Alarming rise in chronic conditions and aging individuals, players are likely to witness parallel revenue streams driven by multiple demographics in the canes and crutches market.
Rockville, United States – January 9, 2020 /MarketersMedia/ —
Canes and crutches have been used traditionally by physically challenged population along with the people suffering from chronic health conditions. Old age population also increases demand. United Nations states that the old age population is increasing and will amount to 2.1Bn by the end of the year 2050. International Osteoporosis Foundation highlights the fact that rheumatoid arthritis has high rate of prevalence. Growth in both the factors that include rheumatoid arthritis and old age population, boosts the global canes and crutches market. Rehabilitation centers also drive the consumption of canes and crutches. There is growth in the admission rate in such centers on the pretext of vices like alcohol addiction and substance abuse. Programs for these patients include canes and crutches to assist the patients in providing balance. The growth rate of the global market is inhibited by different factors like strong social stigmas and presence of substitute. Latest Fact.MR report predicts the global canes and crutches market to grow at 3.7% CAGR during the forecast period 2020-2027.
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Wheelchairs and knee walkers are highly demanded
The major alternatives that are gaining prominence include wheelchairs and knee walkers. They are replacing the conventional canes and crutches as they require minimal body strength. Advanced technologies are being incorporated in different aids for walking which pave the way for technologically smart devices like robotic exoskeleton which is expected to address the issues faced by the physically challenged people to a greater extent. Major stake holders are leveraging such opportunities. Bionik Laboratories Corp. is working on voice assistant technology which it will integrate in exoskeleton device build to evenly distribute weight in order to reduce stress on different body parts. Though technologically advanced assistants provide greater support, they are costly. Governments are introducing initiatives like favorable insurance plans and reimbursement plans to encourage physically challenged population to adopt advanced devices. ReWalk Robotics is one of the prominent companies to introduce reimbursement programs for exoskeleton device’s purchase.
E-commerce sector boosts market growth
Major distribution channels like hospital pharmacies and medical stores have started getting competition from other distribution mediums. Online stores have surfaced as novel distribution channel which offer cost-effective deals and convenience of comparing prices of available alternatives. Consumers widely use online shopping portals which boosts e-commerce segment. Major e-commerce stake holders are improving their delivery time-frame. Same-day delivery along with next-day delivery are highly preferred by customers. Online stores are expected to generate significant sale in the canes and crutches market in the coming years.
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Disabled population is the primary end-use segment in the global market owing to the high adoption rate of walking aids. Old age population is other prominent segment. Fact.MR report states that the old age population makes a significant part of the population in many regions like United Nations and Europe. Different physically deforming medical conditions like osteoporosis and arthritis are highly prevalent in Europe which increases the demand for canes and crutches. Aging population in regions like US and Japan also surge the global market.
About the Healthcare Division at Fact.MR
The healthcare team at Fact.MR assists clients with unique business intelligence needs on a global level. With a repertoire of over 1,000 reports and 1 million+ data points, the team has analysed the healthcare industry to a micro-level across 50+ countries for over a decade. The team provides end-to-end research and consulting services to help keep clients at the top of the game. Check more healthcare market insights here.
Release ID: 88942138
This news is published on Reuters.