Albany, NY -- (SBWIRE) -- 04/13/2021 -- Transparency Market Research (TMR) has published a new report titled, "Canes and Crutches Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2027". According to the report, the global canes and crutches market was valued at US$ 860 Mn in 2018 and is projected to expand at a CAGR of 4.0% from 2019 to 2027.
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Overview
Growth of the global canes and crutches market is attributed to increase in the global geriatric population. Moreover, factors such as increase in the number of people with disabilities and rise in prevalence of arthritis & osteoporosis boost the growth of the global canes and crutches market.
Europe dominated the global canes and crutches market in 2018 and the trend is anticipated to continue during the forecast period. This is attributed to increase in the number of people with disabilities and favorable reimbursement scenario in the region.
However, increase in the number of local manufacturers creating pricing pressure in the market is likely to hamper the growth of the global canes and crutches market in Europe. Asia Pacific is expected to be a highly lucrative market for canes and crutches during the forecast period.
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Increase in Global Geriatric Population and Rise in Population with Disabilities to Drive Market
Increase in the global geriatric population is a major factor driving the global canes and crutches market. Aging is associated with declining support for long-term caregiving. The global population is aging rapidly and will require canes and crutches in order to maintain stability while walking.
According to the United Nations, the geriatric population aged 60 years and above is expected to double by 2050, and triple by 2100, increasing from 962 million in 2017 to 2.1 billion in 2050 and 3.1 billion in 2100. Moreover, rise in the number of individuals with disabilities contributes to the growth of the global canes and crutches market.
Additionally, rise in prevalence of arthritis & osteoporosis, grants from governments, and various initiatives taken for the disabled by international organizations fuel the growth of the global canes and crutches market across the world.
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Canes Segment to Dominate Market
In terms of product, the global canes and crutches market has been segmented into canes and crutches. The canes segment dominated the global canes and crutches market in 2018 and the trend is likely to continue during the forecast period. It is projected to be a highly lucrative segment from 2019 to 2027, as canes are less costly and easy to transport. The quad canes sub-segment dominated the canes segment in 2018 because these offer better stability on the floor or stairs. Folding canes is projected to be a less attractive sub-segment due to high prices.
The axillary crutches sub-segment dominated the crutches segment in terms of share in 2018. However, the sub-segment is anticipated to lose market share due to limitations such as damage of axillary vein during the forecast period.
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