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 growth of the walking assist device market. 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 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:
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).
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