Global mobility devices market predicted to grow at CAGR of 6.9% and reach £11.43bn by 2026
The staggering and continuing rise of the world’s geriatric population is fuelling sustained growth in the mobility devices sector, with a recent market research report predicting the market will be worth $14.86bn (£11.43bn) in six years’ time.
Conducted by Fortune Business Insights, the report reviewed key suppliers in the mobility market, including Meyra, Permobil, Sunrise Medical, Invacare, Pride Mobility and Ottobock.
According to the research, driving the market growth in the decade is the world’s ageing population, leading to rising disorders that generally restrict mobility in aged individuals.
“Given the rate at which the world population is ageing, the demand for devices aiding mobility is likely to spike,” highlights the research.
According to the UN’s Population Division, DESA, people aged 60 years and above are currently numbered at 962 million, however, in the next three decades, that number is expected to reach 2.1bn, predicts the UN.
Projecting a compound annual growth rate of 6.9 per cent, Fortune’s research also highlights that older people are also more susceptible to accidents associated with deteriorating motor functions, also acting as a driver for growth in the sector.
North America is set to be the largest market because of the increase in mobility-related disorders in the region, however, Europe is envisaged to be a close second due to its large ageing population.
In the emerging markets, Asia-Pacific is forecast to enjoy the largest growth, whilst “Latin America, the Middle East, and Africa will create lucrative market opportunities.”
Many domestic mobility companies have already started to explore emerging markets in search of gaining a foothold, such as John Bell & Croydon and Roma Medical recently exploring opportunities in the Middle East at Arab Health.
Discussing mobility suppliers in the market, a Fortune lead analyst said: “Strengthening market position is expected to be the primary focus of key players in this market.”
One of the primary strategies being embraced is an increase in research and development to come up with novel product innovations.
Additionally, the report pointed out that companies are expanding their global presences through collaborations and acquisitions and used Ottobock’s November 2019 acquisition of Belgian O&P specialist Vigo as an example.
The move by the German orthotics and prosthetics specialist expands its signature PatientCare Network in Europe and establishes a strong regional distribution channel for the manufacturer.
Also, 2019 saw the joint acquisition of European mobility manufacturers Meyra and Alu Rehab to form a new global power player in the global mobility market.
With such promising predictions in the mobility devices sector, it is highly likely that suppliers will continue to invest in expanding and securing their global market positions, alongside more private equity capital entering the sector as investors seek to get a slice of the action.
