Walking Aids Market Set to Witness an Uptick during 2019 to 2026

Posted by Mrudula Anil Karmarkar on March 24th, 2021

The global walking aids market size is expected to reach USD 3.7 billion by 2026 at a CAGR of 6.8%, according to a new report by Grand View Research, Inc. The market is expected to witness significant growth during the forecast period owing to the increasing disability rates caused due to rising incidence of malnutrition and infectious, non-infectious, & congenital diseases; growing prevalence of diabetes; and increasing geriatric population & number of accidents/traumas.

With Covid-19 infections rising globally, the apprehension regarding a shortage of essential life-saving devices and other essential medical supplies in order to prevent the spread of this pandemic and provide optimum care to the infected also widens. In addition, till a pharmacological treatment is developed, ventilators act as a vital treatment preference for the COVID-19 patients, who may require critical care. Moreover, there is an urgent need for a rapid acceleration in the manufacturing process for a wide range of test-kits (antibody tests, self-administered, and others). The report will account for Covid19 as a key market contributor.

The introduction of devices with new features such as rollators with the attached laser for Parkinson’s patients is anticipated to propel market growth over the forecast period. The rise in disposable income coupled with an increase in awareness in developed countries is anticipated to further boost market demand. High prevalence of osteoporosis & arthritis and increasing awareness & adoption of canes, crutches, & walkers are expected to drive market growth during the forecast period. Moreover, factors such as technological advancements, an increasing number of initiatives & funding by governments & international organizations, and a rising number of post-surgery rehabilitation programs are likely to contribute to market growth.

In addition, the demand for better quality, more efficient, sustainable, and cost-efficient walking aids is rising owing to the increasing number of disabled individuals participating in the workforce. Therefore, urging the need for advanced and cost-effective walking aids. However, lack of reimbursement and the availability of a wide range of refurbished products in the market is restraining the market growth.

Walking Aids Market Report Highlights

• Rollators accounted for the largest share in the walking aids market owing to the availability of advanced design and features offered, such adjustable handle height, better comfort, and directional control.
• Asia Pacific region is expected to witness substantial growth over the next decade owing to the increasing incidence of arthritis and the geriatric population. This regional market is expected to witness lucrative growth over the forecast period.
• Rehabilitation centers with low funding and many eldercare centers in low-income economies are among the major end-users of low-cost rollators
• The others segment (canes, crutches, and walkers) is anticipated to be the fastest-growing segment owing to the increasing awareness & adoption of canes, crutches, & walkers.
• Market players include Evolution Technologies, HUMAN CARE, Benmor Medical, Briggs Healthcare, Carex Health Brands, TOPRO, and Eurovema AB are some of the prominent players operating in the market for rollators

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.

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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.

Grand View Research has segmented the global walking aids market based on type:

Walking Aids Type Outlook (Revenue, USD Million, 2015 - 2026)

• Rollators

o    Premium

o    Low cost

• Others (Canes, Crutches, and Walkers)

About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.

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