Walking Aids Market Size, Share, Global Market Research and Industry Forecast Report, 2019-2026 (Includes Business Impact of COVID-19)

                                          
Industry Insights, Market Size, CAGR, High-Level Analysis: Walking Aids Market


The global walking aids market size was valued at USD 2.2 billion in 2018 and is expected to grow at a CAGR of 6.8% by the end of 2026. The rising geriatric population coupled with the increasing prevalence of arthritis and Parkinson’s is estimated to drive the market growth. In addition, favorable reimbursement framework and regulatory policies are also anticipated to fuel the market’s growth.
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 walk 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 rest 20.0%, thus increasing the affordability and facilitating market demand.
                                                                
Type Insights of Walking Aids Market

By type, the global walking aids market is divided into rollators and others. The “others” segment mainly includes walkers, cane, and crutches. This segment is anticipated to witness lucrative growth over the forecast period. High prevalence of osteoporosis & arthritis, increasing awareness and increasing adoption of canes, crutches, & walkers are expected to drive the market growth during the forecast period.
Rollators held the largest market share in 2018, accounting for more than 60.0% of the 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 forecast period.
This market is anticipated to witness healthy growth owing to the increasing number of disability due to rising malnutrition, accidents/trauma, infectious diseases, non-infectious diseases, congenital diseases, diabetes, and aging population. As per the World Bank statistics, malnutrition, accidents/trauma, infectious diseases, non-infectious diseases, congenital diseases, and other factors such as aging are responsible for approx. 20.0%, 16.0%, 11.0%, 20.0%, 20.0%, and 13.0% of the all disabilities respectively.
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 are currently suffering 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.
 

Furthermore, the incorporation of disabled people into the workforce through mobility aids and an increase in the number of obese people are also believed to drive the demand for walking aids in the market. There is a rising demand for more efficient, sustainable and cost-efficient walking aids in the market. However, the emergence of the market for refurbished products, and pricing pressure may act as restraining factors for the growth of overall market.

Regional Insights of Walking Aids Market

Europe was identified as the most dominant region in the walking aids market in 2018. The presence of favorable government policies, advanced healthcare infrastructure, and a high aging population are some factors contributing to its large share. In addition, initiatives such as the establishment of welfare codes for the elimination of discrimination against the disabled in Germany and increasing employment of disabled in countries like the UK and France are anticipated to propel the growth of these devices in the region.
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 the 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 the nearly 1.3 billion individuals aged 60years are anticipated to reside in Asia Pacific region by 2050.

Market Share Insights of Walking Aids Market

Some of the key companies present in this space include Evolution Technologies, HUMAN CARE, Benmor Medical, Briggs Healthcare, Carex Health Brands, TOPRO, Invacare Corporation, Drive medical design, and Eurovema AB. New product development, distribution channel enhancement, and collaboration are some of the key strategic initiatives undertaken by these market players. In 2018, Eurovema Mobility launched a webshop for all its Swedish customers, thus, ensuring online availability of its walking aids in the country.

Segmentations, Sub Segmentations, CAGR, & High-Level Analysis overview of Walking Aids Market Research Report
This report forecasts revenue growth and provides an analysis on the latest trends in each of the sub-segments from 2015 to 2026.For the purpose of this study, this market research report has segmented the global walking aids market on the basis of type and region:


Type Outlook (Revenue, USD Million, 2019 - 2030)


Rollators


Premium


Low cost


Others