Global Group 2 Powered Mobility Devices Market, By Product Type (Powered Wheelchairs, Power Operated Vehicle), Payment Type (Reimbursement, Out-of-Pocket), Sales Channel (E-commerce, Direct Sales (excluding VA), Veteran Affairs) – Industry Trends and Forecast to 2029
Market Analysis and Size
According to the U.S. Census Bureau, in 2019, more than 54.1 million people above 65 years of age in the U.S., which accounted for 15% of the total population. Demand for powered mobility devices is growing due to the rising geriatric population.
Data Bridge Market Research analyses that the group 2 powered mobility devices market which was USD 2.1 billion in 2021, would rocket up to USD 5.74 billion by 2029, and is expected to undergo a CAGR of 13.40% during the forecast period 2022 to 2029. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team also includes in-depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.
Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2022 to 2029
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Base Year
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2021
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Historic Years
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2020 (Customizable to 2014 - 2019)
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Quantitative Units
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Revenue in USD Billion, Volumes in Units, Pricing in USD
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Segments Covered
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Type (Resident Microorganisms, Transient Bacteria), Skin Site (Dry, Moist, Oily), Diseases (Acne Vulgaris, Atopic Dermatitis, Psoriasis Vulgaris, Rosacea)
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Countries Covered
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U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America
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Market Players Covered
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Golden Technologies (U.S), Invacare Corporation (U.S), Medical Depot, Inc. (Canada), 1800wheelchair.com (U.S), National Seating & Mobility (U.S), EZ Lite Cruiser (U.S), Numotion (U.S), Pride Mobility Products Corp. (U.S), Shoprider (U.S)
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Market Opportunities
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Market Definition
A powered mobility device is a wheelchair-like mobility assist. One of the key elements driving market expansion is the increasing number of people living with impairments.
Group 2 Powered Mobility Devices Market Dynamics
Drivers
- Unavailability of logistics and shipping services
Due to a shortage of logistics and shipping services, clients have experienced delays in receiving products and services. Around 2.7 million people in the United States rely on wheelchairs for their daily mobility. Demand from institutions such as the US Department of Veterans Affairs is expected to grow, as are developments in powered mobility devices.
- Usage of medicare
According to the US Census Bureau, mobility is the most frequent disability among older Americans. In the United States, 61 million persons are disabled, with 13.7 percent of them having mobility impairments that make walking or climbing stairs difficult. Electric wheelchairs are reimbursed by Medicare for disabled patients. The patient is responsible for 20% of the total cost, with Medicare covering the remaining 80%. Powered wheelchair adoption in North America is projected to increase as a result of such policies.
- New technological advancements
New technologies and therapeutically complicated solutions are projected to provide easy mobility options for impaired patients, therefore product launches from the present pipeline are likely to expand. Invacare Corporation's LiNX technology is a next-generation technology for regulating powered devices. Through wireless networking and other novel features, this new technology allows gadgets to improve a user's mobility. Acceptability and usage of mobility devices are likely to rise over the projection period as new technology and novel features are implemented.
Opportunities
According to the United States Census Bureau, there are currently about 54 million adults aged 65 and up in the country, accounting for around 16.5 percent of the total population. The number of older adults in the United States is huge and expanding; by 2050, the overall number of persons 65 and older in the United States is expected to reach 85.7 million, accounting for around 20% of the total population. The need for group 2 powered mobility devices is increasing as the ageing population grows. Patients and clinicians are increasingly accepting mobility devices since they have proven to be effective in enhancing quality of life (QOL). The market for powered cars is predicted to rise in the United States as a result of improved knowledge and acceptability.
Restraints/Challenges
High cost and wide range of options present, through the online channel the product knowledge is not appropriate for making the purchase decisions and also it has high reimbursement denial rate all these factors are hindering the market growth.
This group 2 powered mobility devices market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the group 2 powered mobility devices market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Covid-19 impact on Group 2 Powered Mobility Devices Market
The pandemic of COVID-19 has had a severe influence on the mobility device sector. Coronavirus has profoundly impacted how medical operations and treatments are carried out. The pandemic has further exacerbated the country's transportation and logistics problems. Due to a shortage of logistics and shipping services, clients have experienced delays in receiving products and services. Around 2.7 million people in the United States rely on wheelchairs for their daily mobility.
Global Group 2 Powered Mobility Devices Market Scope
The group 2 powered mobility devices market is segmented on the basis of product type, payment type and sales channel. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Product Type
- Powered Wheelchairs
- Power Operated Vehicle
Payment Type
- Reimbursement
- Out-of-Pocket
Sales Channel
- E-commerce
- Direct Sales (excluding VA)
- Veteran Affairs
Group 2 Powered Mobility Devices Market Regional Analysis/Insights
The group 2 powered mobility devices market is analysed and market size insights and trends are provided by country, product type, payment type and sales channel as referenced above.
The countries covered in the group 2 powered mobility devices market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Healthcare Infrastructure growth Installed base and New Technology Penetration
The group 2 powered mobility devices market also provides you with detailed market analysis for every country growth in healthcare expenditure for capital equipment, installed base of different kind of products for group 2 powered mobility devices market, impact of technology using life line curves and changes in healthcare regulatory scenarios and their impact on the group 2 powered mobility devices market. The data is available for historic period 2010-2020.
Competitive Landscape and Group 2 Powered Mobility Devices Market Share Analysis
The group 2 powered mobility devices market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to group 2 powered mobility devices market.
Some of the major players operating in the group 2 powered mobility devices market are:
- Golden Technologies (U.S)
- Invacare Corporation (U.S)
- Medical Depot, Inc. (Canada)
- 1800wheelchair.com (U.S)
- National Seating & Mobility (U.S)
- EZ Lite Cruiser (U.S)
- Numotion (U.S)
- Pride Mobility Products Corp. (U.S)
- Shoprider (U.S)
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