FY2016 –FY2026 INDIA MOBILITY AID MEDICAL DEVICES MARKET FORECAST & OPPORTUNITIES
www.techsciresearch.com MARKET INTELLIGENCE . CONSULTING
Scope of Report
Product of Interest (POI): Mobility Aid Medical Devices
Mobility aids are medical devices designed to help people with injuries or disabilities or the elderly to move around freely. These devices are also used during rehabilitation after an injury or surgery. A wide variety of mobility aids are available including canes & crutches, wheelchairs, mobility lifts, among others. These devices are also widely used in hospitals and other healthcare facilities for the movement of patients.
Market Segmentation MOBILITY AID MEDICAL DEVICES MARKET
PRODUCT
REGION
•
Wheelchairs
•
North
•
Walking Aids
•
South
•
Mobility Lifts
•
East
Review Period
•
Slings
•
West
•
Tricycles
FY2016 – FY2019
•
Mobility Scooters
Year Range
Base Year
FY2020 Estimated Year END USER •
Personal
•
Institutional
FY2021 Forecast Period
FY2022 – FY2026
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Table of Contents Contents 1.
Product Overview (Definition of product and major terminologies used in the report)
2. 3.
Research Methodology (Detailed description of the methodology used to conduct the research, raw data backup, list of all secondary sources, List of respondents for primary surveys) Impact of COVID-19 on India Mobility Aid Medical Devices Market
4.
Voice of Customer
4.
Executive Summary
6.
India Mobility Aid Medical Devices Market Outlook, FY2016-FY2026F 6.1.
Market Size & Forecast 6.1.1.
6.2.
6.3. 7.
Market Share & Forecast 6.2.1.
By Product (Wheelchairs, Walking Aids, Mobility Lifts, Slings, Tricycles, Mobility Scooters)
6.2.2.
By End User (Personal v/s Institutional)
6.2.3.
By Company (FY2020)
6.2.4.
By Region (North, East, West, South)
Product Market Map
India Wheelchair Market Outlook, FY2016-FY2026F 7.1.
Market Size & Forecast
7.1.1. 7.2.
8.
By Value
By Value
Market Share & Forecast 7.2.1.
By Type (Manual v/s Powered)
7.2.2.
By End User
India Walking Lifts Market Outlook, FY2016-FY2026F 8.1.
Market Size & Forecast 8.1.1.
8.2.
By Value
Market Share & Forecast
3
Table of Contents Contents
9.
8.2.1.
By Type (Ceiling Lifts, Hydraulic Lifts, Others)
8.2.2.
By End User
India Slings Market Outlook, FY2016-FY2026F 9.1.
Market Size & Forecast 9.1.1.
9.2.
10.
Market Share & Forecast 9.2.1.
By Type (Universal Slings, Bathing & Toileting Slings, Stand Up Slings)
9.2.2.
By End User
India Tricycles Market Outlook, FY2016-FY2026F 10.1.
Market Size & Forecast 10.1.1.
10.2.
11.
Market Share & Forecast 10.2.1.
By Type (Manual v/s Powered)
10.2.2.
By End User
Market Size & Forecast 11.1.1.
11.2.
13.
By Value
India Mobility Scooters Market Outlook, FY2016-FY2026F 11.1.
12.
By Value
By Value
Market Share & Forecast 11.2.1.
By Type (3-Wheel v/s 4-Wheel)
11.2.2.
By End User
Market Dynamics (This chapter assesses the major demand drivers and restraints.) 12.1.
Drivers
12.2.
Challenges
Market Trends & Developments (This section captures recent trends pertaining to manufacturing or consumption, market movements in terms of points of production and consumption, advancements and development)
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Table of Contents Contents 14.
Trade Dynamics 14.1.
Import
14.2.
Export
15.
Policy & Regulatory Landscape
16.
India Economic Profile
17.
Competitive Landscape 17.1.
Competition Outlook
17.2.
Company Profiles (Leading Companies) 17.2.1. Company Details 17.2.2. Products 17.2.3. Financials (As Reported) 17.2.4. Current & Future Strategy 17.2.6. Key Management Personnel
18.
17.2.7. Contact Details Strategic Recommendations
19.
About Us & Disclaimer
5
RESEARCH METHODOLO GY
Research Methodology
Market Profiling
In-depth secondary research was conducted to determine top players in the India mobility aid medical devices market, overall market size and segmental market size.
Formulating Questionnaire
In order to conduct industry experts’ interviews, TechSci formulated a detailed discussion guide.
Developing List of Respondents
List of industry players and industry specialists was developed.
Data Collection
Data Validation
Data obtained as a result of primary and secondary research was validated through rigorous triangulation.
TechSci conducted interviews with industry experts and industry players for data collection and verification.
Primary Research
Data Collection
Data Filter & Analysis
Research & Intelligence
Actionable Insights
Business Solution
Primary Research ✓ LinkedIn ✓ TechSci Internal Database
Desk Research
✓ Identifying Key Opinion Leaders ✓ Questionnaire Design ✓ In-depth Interviews
Secondary Research ✓ Company Websites ✓ Company Annual Reports ✓ White Paper Study ✓ Financial Reports ✓ Investor Presentations ✓ Regulatory Body ✓ Associations, etc.
✓ Recent Developments ✓ Market Changing Aspects/Dynamics ✓ Government Policies ✓ Conclusion
Data Analysis
The data was scrutinized using MS-Excel, statistical tools and internal proprietary database to obtain qualitative and quantitative insights about the India mobility aid medical devices market.
Company Analysis ✓ Market Participants ✓ Key Strengths
Paid Sources ✓ Factiva ✓ Hoovers
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Research Methodology Baseline Methodology
Our dedicated team of industry experts has monitored and analyzed various aspects of India mobility aid medical devices market. The team has analyzed the outlook of various segments of this market, while considering the major influencing factors such as increasing geriatric population, among others. The study includes market forecasting, which would enable our clients to take better decisions while planning their strategy to achieve sustainability in India mobility aid medical devices market.
Methodology Followed for Calculation of Market Size: •
Market Size By Value : Market size, in terms of value, for the year FY2020 was calculated based on information collected through exhaustive secondary research and primary surveys, with various key opinion leaders/stakeholders, such as manufacturers, suppliers, channel partners, end users, industry experts, and other industry participants.
•
The team interviewed more than 40 – 50 manufacturers, suppliers, 180 – 200 end users, and 15 – 20 industry experts and other value & volume chain stakeholders in the India mobility aid medical devices market to obtain the overall market size from FY2016 to FY2020, which was validated by the Delphi technique. Taking standard deviation into consideration, the market size was averaged out, to arrive at the market size data during FY2016FY2020.
•
Respondents were asked about the current and future market growth rates, market shares by product, by end user, by region and by company. Removing the outlier responses, the geometric mean of growth estimates and supplier wise revenue shares generated across various segments were considered, to arrive at the final revenue shares. Revenue shares generated across various segments were further triangulated from other stakeholders.
8
Research Methodology Methodology Followed for Calculation of Market Shares: Market shares by product, by end user, by region and by company were calculated based on the responses received through primary surveys with industry experts, in which the respondents were asked about the market shares or revenue generated from various segments of mobility aid medical
devices market. The final shares were calculated by taking the geometric mean of the responses gathered from key opinion leaders after eliminating the outliers. Methodology Followed for Forecasting: •
TechSci Research performed periodical checks on data collected through the surveys with logic checks and analyzed the survey results in SPSS/Tableau Software.
•
Data triangulation techniques were applied to fill the gaps and to present a more meaningful picture of the market. To forecast India mobility aid medical devices market, TechSci Research used various forecast techniques such as: ✓
Moving Average
✓
Time Series Analysis
✓
Regression Analysis
✓
Econometric and Judgmental Analysis
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Research Methodology TechSci Research used its own forecast tool, which is based on the growth of various allied industries in respective regions. TechSci Research also used the impact analysis during short, medium and long term period to estimate the demand and to reach accurate market numbers. It should be noted that the figures compiled are only for the organized market including market share data.
Partial List of Companies Interviewed
Key Secondary Sources
▪ Stryker India Private Limited (Stryker Corporation)
▪ World Bank
▪ Forza Medi (India) Pvt. Ltd. (Invacare Corporation)
▪ TechSci Research Proprietary Database & Knowledge
▪ Solar Surgicals India Ltd.
Repository
▪ Hill-Rom India Private Limited
▪ Company Annual Reports
▪ Karma Health Care Limited
▪ Industry Magazines
▪ Forza Medi (India) Pvt. Ltd.
▪ Industry Reports
▪ OttoBock Healthcare India Private Limited
▪ Statista
(OttoBock Healthcare GmbH) ▪ Pride Mobility Products Corp.
▪ News Dailies ▪ Credible Paid Databases
▪ Ostrich Mobility Instruments Private Limited ▪ Vissco Rehabilitation Aids Pvt. Ltd.
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Industry Brief According to TechSci Research report, “India Mobility Aid Medical Devices Market By Product, By End User, By Region, Competition, Forecast & Opportunities, FY 2026”, the country’s mobility aid medical devices market is projected to surpass $ 200 million by FY 2026 driven by the growing disabled and handicapped population and increase in population of children with birth defects or who are physically challenged. Besides, growing prevalence of diseases like arthritis, muscular dystrophy, cerebral palsy, among others is further expected to fuel the market growth over the next few years. However, high cost of mobility aid medical devices such as power wheelchairs, mobility scooters, powered tricycles, etc., can hamper the market growth during the forecast period. Also, lack of awareness and low level of acceptance for few devices is posing a challenge for mobility aid medical devices manufactures in India. India mobility aid medical devices market is segmented based on product, end user, and region. Based on product segmentation, the market can be categorized into wheelchairs, walking aids, mobility lifts, slings, tricycles and mobility scooters. Wheelchairs and walking aids segments are the dominant market segments, with both cumulatively accounting for majority of the market share in FY 2020 . The walking aids segment is further categorized into canes, walkers and crutches. The canes segment is expected to dominate the market owing to their low cost and ease of use. Additionally, this is a regular sales product that is not only used by people with disabilities but also used by patients after surgeries and injuries. The walkers segment is also expected to grow significantly owing to their extensive use in early stages of mobility after surgeries and injuries. The mobility lifts segment is further fragmented into ceiling lifts, hydraulic lifts and others. The hydraulic lifts segment is expected to dominate the market owing to their widespread use across different homecare and hospital facilities. The tricycles segment is further split into manual and powered. The manual segment is expected to dominate the market owing to their widespread adoption and low cost. Major players operating in India mobility aid medical devices market include Stryker India Private Limited (Stryker Corporation), Forza Medi (India) Pvt. Ltd. (Invacare Corporation), Investor AB (Permobil India), Arjo Huntleigh Healthcare India Private Ltd, HillRom India Private Limited, Karma Health Care Limited, Paramount Bed Co., Ltd., OttoBock Healthcare India Private Limited (OttoBock Healthcare GmbH), Pride Mobility Products Corp., Ostrich Mobility Instruments Private Limited, among others. Leading market players are undergoing strategic collaborations and focusing on launching new products to strengthen their “The increasing rate of developmental disabilities among children in India and increasing focus of government on providing high standard medical facilities are supporting the growth of mobility aid medical devices market in the country. The improving standard of living and developments in healthcare infrastructure are also providing lucrative opportunities to medical device manufactures. Furthermore, increase in mobility impairment disorders in the country including amputation, paralysis, cerebral palsy, multiple sclerosis and spinal cord injury, is creating increasing demand for mobility aid medical devices.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based India management consulting firm. © TechSci Research
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Sample Data - Snapshot India Mobility Aid Medical Devices Market Size, By Value (USD Million), FY2016–FY2026F 5.00
FY2016
8.00
7.00
6.00
CAGR By Value
XX%
9.00
10.00
FY2020
FY2021E
11.00
13.00
12.00
14.00
CAGR By Value
15.00
FY2026F
YY%
By Value (USD Million) India Mobility Aid Medical Devices Market Share, By Product, By Value, FY2016–FY2026F Wheelchairs FY2026F FY2025F FY2024F FY2023F FY2022F FY2021E FY2020 FY2019 FY2018 FY2017 FY2016
15% 15% 15% 15% 15% 15% 15% 15% 15% 15% 15%
Walking Aids 15% 15% 15% 15% 15% 15% 15% 15% 15% 15% 15%
Mobility Lifts 15% 15% 15% 15% 15% 15% 15% 15% 15% 15% 15%
Slings 15% 15% 15% 15% 15% 15% 15% 15% 15% 15% 15%
Tricycles
Mobility Scooters
15% 15% 15% 15% 15% 15% 15% 15% 15% 15% 15%
25% 25% 25% 25% 25% 25% 25% 25% 25% 25% 25%
India Wheelchair Market Share, By Type, By Value, FY2016–FY2026F Manual Powered FY2026F FY2025F FY2024F
FY2023F FY2022F FY2021E FY2020 FY2019 FY2018 FY2017 FY2016 © TechSci Research
60% 60% 60% 60% 60% 60% 60% 60% 60% 60% 60%
40% 40% 40% 40% 40% 40% 40% 40% 40% 40% 40%
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•
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