The "North America and Europe Group 2 Powered Mobility Devices Market Size, Share Trends Analysis Report by Product Type (Powered Wheelchair, Power Operated Vehicle), by Payment Type, by Sales Channel, by Country, and Segment Forecasts, 2021-2028" report has been added to ResearchAndMarkets.com's offering.
The North America and Europe group 2 powered mobility devices market size is expected to reach USD 13.0 billion by 2028. The market is expected to expand at a CAGR of 15.3% from 2021 to 2028. The market is expected to rise owing to an increase in the incidence of disability and rising acceptance of powered mobility devices due to ease of driving and performing outdoor activities. Moreover, the established presence of several manufacturers and the rapidly growing geriatric population are expected to boost the demand for group 2 powered mobility devices.
Mobility is the most common disability among older individuals in the U.S., according to the U.S. Census Bureau. In the country, 61 million adults have a disability, with 13.7% of them having mobility issues that make it difficult to walk or climb stairs. Medicare provides reimbursements for electric wheelchairs to disabled individuals. The patient is responsible for 20% of the cost, while Medicare covers the remaining 80%. Such policies are likely to boost the adoption of powered wheelchairs in North America.
Power-operated vehicles/wheelchairs are reimbursed by federal and private insurance. Medicare classifies mobility devices into different groups, which have separate eligibility criteria for reimbursement. In general, Medicare reimburses 80% of the device cost while the remaining 20% is paid by patients. The overall process of reimbursement of mobility devices is a time-consuming procedure, requiring many authorizations and documentation.
However, the covid-19 pandemic disrupted supply chains for several medical devices due to a workforce shortage and travel restrictions. The impact on medical devices and healthcare essentials was comparatively low in comparison to other industries, owing to favorable government policies. For instance, in 2020, the CARES Act (Coronavirus Aid, Relief, and Economic Security Act) added Section 506J to the Federal Food, Drug, and Cosmetic Act (FD&C Act), which empowered the FDA to prevent or mitigate negative public health impacts of medical device supply chain disruptions during public health emergencies, such as the COVID-19 pandemic.
North America and Europe Group 2 Powered Mobility Devices Market Report Highlights
- The powered wheelchair segment dominated the market with the largest share of 64.6% in 2020. The major trend behind the segment growth was increased consumer demand for more portable chairs with long-lasting battery power
- The reimbursement segment dominated the market with a maximum share of 50.9% in 2020
- The retail segment held the largest market share of 34.1% in 2020. This is due to the advantage of personal touch and customization of products
- North America is anticipated to register the fastest growth rate of 15.5% throughout the forecast period
Companies Mentioned
- Golden Technologies
- National Seating Mobility, Inc.
- Numotion
- 1800wheelchair.Com
- Wal-Mart Stores, Inc
- Pride Mobility Products Corporation
- Invacare Corporation
Key Topics Covered:
Chapter 1 Methodology and Scope
1.1 Market Segmentation Scope
1.1.1 Estimates And Forecast Timeline
1.2 Research Methodology
1.3 Information Procurement
1.4 Information Or Data Analysis
1.5 Market Formulation Validation
1.6 Region Wise Market Calculation
1.6.1 Region Wise Market: Base Estimates
1.6.2 Global Market: CAGR Calculation
1.7 List Of Secondary Sources
1.8 Objectives
Chapter 2 Executive Summary
2.1 Market Outlook
Chapter 3 North America Europe Group 2 Powered Mobility Devices Market: Variables, Trends, Scope
3.1 Market Segmentation And Scope
3.2 Market Dynamics
3.2.1 Market Driver Analysis
3.2.1.1 Supportive Bulk Purchase
3.2.1.2 Increase In Preference Of Powered Mobility Devices
3.2.1.3 Introduction Of Novel Technologies And Products In Market
3.2.2 Market Restraint Analysis
3.2.2.1 Lack Of Product Knowledge For Making Purchase Decision Through Online Channel
3.2.2.2 Stringent Regulatory Framework For Group 2 Powered Devices
3.2.2.3 High Reimbursement Denial Rate
3.3 Penetration Growth Prospect Mapping
3.4 Covid-19 Impact On The Market
3.5 Major Deals And Strategic Alliances Analysis
3.6 North America Europe Group 2 Powered Mobility Devices: Market Analysis Tools
3.6.1 industry Analysis Porter's
3.6.3 Pestel Analysis
Chapter 4 North America Europe Group 2 Powered Mobility Devices Market: Service Segment Analysis
4.1 Market: Product Type Market Share Analysis, 2020 2028
4.2 Powered Wheelchairs
4.2.1 Powered Wheelchairs Market, 2016 2028 (USD Million)
4.3 Power Operated Vehicle
4.3.1 Power Operated Vehicle Market, 2016 2028 (USD Million)
Chapter 5 North America Europe Group 2 Powered Mobility Devices Market: Product Segment Analysis
5.1 Market: Payment Type Market Share Analysis, 2020 2028
5.2 Reimbursement
5.2.1 Reimbursement Market, 2016 2028 (USD Million)
5.3 Out-Of-Pocket
5.3.1 Out-Of-Pocket Market, 2016 2028 (USD Million)
Chapter 6 North America Europe Group 2 Powered Mobility Devices Market: Sales Channel Segment Analysis
6.1 Market Share Analysis, 2020 2028
6.2 Retail
6.3 E-Commerce
6.4 Direct Sales
6.5 Veteran Affairs
Chapter 7 North America Europe Group 2 Powered Mobility Devices Market: Regional Analysis
7.1 Market: Regional Market Share Analysis, 2020 2028
Chapter 8 Company Profiles
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View source version on businesswire.com: https://www.businesswire.com/news/home/20220131005601/en/
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