inc., Ossenberg GmbH, Homecare Product Inc., Invacare Corporation, Better Life Healthcare Ltd, Karma Healthcare Ltd, Besco Medical Co. Ltd, Permobil Inc., and Sunrise Medical LLC.
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support