Walking Assist Devices Market Size
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 5.45 Billion |
| Market Size (2029) | USD 6.95 Billion |
| CAGR (2024 - 2029) | 5.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Walking Assist Devices Market Analysis
The Global Walking Assist Devices Market size is estimated at USD 5.45 billion in 2024, and is expected to reach USD 6.95 billion by 2029, growing at a CAGR of 5% during the forecast period (2024-2029).
Covid-19 has significantly impacted the walking assist devices market due to the supply chain pressures faced across the globe. For instance, according to the news published titled 'Equipment amnesty called in response to supply chain pressures' in August 2021, pressures on the supply chain are causing a scarcity of essential items including hoists, hospital beds, mobility, and toileting aids. This might have impacted the market growth due to the dramatic decline in sales of walking assist devices during the pandemic.
The key factors propelling the market are the increasing incidences of rheumatoid and osteoarthritis, the surging demand for rehabilitation equipment, and the steep rise in the aging population.
The rise in the elderly population and rise in the prevalence of musculoskeletal disorders such as osteoarthritis, rheumatoid arthritis, among others has also led to the growth of the walking assist devices market. For instance, in June 2022, according to the World Health Organization (WHO), approximately 1.71 billion people have musculoskeletal conditions worldwide. Such a huge prevalence of musculoskeletal disorders will lead to increased adoption of walking assist devices, driving the market growth.
Furthermore, the increasing prevalence of debilitating neurological diseases, rheumatoid arthritis, and osteoarthritis have been contributing to the increased percentage of the population with a disability to walk. For instance, according to the Global RA Network in 2021, more than 350 million people throughout the world suffer from arthritis, which is a prevalent health issue and a major contributor to disability. This will further lead to higher adoption of walking assist devices driving the market growth.
Moreover, as the geriatric population is growing, the demand for walking assist devices is also rising across the world. Also, the walking assist devices provide balance, support, and ultimately, the subsequent ability to survive independently. The aforementioned factors are responsible for the increasing geriatric population getting attracted to these devices.
In addition, the rise in healthcare expenditure and funding by the government for the development of robots to improve health are also significantly contributing to the market growth across the world. However, high cost of purchase of walking assist devices act as a restriaing factor for the market studied.
Walking Assist Devices Market Trends
This section covers the major market trends shaping the Walking Assist Device Market according to our research experts:
Crutch Segment is Expected to Show Significant Growth Over the Forecast Period.
The crutch segment is expected to emerge as the fastest-growing segment, owing to the rapid growth pace that is a result of the high global demand for crutches as supportive walking devices and as equipment employed to provide rehabilitative care.
Crutches minimize the weight-bearing effect on the disabled leg and help improve the balance and stability of the individual while walking. Furthermore, crutches have various advantages such as aid in shifting weight from the lower body to the upper. These can be used individually or in pairs. Crutches can be worn by persons with temporary injuries or long-term disabilities to assist them to stay upright. The diverse advantages of crutches are expected to drive the growth of this segment.
Furthermore, rising campaigns of crutches are also expected to drive the market growth further. Furthermore, in November 2021, the Williamson Medical Center (WMC) Foundation launched the 'Crutch it Forward' campaign seeking donations of new and used crutches for Bone and Joint Institute of Tennessee and WMC's main hospital. Such campaigns will drive the growth of this segment due to the rise in demand of crutches.
In addition, according to the study titled 'Load Auditory Feedback Boosts Crutch Usage in Subjects With Central Nervous System Lesions: A Pilot Study' published in July 2021, the most frequently prescribed walking aid for patients with central nervous system (CNS) lesions is a pair of crutches. The rising importance of crutches in nervous disorders will further expected to drive this segment growth due to rise in adoption.
Moreover, In April 2022, Getinge launched a single-leg holder system for operating tables. It is compatible with two variants of knee crutches, minimizes investments, saves time between surgeries and brings comfort to a wide range of patients. Such leg holders that are compatible with knee cruthes will further drive the crutches segment growth.
Therefore, owing to the above mentioned factors, the crutches segment is expected to witness a significant growth over the forecast period.
North America holds a Significant Share and is Expected to Follow the Same Trend Over the Forecast Period
North America is expected to hold a significant share in the market owing to the increase in the geriatric population, the presence of well-developed healthcare sectors, technological advancements forwarded by the leading players, and private organizations offering varied supportive services for the benefit of the physically disabled people.
According to the Centers for Diseases Control and Prevention updated in November 2021, in the United States, 58.5 million adults, or 24% of the population, suffer from arthritis and it is a primary cause of work impairment. The huge cases of arthritis in the United States are driving the walking assist devices market in the country.
Furthermore, rising initiatives from the key market players on the development of innovative products and approvals from the United States Food and Drug Administration (FDA) will further drive the market growth in this region. For instance, in May 2022, Samsung Electronics is seeking FDA certification for their wearable assistive robot, the "GEMS Hip," which functions as an exoskeleton for those with mobility problems and uses an active assist algorithm to improve gait and muscle movement.
Therefore, rising technological advancements and the increasing prevalence of arthritis are believed to drive the market in this region.
Walking Assist Devices Industry Overview
The walking assist devices market is fragmented, competitive, and consists of several major players. There are many companies that have adopted various strategies, such as partnerships, mergers and acquisitions, product launches, and new technology launches to increase their market shares and boost production. Some of the companies currently dominating the market are Honda Motor Co. Ltd, GF Health Products Inc., Ossenberg GmbH, Homecare Product Inc., Invacare Corporation, Better Life Healthcare Ltd, Karma Healthcare Ltd, Besco Medical Co. Ltd, Permobil Inc., and Sunrise Medical LLC.
Walking Assist Devices Market Leaders
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Invacare Corporation
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GF Health Products Inc
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Honda Motor Co. Ltd
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HOMECARE PRODUCT, Inc
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Ossenberg Gmbh
*Disclaimer: Major Players sorted in no particular order
Walking Assist Devices Market News
- In July 2022, Cionic launched bionic clothing to help patients with walking difficulties arising from neurological conditions such as multiple sclerosis, Parkinson's, and cerebral palsy.
- In June 2022, CAN Mobilities developed the world's smartest walking cane to boost motion through data. The CAN Go is an ultra-comfortable, sturdy and sleekly designed cane hewn from aircraft-grade aluminum and sporting a soft, non-stick non-slip grip for enhanced safety.
Walking Assist Devices Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Increasing Incidences of Rheumatoid and Osteo-arthritis
4.2.2 Surging Demand for Rehabilitation Equipment
4.2.3 Steep Rise in the Aging Population
4.3 Market Restraints
4.3.1 High Cost of Purchase
4.4 Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION (Market Size by Value - USD million)
5.1 By Product Type
5.1.1 Gait Belt and Lift Vest
5.1.2 Cane
5.1.3 Crutch
5.1.4 Walker
5.1.5 Wheelchair
5.1.6 Power Scooter
5.2 Geography
5.2.1 North America
5.2.1.1 United States
5.2.1.2 Canada
5.2.1.3 Mexico
5.2.2 Europe
5.2.2.1 Germany
5.2.2.2 United Kingdom
5.2.2.3 France
5.2.2.4 Italy
5.2.2.5 Spain
5.2.2.6 Rest of Europe
5.2.3 Asia-Pacific
5.2.3.1 China
5.2.3.2 Japan
5.2.3.3 India
5.2.3.4 Australia
5.2.3.5 South Korea
5.2.3.6 Rest of Asia-Pacific
5.2.4 Middle-East and Africa
5.2.4.1 GCC
5.2.4.2 South Africa
5.2.4.3 Rest of Middle-East and Africa
5.2.5 South America
5.2.5.1 Brazil
5.2.5.2 Argentina
5.2.5.3 Rest of South America
6. COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Invacare Corporation
6.1.2 Better Life Healthcare Ltd
6.1.3 Ossenberg GmbH
6.1.4 GF Health Products Inc.
6.1.5 Honda Motor Co. Ltd
6.1.6 Karma Healthcare Ltd
6.1.7 Besco Medical Co. Ltd
6.1.8 Homecare Product Inc.
6.1.9 Permobil Inc.
6.1.10 Sunrise Medical LLC
6.1.11 Benmor Medical
6.1.12 Carex Health Brands
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Walking Assist Devices Industry Segmentation
As per the scope of the report, walking assist devices are designed for people suffering from leg injuries or who are unable to walk due to any internal problem. These devices are also used by people who face the problem of body balance during walking, due to nervous system diseases, such as Parkinson's disease. The Walking Assist Devices Market is segmented by Product Type (Gait Belt and Lift Vest, Cane, Crutch, Walker, Wheelchair, and Power Scooter) and Geography (North America, Europe, Asia-Pacific, Middle East and Africa, and South America). The market report also covers the estimated market sizes and trends for 17 different countries across major regions, globally. The report offers the value (in USD million) for the above segments.
| By Product Type | |
| Gait Belt and Lift Vest | |
| Cane | |
| Crutch | |
| Walker | |
| Wheelchair | |
| Power Scooter |
| Geography | ||||||||
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Walking Assist Devices Market Research FAQs
How big is the Global Walking Assist Devices Market?
The Global Walking Assist Devices Market size is expected to reach USD 5.45 billion in 2024 and grow at a CAGR of 5% to reach USD 6.95 billion by 2029.
What is the current Global Walking Assist Devices Market size?
In 2024, the Global Walking Assist Devices Market size is expected to reach USD 5.45 billion.
Who are the key players in Global Walking Assist Devices Market?
Invacare Corporation, GF Health Products Inc, Honda Motor Co. Ltd, HOMECARE PRODUCT, Inc and Ossenberg Gmbh are the major companies operating in the Global Walking Assist Devices Market.
Which is the fastest growing region in Global Walking Assist Devices Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Global Walking Assist Devices Market?
In 2024, the North America accounts for the largest market share in Global Walking Assist Devices Market.
What years does this Global Walking Assist Devices Market cover, and what was the market size in 2023?
In 2023, the Global Walking Assist Devices Market size was estimated at USD 5.19 billion. The report covers the Global Walking Assist Devices Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Global Walking Assist Devices Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Walking Assist Device Industry Report
Statistics for the 2024 Walking Assist Device market share, size and revenue growth rate, created by Mordor Intelligenceā¢ Industry Reports. Walking Assist Device analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
Walking Assist Device Market Report Snapshots
