Pune, India, Nov. 27, 2020 (GLOBE NEWSWIRE) -- The global mobility scooters market size is expected to gain momentum by reaching USD 1.85 billion while exhibiting a CAGR of 6.9% between 2020 and 2027. This is attributable to the growing focus on developing innovative mobility scooters and the increasing prevalence of neurological disorders across the globe. This information is published by Fortune Business Insights. The report further mentions that the market stood at USD 1.30 billion in 2019. North America stood at USD 562.3 million in 2019 and is expected to hold the highest position in the global mobility scooters in the forthcoming years. This is attributable to the increasing prevalence of the aging population and the presence of established players in the region.
KEY INDUSTRY DEVELOPMENTS:
- October 2020: The Government in England announced a new accessibility scheme through which scooter friendly stations are being developed to enable mobility scooter users in South Yorkshire to travel to and from 10 stations across the Northern Rail network.
- October 2019: A pilot project was launched on the World Day of the Elderly by the Government of Malta, where the elderly people with mobility problems can commute around Valletta with the help of electric scooters.
- October 2018: Pride Mobility Products Corp. and Quantum Rehab hosted Disability Mentoring Day. The company offered an opportunity to 18 students with disabilities using scooters as an assistive mobility device to be mentored by career professionals in various fields during Disability Mentoring Day (DMD) 2018. Through this, the students using mobility scooters were able to tour and explore their learning in careers in research and development, sales, technical service, and production.
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Increasing Prevalence of Neurological Disorders to Propel Market Growth
According to the United Nations, around 1 in every 6 people suffers from neurological disorders across the globe. This is estimated to be about 1 billion people globally. The increasing incidence of neurological disorders is expected to propel the demand for mobility scooters. Additionally, the growing focus on developing innovative mobility solutions for people with disability is expected to bode well for the global mobility scooters market growth during the forecast period.
Economic Slowdown amid COVID-19 Affecting Spending Power on Medical Products
The novel coronavirus has led to unprecedented economic loss owing to shutdown of several industrial applications. The healthcare industry is experiencing a significant shrinkage of the economy due to halting of several medical processes that include major surgeries and orthopedic treatments. This has led to the decrease in sales of medical products across the globe that is restraining the market growth in the forthcoming years.
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4 Wheels Segment Held 66.5% Market Share in 2019
The 4 wheels segment, based on wheels, held a market share of about 66.5% in 2019 and is projected to experience considerable growth owing to the growing adoption of 4 wheeled mobility scooters by the elderly population globally.
North America to Remain Dominant; Increasing Presence of Geriatric Population to Augment Growth
Among all the regions, North America stood at USD 562.3 million in 2019 and is expected to hold the highest position in the global mobility scooters in the forthcoming years. This is attributable to the increasing prevalence of the aging population and the presence of established players in the region.
On the other hand, Europe is anticipated to hold the second position in the market in the forthcoming years. This is ascribable to factors such as the surging demand for mobility scooters for people with disability in the region between 2020 and 2027.
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Key Players Focus on Product Innovations to Leverage Lucrative Market Opportunities
The global medical mobility scooters market is consolidated by the presence of major companies that are striving to maintain their position by developing innovative mobility scooters to cater to the growing demand from the healthcare industry. Other key players positioned in the market are focusing to leverage considerable opportunities to maintain their presence by adopting strategies such as partnership, collaboration, and merger and acquisition that will bode well for the market growth.
List of the Companies Profiled in the Global Market for Mobility Scooters:
- Invacare Corporation (Ohio, United States)
- Excel Mobility (Van Os Medical B.V.) (Steenbergen, Netherlands)
- Pride Mobility Products Corp. (Pennsylvania, United States)
- Medical Depot, Inc. (New York, United States)
- Golden Technologies (Pennsylvania, United States)
- Afikim Electric Vehicles (Jordan Valley, Israel)
- Amigo Mobility International (Michigan, United States)
- Others
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Table of Contents:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Overview of New Product Launches and Developments
- Prevalence of Mobility Disability by Country/ Regions
- Key Industry Developments for key Countries/Regions -Mergers, Partnerships, & Acquisitions
- Healthcare Industry Overview, By Country/Region
- Prevalence of Chronic Diseases by Country/ Regions
- Ageing Population Statistics by Country/Region
- Impact of COVID-19 on Global Mobility Scooters Market
- Global Mobility Scooters Market Analysis, Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Wheels
- 3 Wheels
- 4 Wheels
- Others
- Market Analysis, Insights and Forecast – By End User
- Personal User
- Institutional User
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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SECONDARY DATA SOURCES THAT WE REFER TO:
- Annual reports, investor presentation, SEC filings, and press releases of companies operating in the market
- Studies published by relevant associations MedTech Europe; American College of Radiology; Cancer Council Australia; Japan Hospital Association, etc.), government sources (Centers for Disease Control & Prevention, Ministry of Health, Labour & Welfare, Japan; National Health Service, England, etc.), international organizations (World Health Organization, The Organization for Economic Co-operation and Development, Eurostat, etc.), and articles published by Research Gate, NCBI, etc.
- Website, reports, and press releases of end user facilities – Hospitals, Ambulatory Surgery Centres, Clinics
- Industry journals and paid databases
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