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The main 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. In fact, as people grow older, many of them may be
facing difficulties in walking long distances without feeling the pain. This
can lead to serious problems such as loss of mobility, walking accidents, or
even the inability to carry out their day to day activities.
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 growth of the walking
assist device market. 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 expected to gain significant growth over the
forecast period and this is attributed to the high presence of the geriatric
population in the region. According to the U.S. Census Bureau, there were 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 over the forecast period. According to the Centers for Disease Control
and Prevention, with the aging of the US population, the prevalence of
doctor-diagnosed arthritis is expected to increase 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:
1. 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.
2. 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.
3. 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).
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