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Mobility Aids And Transportation Equipment Global Market Report 2020-30: Covid 19 Implications and Growth

Mobility Aids And Transportation Equipment Global Market Report 2020-30: Covid 19 Implications and Growth

  • September 2020
  • 200 pages
  • ID: 5967826
  • Format: PDF
  • The Business Research Company

Summary

Table of Contents

Major players in the mobility aids and transportation equipment market are Medline Industries, Hoveround Corporation, Sunrise Medical LLC, OttoBock Healthcare GmbH and Stryker Corporation.

The global mobility aids and transportation equipment market is expected to grow from $1.5 billion in 2019 to $1.6 billion in 2020 at a compound annual growth rate (CAGR) of 7.5%. The growth is mainly due to the COVID-19 outbreak and the surge in demand for hospitals supplies including personal protective equipment, surgical supplies, sterilization equipment, disinfectants and hospital beds, among others. With the increasing number of cases, hospitals are flooded with COVID-19 positive patients. In order to meet demand and address the supply shortage concerns, most of the hospitals have also suspended the non-urgent medical procedures. The market is then expected to grow at a CAGR of 4.5% from 2021 and reach $1.8 billion in 2023.

The mobility aids and transportation equipment market consists of sales of mobility aids and transportation equipment and related services. Mobility aids and transportation equipment are medical devices used to transport patients or medical products from one place to another. Mobility aids and transportation equipment include wheelchairs, walkers, crutches and stretchers. They can be manually operated or motorized.

In August 2018, Magic mobility was acquired by sunrise medical. Sunrise medical is a world leader in the development, design, manufacture, and distribution of manual wheelchairs, power wheelchairs, scooters, and seating & positioning product. It was incorporated in 1978 and is headquartered in Longmont, Colorado, USA.

Insurance companies have attempted to control the costs of health care by shifting more of the responsibility to the individual. In 2002, the out-of-pocket expense, on average, for a family of four was $9,235 per year. By 2011, this number had risen to $19,393 for a family of four. And for 2016, the average out-of-pocket expense is $25,826. Insurance companies are attempting to discourage overuse by making subscribers more price sensitive through high deductibles, co-pays, and co-insurance (the portion of the health care bill for which the subscriber is responsible after the deductibles have been met).

Japanese auto makers introduced a single-seat self-driving car to aid and assist people who find walking or using public transit difficult. This self-driving car is smartphone or tablet enabled – pick a destination on the map and the pathfinding system in the vehicle will take care of the rest. It is equipped with a navigation system which will help to get from point A to B, a gyro sensor helps the car to remain stable on uneven surfaces, 2D and 3D laser sensors will be used to judge distance from items and stereo cameras will be used to detect obstacles in its path. The car is designed to maneuver easily through city streets, across pavements and footpaths. Sensors and guidance systems will help the vehicle to navigate around bumps, potholes and pedestrians.

The Australian Road Rules (ARRs) regulate the use of ’motorized wheelchairs’ on roads or road related areas such as footpaths. A motorized wheelchair, which is not able to travel faster than 10 km/h on level ground, is recognized under the ARRs as a pedestrian. This means that users are subject to the general road rules applying to pedestrians. A motorized wheelchair that can travel faster than 10 km/h on level ground is treated as a vehicle, which means that the person using the device is treated as a driver, who is subject to all of the road rules applying to drivers of vehicles.

A large number of aging population will give an impetus to the mobility aids & transportation equipment market. Elderly populations suffer from age-related diseases resulting in impaired mobility. The risk from rheumatoid arthritis and osteoporosis is more in the geriatric population. According to WHO, the worldwide geriatric population will double by 2050 from 12% top 22%, propelling the mobility aids & transportation equipment market growth.



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