Report

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

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.

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