Walking Aids Market (2022 - 2030)

Walking Aids Market Summary

In addition, a favorable reimbursement framework and regulatory policies are also anticipated to fuel the market’s growth. However, the mobility devices industry witnessed a significant setback due to the COVID-19 pandemic.

The COVID-19 pandemic initially negatively impacted the demand for the product. The supply chain was highly disrupted due to the pandemic. The pandemic impacted the overall shipping and logistics of mobility and personal care products globally which has also resulted in the high cost of container shipping. The rising cost of supply chain and logistics has had an adverse effect on the company’s finances and liquidity. With the effective COVID-19 protocols and government guidelines, the market is again steadily increasing in every region as the need and demand for the devices increases.

As per the World Bank’s statistics published in 2019, around 15.0% of the world’s population and 20 to 25.0% of the elderly population suffer from some form of disability and it is anticipated to rise in the future. Also, improved accessibility and increased social acceptance are identified as the driving factors for this market.

U.S. walking aids market, type segment is expected to grow at a high compound annual growth rate of 8.4% during the forecast period.

The elderly population is highly prone to falling. These falls can result in hip, pelvis, femur, and spine fractures thereby hampering the physical movement or walking of an individual. Furthermore, falling is considered the second leading cause of accidental and unintentional injury deaths globally. Approximately 424,000 individuals die due to falls every year. Falling, among the elderly population can be prevented by the appropriate use of assistive devices.

Moreover, according to the Centers for Disease Control and Prevention data, nearly 19.4 million adults in the U.S. are unable to walk a quarter-mile. Furthermore, around 40.7 million adults in the U.S. have at least one physical function disability. Thus, the high prevalence of physical disabilities is anticipated to further fuel the market’s growth.

Favorable reimbursement policies offered by organizations such as Medicare are estimated to increase the adoption rate of these devices. Walking aids are covered under the durable medical equipment category by Medicare. The Medicare part B pays for nearly 80.0% of the approved devices while the patient pays the rest 20.0%, thus increasing the affordability and facilitating market demand.

Type Insights

Rollators held the largest market share in 2021, accounting for more than 67.2% of the total market revenue. The ability of rollators wheel to eliminate the need for lifting the device and enable directional control is further facilitating its usage over the forecasted period.

Considering type, the global walking aids market is divided into rollators and others. This segment is anticipated to witness lucrative growth over the forecasted period due to the high prevalence of osteoporosis & arthritis, increasing awareness, and increasing adoption of canes, crutches, & walkers.

Moreover, the addition of advanced features to rollators, such as sensor technology and digital software, rollators with brakes, that allows the person to control the rollator with a one-hand brake is supporting advancements in the product.

Regional Insights

North America was identified as one of the most dominant regions in the walking aids market in 2021. The presence of favorable government policies, advanced healthcare infrastructure, and a high aging population are some factors contributing to its large share. According to CDC, approximately 61 million adults in the U.S. live with a disability. In addition, acquisitions, investments, and product launch strategies adopted by players are expected to drive market growth.

The Asia Pacific region is anticipated to witness rapid growth over the forecast period. Increasing per capita income, economic development, and the presence of high unmet needs in this region are among the factors expected to contribute to the significant growth. Furthermore, the increasing geriatric population in the region is anticipated to propel market demand. For instance, according to data published in Forbes, in 2018, 38% of individuals will be aged 65years and over by 2065 in Japan while nearly 1.3 billion individuals aged 60years are anticipated to reside in Asia Pacific region by 2050.

Key Companies & Market Share Insights

New product development, distribution channel enhancement, and collaboration are some of the key strategic initiatives undertaken by these market players. For instance, in September 2021, TOPRO acquired the entire share capital of AssiTech. The acquisition will complete the existing product offering of the company. Some of the prominent players in the global walking aids market include:

• HUMAN CARE

• Evolution Technologie

• Invacare Corporation

• Benmor Medical

• Carex Health Brands

• Eurovema AB

• TOPRO

• Briggs Healthcare

• Drive medical design

Walking Aids Market