Multiple Demographics Catalysing Demand for Canes and Crutches
Application of canes and crutches is moving beyond the primary demography-physically-challenged individuals-towards the geriatric population and patients suffering from chronic conditions. A study published by the United Nations foresees a rise in aging population to 2.1 Bn by 2050, up from 962 Mn in 2017.
Also, as per the International Osteoporosis Foundation, each year, rheumatoid arthritis is found to affect 41 individuals in 100,000 people. Given this 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.
An increase in the number of admissions to rehabilitation centres, on account of rising cases of substance abuse and alcohol addiction, is also likely to catalyse the adoption of canes and crutches, as patients tend to lose their balance during these programs. On the contrary, the inadvertent influence of social stigma and availability of viable substitutes are projected to limit the growth pace of the canes and crutches market to merely 3.7% CAGR during the forecast period (2020-2027).
Reimbursement Coverage of Advanced Walking Aids Could Create Growth Barrier for Canes and Crutches Market
The threat of substitutes is projected to remain low to moderate in the canes and crutches market. Knee walkers and wheelchairs, which require little or no upper body strength, are growing in prominence as strong alternatives to conventional canes and crutches.
The incorporation of advanced technology in walking aids is opening up avenues for the robotic exoskeleton, which is likely to address the needs of individuals who are finding it difficult to maintain balance while using canes and crutches. For instance, in August 2017, Bionik Laboratories Corp. announced the integration of voice assistant technology to develop an exoskeleton device that distributes weight evenly and reduces strain on specific body parts.
As opposed to the relatively low cost of conventional canes and crutches, technologically-driven walking aids are highly expensive, with prices ranging from US$ 45,000 to US$ 90,000. However, to assist physically-challenged individuals, governments offer reimbursement coverage of these advanced systems, which is projected to shift the attention of end users towards advanced equipment with comfort features. For instance, in February 2019, ReWalk Robotics announced that Cigna would reimburse the purchase of exoskeleton devices.
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Online Stores to Outperform Sales Generated through Medical Stores & Hospital Pharmacies
Medical stores and hospital pharmacies stand to lose significant sales prospects to online stores, as this novel distribution channel offers the convenience of comparing prices and striking a cost-saving deal. Increasing inclination of individuals towards online shopping portals is encouraging e-Commerce majors to improve their delivery timeframe, which is resulting in next-day or same-day delivery. Easy availability in tandem with cost benefits offered by online stores are projected to close significant sales in the canes and crutches market during the forecast period.
Regions with High Density of Geriatric Population Lead Canes and Crutches Market
Though the disabled populace is considered to be primary end users in the canes and crutches market, high adoption of walking aids is directly proportional to high density of the aging population.
As per a report published by the United Nations, Europe (Italy and Germany), followed by North America, have a relatively high number of geriatric individuals. Besides this, arthritis, osteoporosis, and similar movement-limiting conditions are found to be high among individuals in Europe, which is indicative of the strong demand in the canes and crutches market. Besides Europe, the U.S., and Japan have a large aging population, and these markets are likely to witness significant growth in the global canes and crutches market during the forecast period.
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Canes and Crutches Market – Assessment of Key Segments
Authors of this comprehensive study have classified the canes and crutches market into key segments for an in-depth study of the market. Categorisation of the canes and crutches market is based on product, distribution channel, and region. This detailed study also offers information about the incremental opportunity present in the canes and crutches market during the forecast period. Key segments considered while studying the canes and crutches market include:
Canes and Crutches Market – Scope of the Study
The study on the canes and crutches market is an exclusive report published by Fact.MR, which brings to the fore crucial parameters that are driving the growth of the market. This exclusive study provides incisive insights regarding recent developments in the canes and crutches market, by analysing the historical data for the period of 2017-2019, and the duration of 2020-2027 which is considered as the forecast period.
Evaluation of the canes and crutches market’s revenue has been carried out in terms of value (US$ Mn). This research provides information into the key trends that are potential enough to influence the growth of the canes and crutches market. Besides this, the study also includes several macroeconomic and microeconomic growth indicators complementing the growth of the canes and crutches market during the forecast period. This detailed study provides information into key dynamics, and their influence on the canes and crutches market during the forecast period.
The report also provides information about the key challenges and threats that could deter the growth potential of players in the canes and crutches market. The study unveils profitable opportunities for manufacturers, which they can adopt to strengthen their position in the global canes and crutches market. With a view of aiding stakeholders in the canes and crutches market, the study comprises a detailed section on the competition analysis.
This exclusive study offers a dashboard view of the canes and crutches market, with detailed information about market players, based on overall revenue, key developments, and their market presence. Additionally, key strategies of players in the canes and crutches market have also been included in this comprehensive study.
Authors of this exclusive study on the canes and crutches market have analysed key players in order to offer insights into the competitive landscape. Leading, prominent, and emerging players highlighted in this study include Sunrise Medical, Drive DeVilbiss Healthcare, Ergoactives, Cardinal Health, Inc., Invacare Corporation, Medline Industries, Inc., NOVA Medical Products, and GF Health Products, Inc.
Stakeholders of this report include companies and intermediaries engaged in the development, manufacturing, and commercialisation of different canes and crutches, as well as new players planning to enter the canes and crutches market.
Canes and Crutches Market – Research Methodology
The primary objective of this exclusive study on the canes and crutches market is to offer precise estimates and forecasts of the market in terms of value (US$ Mn) for the period of 2020-2027. The secondary objective includes analysis of key market segments exhibiting significant growth rates, leading strategies adopted by players in the canes and crutches market, and recalibrate the adoption rate of canes and crutches in key regions across the world.
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