Personal Mobility Devices Market registering a CAGR of 5.8% over the forecast period 2021 - 2028
Personal Mobility Devices Industry Overview The global personal mobility devices market size was valued at USD 11.5 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 5.8% over the forecast period. In terms of volume, the market size was valued at 47,515 K Units in 2020. An increasing number of the target population, growing product development, and rising number of accidents causing disabilities are some of the key factors driving the market. The rising geriatric population and cases of chronic diseases across the globe are also major factors contributing to the market growth. According to a 2018 report by the WHO, the global geriatric population is anticipated to rise from 7% in 2000 to 16% in 2050. Moreover, according to the CDC, from 2013 - 2015, 54.4 million individuals in the U.S. were affected by arthritis. Such conditions are long-lasting, resulting in the continuous use of mobility aids. It is estimated that by 2040, the number of adult...