Canes and Crutches Market to Reach US$ 1.2 Bn by 2027, with Asia Pacific Brining in New Opportunities, Finds Fact.MR
Published : 17 Dec 2019 Industry: Healthcare
Workplace equality regulations, observed in nearly 45 countries across the world, have had a strong influence on the employment opportunities for the physically-challenged populace. According to the U.S. Bureau of Labour, 18.7% of the total disabled populace in the U.S. was employed in 2017, up from 17.9% in 2016. The trend is gradually shifting towards developing countries of Asia Pacific. Governments in India and China have mandated around 6% reservation for disabled individuals, especially in the public sector, which is creating high sales prospects for players in the canes and crutches market
However, reimbursement coverage on advanced walking aids could create reluctance among end users towards the adoption of canes and crutches. Considering the impact of these aforementioned undercurrents, an exclusive report published by Fact.MR foresees the canes and crutches market to exhibit moderate growth over the following decade.
Key Highlights of Canes and Crutches Market Study
- Provision of grants and insurance to disabled individuals, especially in the U.S. and the U.K., enhances the affordability quotient, thereby resulting in increased adoption of canes, crutches, and similar accessories.
- Robotic assistive systems are viable substitutes, which could deter the sales prospects of canes and crutches to some extent. However, high costs associated with these novel systems could hamper their adoption to a certain extent.
- Online availability of assistive systems is a prominent driver of the canes and crutches market, as discounts and deals are potent instruments to close sales. Sales through the said channel are projected to witness a CAGR of around 3.9% during the forecast period (2020-2027).
- Application of quad canes extending beyond disabled individuals towards the aged populace would continue to induce high adoption rates of canes. Sales of canes are expected to remain 63% higher over crutches and associated accessories during the forecast period.
A key opinion leader at Fact.MR portends,“Development of canes and cranes with adjustable sizes and customised shapes will remain a crucial key to unlock lucrative market opportunities, as intense competition pushes market players to explore new USPs to improve sales prospects.”
Organic Growth Strategies to Outweigh Inorganic Ones in Canes and Crutches Market
The canes and crutches market remains consolidated in developed regions, while it stays fragmented in developing regions. Players operating in the U.S. and Germany have strong manufacturing and distribution competencies, which they strive to further improve through product innovation.
For instance, Drive DeVilbiss Healthcare announced the addition of new sports ball cane tips to its portfolio, which boast of a strong grip while protecting floor surfaces from damages.
Leading players adopt acquisition strategies to gain reciprocal advantage, in terms of distribution network and technological advancements, with players operating in developing regions such as Asia Pacific.
Find More Valuable Insights on Canes and Crutches Market
Fact.MR, in its new offering, brings to the fore an unbiased analysis of the global canes and crutches market, presenting historical demand data (2017-2019), and forecast statistics for the period of 2020-2027. The study divulges compelling insights on the canes and crutches market on the basis of product (canes, crutches, and accessories), distribution channel (hospital pharmacies, medical retail stores, and online stores), across five major regions in the global canes and crutches 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. Reach out to us to know how we can help.