Healthcare Industry Insights: November 2022

Friday, 25 November 2022

Moist Wound Dressings Market Size is Estimated to Witness 5.4% CAGR till 2030

The global Moist Wound Dressings Market size is expected to reach USD 6.51 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 5.4% from 2022 to 2030. The increasing cases of acute and chronic wounds such as surgical, diabetic, and traumatic wounds, lacerations, and diabetic ulcers are driving the market. As per the estimates provided by Elsevier, about 300 million acute wound injuries occur per year.

The COVID-19 pandemic had a negative impact on the market. According to a study, patients with chronic leg ulcers were on the receiving end of collateral damage caused by the restricted access to non-essential health services and overburdened healthcare systems during the pandemic. The same study showed that almost 75% of patients suffering from ulcers discontinued their treatment due to pandemic restrictions.

Ongoing R&D in the healthcare field is leading to the development of new products, for instance, the advent of keratin-based wound care products. These products facilitate wound re-epithelialization but also form part of dressings and aid in wound healing as the keratin matrix in them gets absorbed in the wound, thereby eliminating the need to change the dressing. Furthermore, the introduction of novel therapies, such as electromagnetic therapy, electrical stimulation, nanotechnology, and the use of silver and other combination dressings are boosting the market growth.

These advancements ensure better wound care during any trauma, thereby supporting the market growth. Similarly, new products in the pipeline are anticipated to augment the market growth over the forecast period. For instance, Researchers at the Massachusetts Institute of Technology in the U.S., the University of Nebraska-Lincoln, and Harvard Medical School have developed a bandage that provides precise and scheduled drug delivery, which can be customized as per requirement. Such innovations are expected to create growth opportunities for the market players.

Related Press Release@ Moist Wound Dressings Market Report

Moist Wound Dressings Market Report Highlights

Based on product, foam wound dressings accounted for the largest revenue share in 2021 owing to their ability to maintain moisture, which facilitates the healing process
In the acute wounds application segment, the surgical and traumatic wounds segment accounted for the largest revenue share in 2021 due to the increasing number of surgical procedures being performed as all types of wound dressings are required during surgeries
The Asia Pacific is expected to witness significant growth during the forecast period as the region holds potential growth opportunities due to the presence of emerging nations like Indonesia and Thailand
In the chronic wounds application segment, the pressure ulcers segment is anticipated to register the highest CAGR during the forecast period on account of the increasing prevalence of the disease and related complications

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Wellness Tourism Market Size is Estimated to Witness 9.93% CAGR till 2030

The global Wellness Tourism Market size is expected to reach USD 1.02 trillion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 9.93% from 2022 to 2030. Increasing patient awareness regarding health and wellbeing and personal care will be one of the major drivers for the market. Promotional campaigns arranged by various governments are also encouraging wellness tourism across the globe. Wellbeing services offered by players help customers find solutions to improve or maintain their health and wellbeing. The rising number of health-conscious people is contributing to the increasing demand for wellness activities at popular travel destinations.

The increase in lifestyle-related diseases such as diabetes, obesity, and high cholesterol due to busy work schedules and sedentary lifestyles is propelling the market growth. The market is heavily influenced by factors such as increasing awareness regarding healthcare tourism and the rising burden of disease. Furthermore, the growing prevalence of mental illnesses such as depression and anxiety, rise in disposable income, increasing adoption of online travel services, growing influence of social media, and raised government investment to attract tourists are propelling the market growth.

The overall tourism industry was adversely hit by the COVID-19 pandemic. The market witnessed a significant decline in the number of travelers owing to restrictions on travel and the entry of international tourists. According to Global Wellness Institute, the number of wellness trips in North America declined by 43.8% in 2020. Increasing number of secondary travelers and resume of activities by spas and resorts are expected to boost the market growth post-pandemic.

Related Press Release@ Wellness Tourism Market Report

Wellness Tourism Market Report Highlights

In terms of service, the lodging segment dominated the market in 2021. This can be attributed to the rapid expansion of large hotel chains that provide exotic therapies including rejuvenation programs, spa treatments, and other services
Based on travel type, the domestic segment accounted for the maximum revenue share in 2021. This can be attributed to the increased expenditure by domestic tourists on wellness activities
North America is estimated to dominate the market throughout the forecast period. This can be attributed to the high demand for physical and mental health, increasing disposable income, and growing awareness about spa benefits
Marriott International, Inc. established an all-inclusive platform in August 2019 to cater to the growing demand during the holiday season. Marriott International also announced that it has secured management agreements with hotel developers who aim to invest over USD 800 million in five new all-inclusive resorts, underscoring its confidence in its size and client base
Marriott International launched a hotel development program named “Marriott's Bridging the Gap" in June 2022

Fill-finish Pharmaceutical Contract Manufacturing Market Worth $14.0 Billion By 2030

The global Fill-finish Pharmaceutical Contract Manufacturing Market size is expected to reach USD 14.0 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 6.1% from 2022 to 2030. Increasing demand for drugs across the global market and the advantage of the reduction in the overall investment for developing drugs with contract manufacturing are the key factors driving the growth of the market. Contract fill-and-finish services are one of the most commonly outsourced services presently. Almost all pharmaceutical and biotech firms outsource at least some of their fill-and-finish requirements.

Unpredicted demand, second source policies, and better matching scale with need are all factors to consider when utilizing a CMO's capacity. Highly specialized capabilities like prefilled syringes, lyophilization, and cartridges, as well as novel therapeutics, necessitate specialized manufacturing that is more cost-effective to outsource. Firms with in-house aseptic fill/finish capacity outsource 39% of their fill and finish requirements, according to contract pharma. Furthermore, filling accounts for 59% of the market, while lyophilization accounts for 24%.

However, the COVID-19 pandemic spurred the development of COVID-19 vaccines, antibody therapy, antiviral drugs, and a variety of other related pharmaceutical products. The pandemic severely impacted countries such as Brazil, India, the U.S., and major European countries, increasing demand for biopharmaceutical products and, as a result, drug production. Vaccines and biologics require special manufacturing and fill-finish equipment and procedures to ensure product quality and safety, necessitating advanced analytical competencies and adaptable aseptic fill-finish technologies. This resulted in the positive impact of covid-19 on the market.

Fill-finish Pharmaceutical Contract Manufacturing Market Report Highlights

The large molecules segment dominated the market with a revenue share of 67.3% in 2021. Rising investment by pharmaceutical companies in R&D for large molecules and biosimilar would drive market growth
The vials segment accounted for the largest revenue share of 52.9% in 2021. They are the most versatile and easy-to-use dosage form. It is observed that the vial filling reduces the product loss and maximizes yield
Based on end-user, the biopharmaceutical companies segment accounted for the largest share of 54.9% in 2021. The increased demand for biopharmaceutical drugs, as well as funding for the biotech sector drive market growth
Asia Pacific led the market in 2021 and is projected to witness the fastest CAGR of 6.3% during the forecast years due to the rising number of CMOs expanding in the region and a huge number of fill-finish facilities being constructed. For instance, Thermo Fisher would increase sterile filling capacity with a new facility in Singapore. The facility would then initially provide a high-speed sterilized line approved for live virus having to fill first large-scale expertise in Singapore followed by an additional feature for standard fill/finish

Wednesday, 23 November 2022

Regulatory Affairs Market Worth $27.0 Billion By 2030 | CAGR 8.7%

The global Regulatory Affairs Market size is expected to reach USD 27.0 billion by 2030, registering a CAGR of 8.7% over the forecast years, according to a new report by Grand View Research, Inc. The factors expected to contribute to the growth of this market include changing regulatory requirements based on business activities and geographies, an increase in clinical trials & drug approvals along with accelerated regulatory approval, and technological advancement in regulatory software. Also, the evolution of personalized medicines, the increasing need for companies to focus on core business activities, and economic and competitive pressures are other factors that are contributing to the growth of the market. The global market showed lucrative growth during the COVID-19 pandemic.

The pharmaceutical and regulatory agencies joined forces to rapidly develop vaccines and medical products required to fight against COVID-19. The regulatory authorities take numerous precautions to ensure patient and personnel safety during a clinical trial, as well as data integrity and good laboratory practices, are maintained. Growth in markets for biosimilars, orphan drugs, personalized medicines, companion diagnostics, and adaptive trial designs are projected to boost the demand for regulatory specialization in these areas. As companies venture into newer fields, the growing need to comply with regulations is boosting the demand for specialized service providers with expertise in regulatory affairs. Patent expiration of biologics, such as Simulect, Vectibix, Mircera, and Kineret, is increasing the demand and development of biosimilars, thereby contributing to the demand for regulatory services in this segment.

Related Press Release@ Regulatory Affairs Market Report

Regulatory Affairs Market Report Highlights

The regulatory writing & publishing segment dominated the market in 2021 due to an increase in the outsourcing of these services by large- and mid-size medical device and biopharmaceutical companies
Based on indications, the oncology segment accounted for the largest revenue share in 2021. The segment share is attributed to the high prevalence of cancer, which is creating the need for safe and effective treatments
Based on end-uses, the pharmaceutical companies segment accounted for the largest market share in 2021. A rise in the number of approved pharmaceutical products is the key factor responsible for the segment’s growth
Asia Pacific is projected to witness the fastest growth rate during the forecast period on account of the improved regulatory landscape and growing venture activities by biopharmaceutical companies

Life Sciences BPO Market - Future Trends, Revenue Growth & Leading Players, Forecast To 2030

The global Life Sciences BPO Market size is expected to reach USD 827.5 billion by 2030, registering a CAGR of 9.2% over the forecast years, according to a new report by Grand View Research, Inc. The rising costs of drug development; pre-clinical and clinical trials; and post-marketing surveillance; a rise in the patent cliff; a growing product pipeline; and regulatory constraints are some of the major factors driving the market. The pharmaceutical and biotech industries invest heavily in the R&D sector to continuously introduce new molecules, devices, and treatments. The different stages of drug development, such as drug discovery, pre-clinical studies, and clinical trials, require huge financial, technological, and human resources.

To cater to the growing needs of the industry, the outsourcing vendors are expanding their product and service offerings and they are targeting niche areas for long-term growth and profitability. Altogether, these trends are expected to boost the life sciences outsourcing market over the forecast period. During the COVID-19 pandemic, a significant number of outsourcing providers expanded their existing manufacturing and research facilities to meet the growing demand for COVID-19 vaccines and diagnostics. Even post-pandemic, CDMOs are practicing similar strategies to support the future demand for pharmaceuticals. For instance, in April 2022, Aenova Group developed a new facility for manufacturing highly potent drugs with an investment of EUR 10 million.

The adoption of such strategies by the market players is expected to be profitable for the market. There has been a rising demand to reduce the cost of manufacturing and development of drugs and medical devices. Outsourcing manufacturing, research, and marketing services provide pharmaceutical and medical device companies with cost- and time-saving benefits. This is expected to have a positive impact on the market. Over the years, mergers and acquisition deals between CROs and CDMOs have increased. The rising demand for clinical services and the growing need for specialized service providers to improve the focus on their core competencies are some of the factors that are expected to drive the incidence of M&A deals.

Related Press Release@ Life Sciences BPO Market Report

Life Sciences BPOMarket Report Highlights

The increasing number of M&A transactions has broadened the global reach and improved the capabilities of CROs and CDMOs to provide end-to-end services; a continuation of this trend is expected to benefit the market significantly
COVID-19 incidence has decreased significantly as a result of a growing global vaccination campaign
Owing to this, the CRO and CDMO are now refocusing on developing drugs for oncology and other diseases owing to their high burden
For instance, in April 2022, Labcorp collaborated with Xcell Biosciences to support the company in developing cell and gene therapies for treating cancer, Parkinson’s, and other rare diseases
Such initiatives by the CDMOs are likely to profit the market owing to the high effectiveness of gene therapy in treating cancer and other rare diseases
The medical device segment is expected to register the fastest CAGR from 2022 to 2030 due to the complexities associated with medical device designing
The strict regulatory framework for medical device approval globally has further contributed to the demand for medical device outsourcing services
AsiaPacific held the largest revenue share in 2021 due to the presence of a significant number of CROs providing cost-effective BPO services

Tuesday, 22 November 2022

Wheelchair Market Worth $8.41 Billion By 2030 | CAGR: 7.2%

The global Wheelchair Market size is expected to reach USD 8.41 billion by 2030, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 7.2% from 2022-2030. The rising demand for mobility assistance and the geriatric population is expected to drive market growth. As per the Americans with Disabilities Act, a wheelchair is designed mainly for use by an individual with a physical disability. Wheelchairs can be used for both indoor and outdoor purposes. An increase in life span and the number of elderly persons at a global level is one of the key reasons expected to contribute to the growth of the market.

The market is disrupted due to the COVID-19 pandemic which affected the market due to the restrictions and lockdown imposed by the government as a result, the demand and sale of the product decreases. The demand for a wheelchair is expected to increase due to the rising geriatric population and mobility issues that occurred to the people during the pandemic. Although the number of hospital visits by regular patients had reduced during the lockdown, the number of patients affected with COVID-19 witnessed a spike. With the ease of lockdowns, the manufacturing operation of the mobility device is expected to come back to normal.

The rise in the number of disorders requiring an assistive device is also one of the key factors expected to contribute to market growth. The most common disability that needs a mobility device is spinal cord injuries. As per the National Spinal Cord Injury Statistical Center, around 294,000 people currently living with spinal cord injuries, in the U.S. with 17,7300 new cases each year. Thus, the U.S. is expected to be a major potential market for the supplier and manufacturers of mobile devices over the forecast period.

Related Press Release@ Wheelchair Market Report

Wheelchair Market Report Highlights

Electric wheelchairs emerged as the largest product segment in 2021 as these devices are mostly used in home-care settings for a comfortable movement
The adult segment accounted for the highest revenue in 2021 owing to the high geriatric population and increased cases of disabilities, such as spinal cord injuries, requiring a mobility device
The hospital application segment is estimated to register the fastest CAGR over the forecast period owing to the rising volume of medical emergencies
North America dominated the market in 2021 with a revenue share due to the high target population and increased adoption of advanced technology in wheelchairs

Breast Implants Market is Projected to Register 7.4% CAGR till 2030

The global Breast Implants Market size is anticipated to reach USD 4.11 billion by 2030, expanding at a CAGR of 7.4%, according to a new report by Grand View Research, Inc. increasing focus on the enhancement of physical appearance has led to the growth of the market.

Breast reconstructions are being highly adopted by women to enhance their physical appearance. This kind of surgery involves esthetic repair of any damage taking place after the implantation procedure.

Breast implants are used post mastectomy to enhance the esthetic appeal. Breast augmentation is another procedure requiring the application of these implants. Esthetic appeal plays an important role in increasing the demand for these procedures, thereby, making the cosmetic industry lucrative for the target population.

The COVID pandemic has had a significant impact on the aesthetic market. The increased prevalence of coronavirus cases had put a greater strain on medical personnel. As a result, facilities such as ICUs, surgical units, ventilators, hospital beds, and certain other surgical equipment have been reallocated from all disciplines and divisions to treat COVID-19 patients. As a result, governments in some countries have chosen to hold all non-essential & elective surgeries. Cosmetic procedures such as breast enhancement, cheek augmentation, dermal fillers, and others are all postponed or canceled as they were considered "non-essential" elective procedures. For instance, to create extra inpatient beds, the NHS, postponed 2 million planned procedures. The Medicare and Medicaid Services announced guidelines in March 2020 to limit elective operations in the U.S.

In May 2022. (Dublin, Ireland), GC Aesthetics, Inc. (GCA), a private medical technology organization that provides Health Aesthetic Solutions announced a launch of an advanced NAC (Nipple Areola Complex) reconstruction implant called FixNip. Many women around the world will receive support from this unique medical product, which addresses a well-known clinical necessity. Until now, a variety of surgical methods have been attempted to try to reconstruct the nipple-areola complex, but none have proven to be effective in the long run.

Related Press Release@ Breast Implants Market Report

Breast Implants Market Report Highlights

In 2021, silicone implants dominated the breast implants market since it has a natural resemblance to the breast tissue
Saline implants are anticipated to showcase significant growth during the forecast period due to lesser risk of complications during implant rupture
Round-shaped implants held the largest market share in 2021 owing to fewer complications involved during implant rotation
Anatomical-shaped devices are expected to showcase lucrative growth in the future due to their design that has a natural appearance, which makes them ideal for breast enhancement
The cosmetic surgery segment dominated the market in 2021 due to the growing number of cosmetic procedures conducted globally
North America dominated the market in 2021 due to the rising number of augmentation procedures of this organ conducted in the U.S.

Monday, 21 November 2022

Catheter Stabilization Devices Market Worth $2.4 Billion By 2030

The global Catheter Stabilization Devices Market size is expected to reach USD 2.4 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 7.3% from 2022 to 2030. The increasing usage of catheters, growing demand for minimally invasive surgeries, increasing prevalence of lifestyle-related diseases, rising number of surgeries being performed, and population aging are key contributors to market growth.

Intravascular catheters have become an essential part of patient care in hospitals and other healthcare settings. According to the Joint Commission, 3 million central venous catheters (CVC) are used in the U.S. annually, and around 250,000 CVCs are used in the U.K. annually. However, the rising use of catheters increases the risk of bloodstream infections related to its usage. Dislodgement, migration, accidental removal, or occlusion of catheters may lead to infections and complications and may pose a risk to patient safety. Thus, the surging number of catheter placements is one of the key contributors to the growth of this market.

Growing awareness among healthcare professionals and the increasing need to reduce the burden of catheter-associated infections are also expected to boost the adoption of stabilization devices. Catheter securement is crucial for reducing related infections & complications and thus, is gaining significance in patient care. Various national and government organizations, such as the CDC, Australia, and New Zealand Urological Nurses Society (ANZUNS), and Occupational Safety and Health Administration (OSHA), issue guidelines that recommend the use of securement devices in the treatment of patients.

The emergence of COVID-19 had slowed the market growth. The reason for this is a shortfall of raw materials for manufacturing equipment, supply chain slowdowns, manufacturing, and supply unit shutdowns, and a decrease in inpatient admissions to medical facilities. The COVID-19-affected patients were given priority, which resulted in the cancellation and delaying of all surgical treatments

Related Press Release@ Catheter Stabilization Devices Market Report

Catheter Stabilization Devices Market Report Highlights

The arterial securement devices segment held the majority of the revenue share in 2021 due to the frequent and widespread use of arterial catheters in modern healthcare practices
CVC securement devices are expected to exhibit the highest growth during the forecast period due to their increasing usage in cardiac procedures
Hospitals dominated the end-use segment in 2021 due to the large number of surgeries performed in hospitals and a high prevalence of infections
North America dominated the global catheter securement devices market owing to increasing awareness levels, aging population, and large usage of catheters
According to the Health Resources and Services Administration (HRSA), approximately 39,000 transplants were done in the U.S. in 2021. This statistic suggests a considerable demand for urinary catheter stabilization equipment, which is utilized in renal transplantation surgeries.

Thursday, 3 November 2022

Super-resolution Microscopes Market Worth $6.6 Billion By 2030

The global Super-Resolution Microscopes Market size is expected to reach USD 6.6 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 9.01% from 2022 to 2030. Increasing application in cell biology and biomedical imaging is a key factor expected to drive the market over the forecast period.

Governments all over the world are supporting R&D for innovative technology, majorly nanotechnology research to help build improved nanoimaging technology-based super-resolution microscopes. The National Institutes of Health in the U.S. established a trans-NH bioengineering nanotechnology program to solicit grant applications for biomedical nanotechnologies. The U.K. government spent EUR 81 million (USD 105 million) on the development of advanced 3D imaging technology in February 2020.

The COVID-19 pandemic accelerated technological advancement, culminating in the creation of diverse uses for super-resolution microscopes since 2020. Top players have recently introduced new super-resolution microscopes having a variety of applications, including operations, cancer research, COVID-19 investigations, and academic research. For instance, Hitachi High-Tech Corporation introduced the simple-to-use AFM 100 and AFM100 plus Atomic Force Microscopes in July 2021, which provides improved dependability and ease for quality control applications or high-throughput R&D.

Related Press Release@ Super-resolution Microscopes Market Report

Super-resolution Microscopes Market Report Highlights

In 2021, the life science application segment accounted for the largest revenue share as super-resolution microscopes are used in place of electron microscopes as they allow researchers to image biological specimens more precisely
Based on technology, STED microscopy held the largest revenue share in 2021 due to its ability to deliver diffraction-unlimited images, with no need for further computational processing
The nanotechnology application segment is projected to register the fastest CAGR during the forecast period. This can be attributed to key players launching new products based on nanotechnology. For instance, in October 2020, Bruker Corporation released Vutara VXL, its super-resolution microscope, which is a biological workstation for research on proteins, DNA, RNA, and other biomolecules for nanoscale imaging
North America held the largest revenue share in 2021. Increasing research activities in different segments of life science and nanotechnology and initiatives taken by the government in past years, where research funding agencies encouraged researchers to adopt super-resolution microscopes, are expected to drive the regional market
Asia Pacific is expected to expand at the fastest CAGR over the forecast period. High product sales in countries like China and the growing interest of photonics companies and venture capitalists in the field of electronics and life sciences are the factors driving the regional market
The market is technology-driven and therefore, manufacturers engage in rigorous R&D to develop new and advanced products, which cater to the changing needs of healthcare and other industries

Skin Antiseptic Product Market Size is Estimated to Witness 6.9% CAGR till 2030

The global Skin Antiseptic Product Market size is expected to reach USD 478.35 million by 2030, registering a CAGR of 6.9%, according to a new report by Grand View Research, Inc. Rising incidences of Hospital-Acquired Infections (HAIs) and increasing usage of surgical units and endoscope reprocesses are the key driving factors for the market. The rising number of surgeries being performed is also expected to drive the market during the forecast period. According to the Agency for Healthcare Research and Quality (AHRQ), 17.2 million hospital visits included surgical procedures in the U.S. in 2014.

Demand for alcohol antiseptics for pre-injection and pre-operative skin preparations is increasing significantly. In addition, alcohol antiseptics are being used as a base along with various formulations, such as iodine and chlorhexidine. Exceptional properties of alcohol-based antiseptics for surgical purposes are driving the market. Growing awareness regarding the benefits of skin antiseptic products and increasing R&D funding are creating opportunities for market entrants. Moreover, various programs being conducted by manufacturers and governments to boost the awareness about the importance of using skin antiseptic products are also expected to contribute significantly to the skin antiseptic product market growth.

Related Press Release@ Skin Antiseptic Product Market Report

Skin Antiseptic Product Market Report Highlights

North America led the global market in 2018 and is anticipated to maintain its position throughout the forecast years, owing to a rise in the number of surgeries being performed and the presence of key companies in the region
Octenidine is anticipated to be the fastest-growing formulation segment during the forecast period. Octenidine is an internal substitute for chlorhexidine and iodine
The injection segment led the market in 2018 owing to a rise in the incidence of spinal injuries and usage of skin antiseptic products for pre-injection skin preparation
The wipes segment is expected to witness the fastest growth during the forecast period, as wipes are easy to use and possess a lesser risk of contamination
Key companies in the skin antiseptic product market are BD, 3M, Ecolab, Schülke & Mayr GmbH, Sage Products LLC, Johnson & Johnson, and B. Braun Melsungen AG

Tuesday, 1 November 2022

Personal Mobility Devices Market Worth $29.8 Billion By 2030

The global Personal Mobility Devices Market size is expected to reach USD 29.8 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 6.3% from 2022 to 2030. The increasing R&D investments for the development of advanced mobility products and government initiatives to support reimbursement policies are some of the key factors boosting the market growth. The rising geriatric population and prevalence of chronic diseases, such as Parkinson’s, arthritis, and Alzheimer’s, are expected to drive the market over the forecast period.

The market is disrupted due to the COVID-19 pandemic during the second quarter of 2020 which affected the shipping and transportation of the devices. The decreasing production of these devices due to the pandemic has severely affected the industry's growth. The prices of wheelchairs and scooters have also been affected due to a decrease in the demand for the product. The market is likely to grow at a lucrative rate after the second half of 2020 as there is the ease of restrictions and an increase in the demand and requirement of the devices.

The rising number of surgical procedures, due to growing cases of cardiovascular and neurological cases and an increasing number of accidents and trauma cases, is contributing to the market growth. The regional market will retain its leading position throughout the forecast years. Developing healthcare infrastructure and growing healthcare expenditure are some of the factors contributing to its large share. Asia Pacific is expected to register the fastest CAGR during the forecast period due to the rising demand for personal mobility devices as a result of the growing geriatric population and increasing disposable income and awareness levels.

Related Press Release@ Personal Mobility Devices Market Report

Personal Mobility Devices Market Report Highlights

Wheelchairs was the largest product segment in 2021 owing to an increase in demand for powered wheelchairs, especially in developed countries, such as U.S., Canada, and U.K.
Europe dominated the global market in 2021 due to increased healthcare expenditure and the geriatric population in the region
The Asia Pacific is expected to be the fastest-growing regional market during the forecast period owing to the rising geriatric population and increasing disposable income levels
Major market players are adopting various strategies to gain a competitive edge over others
Some of these strategies include strategic alliances with buyers and the development of advanced devices via extensive R&D investments