Increasing Prevalence of Osteoarthritis and Rheumatoid Arthritis Are propelling growth of Walking Assist Devices Market

The key driving forces propelling the demand for walking assist devices are the surging demand for therapeutic rehabilitation equipment, the ever-increasing incidences of arthritis and rheumatism, and the steadily increasing aging population. Actually, as people grow older, many of them might be facing difficulties in walking long distances without feeling the pain. This will lead to serious problems such as for example loss in mobility, walking accidents, or even the shortcoming to transport out their everyday activities.

The increasing aging population is really a key factor fueling the growth of the Walking Assist Device Market. In line with the United Nation, in 2019, there have been 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 likely to augment the market growth of the walking assist device. Around 1.35 million people die annually as a result of road traffic crashes. 93% of the world's fatalities on the roads occur in low- and middle-income countries, although these countries have approximately 60% of the world's vehicles. Moreover, advancement in the walking assist device is further projected to foster market growth within the forecast period.

North America is expected to achieve significant growth within the forecast period and this really is caused by the high presence of the geriatric population in the region. In line with the U.S. Census Bureau, there have been 40.3 million U.S. residents 65 years and older in the 2010 Census and more than 54 million on July 1, 2019. Moreover, the high prevalence of osteoarthritis and rheumatoid arthritis in the region is further projected to foster the regional market growth within the forecast period. In line with the Centers for Disease Control and Prevention, with the aging of the US population, the prevalence of doctor-diagnosed arthritis is expected to boost in the coming decades. By the year 2040, an estimated 78.4 million (25.9% of the projected total adult population) adults aged 18 years and older will have doctor-diagnosed arthritis

Key Developments:

In January 2019, Honda has announced so it has received Premarket Notification from the U.S. Food and Drug Administration (FDA) for its Walking Assist Device, developed to guide individuals with reduced walking abilities.

In September 2017, Honda Australia launches it's first-ever brand TVC celebrating Honda's innovative, human-centric philosophy to simply help stroke victims walk again.

In February 2019, Honda R&D Americas, Inc. announced which they and The Ohio State University have already 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 may have in helping individuals with Parkinson's disease (PD).