Mobility Aids & Transportation Equipment Market size is set to expand at a remarkable rate between 2023 and 2032. The percentage of people suffering from a wide range of disabilities across the globe is rising steadily every year. Physical disabilities, such as blindness and vision impairment, are affecting a large number of both young and old people.
According to the WHO, around 2.2 billion people across the globe are suffering from distance or near vision problems. Interestingly, for nearly half of these patients, the ailment was preventable, while some still have to address this health issue. The report further states that people aged 50 years and above are at a higher risk of suffering from vision damage or partial and complete blindness due to cataracts and refractive errors. The above-mentioned figures have accelerated the need for mobility aids, as these can help visually and physically disabled people move around without much difficulty or assistance.
Technological enhancements, such as innovations in wheelchair seats and adjustable wheels for different terrains, are being implemented in various mobility aids & transportation equipment market. Some of the products gaining momentum include assistive robots at home to carry out basic chores and innovative wearable gadgets like colorblind glasses to help colorblind people identify different colors.
Since the elderly population is highly susceptible to contracting orthopedic disorders, such as osteoarthritis and rheumatoid arthritis, the production and sale of mobility aids and transportation equipment are expected to rise. Moreover, pets like hearing dogs are finding high use among deaf patients to alert them of their alarm clocks ringing, smoke alarms, unauthorized intrusions, and babies crying. Such efforts can also play a significant role in saving the patient’s life from potential threats, thus, fostering their adoption.
Alongside ongoing labor shortages, supply chain constraints, and many other persistent issues, one area of concern appears to ascend above the rest, record inflation. As inflation hovers at a decent rate globally, the transport sector seems to be in uncharted waters. Several stakeholders in every part of the industry have never worked in such an environment of high inflation.
With commodity prices skyrocketing at an unparalleled rate, budgeting has become a serious challenge. These factors have severely impacted global trade worldwide and may limit consumer expenditure on non-essential commodities, which may hamper mobility aids & transportation equipment market dynamics in the long run.
Based on product, wheelchairs are anticipated to hold an appreciable share of the mobility aids & transportation equipment industry by 2032. The rising percentage of the elderly population is a major reason for the same, as they are more prone to bone fractures due to minor accidents, which might make it necessary for them to use a wheelchair for easier mobility, thereby increasing its demand.
On the basis of end-use, hospitals are likely to observe a notable CAGR in the mobility aids & transportation equipment industry over 2023-2032. Patients may increasingly prefer getting treated in hospitals due to the presence of highly skilled healthcare professionals. Also, several hospitals have advanced equipment, such as remote-controlled wheelchairs and innovative gadgets at their disposal, which can increase the quality of patient care. These features will amplify the preference for hospitals among patients.
The UK mobility aids & transportation equipment market share is anticipated to showcase promising growth during the forecast period of 2023-2032, as there are highly trained medical professionals that can make it easier for patients to get accustomed to transportation equipment like wheelchairs. Many companies in the country are producing advanced transportation equipment and mobility aids, such as bed levers, bathing aids, walking frames, stair lifts, and many others, to elevate the patient’s quality of life.
The mobility aids & transportation equipment industry forecast will be powered by the strong presence of leading organizations, such as GF Health Products (Graham-field Health Products), Invacare Corporation, OttoBock Healthcare, Hoveround Corp, LEVO, Hill-Rom, Stryker Corporation, Permobil, Medline Industries, Medical Depot, and Sunrise Medical, among several others.