(MENAFN- Ameliorate Digital Consultancy)
The market for walking assistance devices is expected to grow from a projected value of US$ 6.5 billion in 2022 to US$ 7.4 billion by 2027, at a CAGR of 2.6% Through 2027, crutch sales are projected to grow at a CAGR of 3%. The most popular piece of rehabilitative care equipment is crutches. The walking assist devices market refers to the industry that produces and sells devices designed to aid individuals with mobility impairments, such as those caused by injury, illness, or aging. These devices can range from simple walking canes and crutches to more advanced motorized devices like walkers, rollators, and exoskeletons. The global walking assist devices market is expected to continue growing in the coming years due to the increasing prevalence of mobility impairments and a growing aging population.
Some key factors driving growth in the market include technological advancements in assistive devices, rising healthcare expenditure, increasing awareness about the benefits of mobility aids, and a growing demand for innovative and user-friendly products. Other important trends in the market include the development of smart walking aids with features like GPS tracking, fall detection, and remote monitoring capabilities
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Key Takeaways from Market Study
The global walking assist devices market is predicted to reach US$ 7.4 billion by 2027. Market in Canada is projected to evolve at a CAGR of 2% over the forecast period. Market in Germany is forecasted to rise at a CAGR of 1.5% through 2027. Demand for gait belts & lift vests is predicted to increase at a CAGR of 2.8% from 2022 to 2027.
Competitive Landscape
Key players in the market for walking assistance devices are actively engaged in the development of novel walking mobility aids that will significantly affect the quality and durability of the devices and restrain market growth.
For illustration:
To help patients with walking difficulties brought on by neurological conditions like multiple sclerosis, Parkinson's disease, and cerebral palsy, Cionic introduced bionic clothing in 2022.
Key Companies Profiled
Levo AG MEYRA GmbH Ossenberg GmbH Permobil Drive Medical Besco Medical Limited Betterlifehealthcare Ltd. Comfort Orthopedic Co., Ltd. Electric Mobility Euro Ltd. GF Health Products, Inc. Invacare Corporation Karma Healthcare Ltd. Otto Bock Australia Pty. Ltd. Pride Mobility Products Corporation
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Winning Strategy
To stay competitive in the market, major companies constantly release updates and new product specifications. Top market players employ a range of tactics to boost their market shares and output, including product launches, alliances, and the introduction of cutting-edge technology.
Major industry players are concentrating on developing new assisted walking devices while also growing their supply chain and distribution channels.
For instance,
The Walk Training Robot, created by Panasonic Corporation in 2021 as a mass-production prototype, is intended to teach senior citizens how to walk safely and effectively. To help those who are unable to walk but want to live better lives, Panasonic has been developing and showcasing robotic walking training systems that are powered by AI.
More Valuable Insights on Offer
In its latest offering, Fact.MR provides an unbiased analysis of the global market for walking assist devices, including historical demand data (from 2017 to 2021) and projected statistics for the years 2022 to 2027.
The study provides key market insights by product type (gait belts and lift vests, canes, crutches, walkers, wheelchairs, and power scooters) and distribution channel (online, offline), covering five major regions (North America, Europe, Asia Pacific, Latin America, and MEA).
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Overall, the walking assist devices market is expected to continue growing as demand for these products increases. However, the market also faces challenges such as high product costs, reimbursement issues, and regulatory hurdles. Despite these challenges, the market is likely to remain a key area of focus for companies looking to develop new technologies and products to aid individuals with mobility impairments.
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