Senior Mobility Aid Devices Market Size

Senior Mobility Aid Devices Market Size

Senior Mobility Aid Devices Market size was valued at USD 11.06 billion in 2023 and is anticipated to register a CAGR of over 6.6% between 2024 and 2032. The industry caters to the evolving needs of an aging population, providing a range of products designed to enhance and support the mobility of elderly individuals. As per the United Nations Department of Economic and Social Affairs (UN DESA) the global population of people over 60 years of age in 2023 has reached to 1.2 billion.

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As demographic shifts lead to an increasing proportion of elderly individuals, there is a parallel rise in the demand for mobility aids to address age-related challenges and facilitate independent living. According to a 2018 research report by the World Health Organization, the proportion of the aging population is projected to surge from 7% to 16% of the total global population by the year 2050. Additionally, the study highlights that the number of individuals aged 60 and older will reach 2 billion worldwide by 2050, and one in every six people will be 65 years or older. According to National Council of Aging (NCOA) 2.8 million injuries are treated in emergency department in hospitals due to falling and one in four Americans aged 65 years and above fall each year.

Mobility aids such as advanced electric wheelchairs, motorized scooters, and custom-designed walkers often come with a substantial price tag, making them financially challenging for many seniors and their families. The high cost of these devices can be a barrier to accessibility for a considerable portion of the aging population, particularly those on fixed incomes or without comprehensive insurance coverage. The International Labour Organization (ILO) reports that in many developing countries, individuals with disabilities face unemployment rates up to 80%.