Rapid Implementation of Innovative Techniques For Product Development, Introduction of Advanced Medical Crutches, Rising Incidences Of Debilitating Neurological Diseases And Injuries, And Increasing Initiatives By Governments To Ensure The Availability of Walking Assistance Devices To A Large Consumer Base Are Factors Contributing To Market Growth
NEW YORK, Oct. 11, 2022 /PRNewswire/ -- As per the latest industry analysis by Fact.MR, a market research and competitive intelligence provider, global demand for walking assist devices is forecasted to increase at a CAGR of 2.6% from 2022 to 2027.
When used under the guidance of therapists and medical professionals, walking assist devices help injured individuals walk more easily. Basic design features include a light bodyweight and two or four wheels to assist users when they are walking. Rising prevalence of rheumatoid and osteoarthritis, soaring need for rehabilitation equipment, and rapid increase in the elderly population are the major drivers of the walking assist devices market.
Sales of walking assist devices are booming thanks to growing activities by key businesses. Demand for assistive walking aids is also being driven by neurological illnesses and traumas. The number of elderly people is increasing, which causes disability and knee weakness. Balance, support, and ultimately the capacity to live independently are provided by walking aids.
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Demand for walking assist devices is increasing as governments have raised healthcare spending and financing for technological integration, such as the usage of robots in walking assist devices to help patients. Older people have a higher probability of becoming impaired. The geriatric population can engage in all parts of life to the same level or the same extent as everyone else thanks to developments in mobility equipment. People can reach their full potential at work with improved mobility and these solutions can also support them in extending their mobility.
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 walking assist devices market are actively involved in the production of innovative mobility devices for walking that will have a significant impact on the quality and longevity of the devices, influencing market expansion.
For instance:
- In 2022, Cionic introduced bionic clothes to assist patients with walking issues caused by neurological disorders such as multiple sclerosis, Parkinson's disease, and cerebral palsy.
Walking Assist Devices Market: Major Key Players
- 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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Key Segments in Walking Assist Devices Industry Research
- By Product Type:
- Gait Belts & Lift Vests
- Canes
- Crutches
- Walkers
- Wheelchairs
- Power Scooters
- By Distribution Channel:
- Online
- Offline
- By Region:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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Winning Strategy
Key companies continuously release updates and new product specifications to maintain a competitive edge in the market. Top market players use a variety of strategies, such as product launches, partnerships, and the introduction of advanced technology to increase their market shares and output.
Major market participants are focused on product innovations in assisted walking devices and expanding their supply network and distribution channels.
For instance,
- In 2021, Panasonic Corporation produced a mass-production prototype of their Walk Training Robot, which is designed to teach senior citizens how to walk safely and effectively. To assist those who are unable to walk but desire to lead better lives, Panasonic engaged in creating and showcasing AI-powered robotic walking training systems.
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global walking assist devices market, presenting historical demand data (2017-2021) and forecast statistics for the period of 2022-2027.
The study divulges essential insights on the market on the basis of product type (gait belts & lift vests, canes, crutches, walkers, wheelchairs, power scooters) and distribution channel (online, offline), across five major regions (North America, Europe, Asia Pacific, Latin America, and MEA).
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