Paris, Oct. 17, 2022 (GLOBE NEWSWIRE) -- Fact.MR’s latest report provides a thorough analysis of canes and crutches market dynamics along with emerging trends and opportunities. The report further explicates the drivers and restraints affecting the growth across leading segments including product, distribution channel, and region.
Fact.MR – A Market Research and Competitive Intelligence Provider: The global canes and crutches market is anticipated to grow at 3.7% CAGR during the forecast period of 2020-2027. Growing usage of canes and crutches by geriatric population along with rising prevalence of medical conditions like rheumatoid arthritis and osteoporosis is a key factor expected to drive the market during the assessment period.
According to the National Library of Medicine, more than 200 million people around the world suffer from osteoporosis. The growing prevalence of this ailment has led to a surge in demand for various surgeries, therapies, and equipment like canes and crutches and the trend is likely to continue during the forecast period.
Sales of canes and crutches are also influenced by the prevalence of rheumatoid arthritis. According to the National Library of Medicine, the prevalence of rheumatoid arthritis is around 460 per 100,000 people. Patients suffering from this ailment need support to walk comfortably, owing to which sales of supporting equipment such as canes & crutches have gone up.
Furthermore, increasing incidence of sports injuries and road accidents are expected to push the demand in canes and crutches market during the next 7 years. Hence, manufacturers are concentrating on developing advanced products that provide maximum comfort to users. For instance, in 2019 Flexmotiv, a new startup started by IIT Delhi students rolled out the world’s first automotive crutches that can stand on their own.
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Regionally, North America and Europe are likely to remain leading markets for canes and crutches throughout the forecast period. High prevalence of medical conditions like osteoporosis and rheumatoid arthritis and surging geriatric population are driving growth in these markets and the trend is likely to continue during the forecast period.
Key Takeaways:
- Based on product, folding canes are likely to witness high demand during the forecast period.
- By distribution channel, online stores segment is expected to grow 1.3X through 2027.
- With increasing geriatric population, Europe will continue to remain one of the most lucrative markets for canes and crutches during the forecast period.
- North America canes and crutches market is poised to grow at a steady pace during the forecast period.
- Sales of canes and crutches in the U.S. are projected to grow at a moderate pace amid rising incidence of sports injuries and presence of leading manufacturers.
Growth Drivers:
- Growing prevalence of bone and joint disorders is anticipated to boost the canes and crutches market during the assessment period.
- Declining prices of canes and crutches are making them more affordable to patients, thereby, driving sales.
- Easy availability of canes and crutches on e-commerce platforms will support growth in the cranes and crutches market.
Restraints:
- Patients are looking for permanent solutions to their problems through surgeries and physiotherapies due to which demand for canes and crutches is expected to wane.
- Presence of advanced walking aids is expected to badly influence the demand for canes and crutches during the forecast period.
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Competitive Landscape:
Leading cane and crutches manufacturers are focusing on expanding their presence through new product launches, mergers, acquisitions, and collaborations. Leading players are also concentrating on reducing the price of their products to gain traction in the market.
For instance,
- WeWALK, secured a funding of £1.7 million in 2022 to develop computer vision-aided solution to help people facing mobility challenges.
- In 2022, Iwalk 2.0, an innovative, hands-free crutch won accolades for helping people with disabilities.
Key Companies Profiled by Fact.MR
- Ergoactives
- Besco medical
- Sunrise Medical
- NOVA Medical Products,
- Invacare Corporation
- Medline Industries Inc.
- GF Health Products Inc.
- DeVilbiss Healthcare
- Cardinal Health Inc.
More Valuable Insights on Canes and Crutches Market
In its latest study, Fact.MR offers a detailed analysis of the global canes and crutches market for the forecast period of 2020 to 2027. This study also divulges key drivers and trends promoting the sales of canes and crutches through detailed segmentation as follows:
By Product:
- Canes
- Folding Canes
- Quad Canes
- Offset Canes
- Crutches
- Axillary Crutches
- Forearm Crutches
- Accessories
By Distribution Channel:
- Hospital Pharmacies
- Medical Retail Stores
- Online Stores
By Region:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
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Key Questions Covered in the Canes and Crutches Market Report
- What is the estimated market size of canes and crutches in 2020?
- At what pace will worldwide canes and crutches increase till 2027?
- What factors are driving demand in the canes and crutches market?
- Which region is predicted to lead the worldwide canes and crutches market between 2020 and 2027?
- What are the elements driving canes and crutches market sales during the forecast period?
- What is the expected market estimation of the canes and crutches during the forecast period?
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About Fact.MR
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