Walking Assist Devices Market Growing Trade among Emerging Economies Opening New Opportunities by 2026

The primary driving forces boosting demand for walking aid devices are the rising demand for therapeutic rehabilitation equipment, the rising occurrences of arthritis and rheumatism, and the continually growing elderly population. Indeed, as people age, many of them may find it difficult to walk great distances without experiencing pain. This might result in major issues such as loss of mobility, walking accidents, or even the incapacity to carry out daily duties.

The increasing aging population is a key factor fueling the market growth of the walking assist device. According to the United Nation, in 2019, there were 703 million persons aged 65 years or over in the global population. This number is projected to double to 1.5 billion in 2050. The rise in road accidents is again expected to augment the market growth of the walking assist device. Around 1.35 million people die each year as a result of road traffic crashes. 93% of the world's fatalities on the roads occur in low- and middle-income countries, even though these countries have approximately 60% of the world's vehicles. Moreover, advancement in the walking assist device is further projected to foster market growth over the forecast period.

North America is predicted to have significant growth during the projection period, owing to the region's large geriatric population. According to the United States Census Bureau, there were 40.3 million U.S. people 65 and older in the 2010 Census, and there will be more than 54 million on July 1, 2019. Furthermore, the region's high prevalence of osteoarthritis and rheumatoid arthritis is expected to fuel regional market expansion over the projection period. According to the Centers for Disease Control and Prevention, the prevalence of doctor-diagnosed arthritis is predicted to rise in the future decades as the US population ages. An estimated 78.4 million (25.9 percent of the anticipated total adult population) adults aged 18 and older will have doctor-diagnosed arthritis by 2040.

Key Developments:

• In January 2019, Honda has announced that it has received Premarket Notification from the U.S. Food and Drug Administration (FDA) for its Walking Assist Device, developed to support people with reduced walking abilities.
• In September 2017, Honda Australia launches it's first-ever brand TVC celebrating Honda’s innovative, human-centric philosophy to help stroke victims walk again.
• In February 2019, Honda R&D Americas, Inc. announced that they and The Ohio State University have been awarded a grant by The Michael J. Fox Foundation (MJFF) to research the safety and potential positive impact that Honda's Walking Assist Device could have in helping people with Parkinson's disease (PD).