As per the research report, the size of the Latin America Walking Assist Devices market is valued at USD 0.73 billion in 2023 and is anticipated to reach USD 0.90 billion by 2028 at a 4.21% CAGR during the forecast period 2023 to 2028.
The market is driven by the increasing prevalence of debilitating neurological disorders, injuries, rheumatoid, and osteoarthritis across Latin America. For example, the majority of rheumatoid arthritis ranges between 0.3 and 1%, with women and developed countries being more affected, which is expected to accelerate the market growth. Also, the increasing investments and initiatives the government takes to provide walking assist devices are expected to propel market growth.
The growing population in the region significantly increases the demand for walking assist devices because the senior population is more prone to various disorders. Many walking aids and movement aids are developed to assist older adults with difficulty moving about securely. As one age, the possibility of falling increases significantly, and a fall can be dangerous; thus, it stands to reason that a wide range of different walking aids has been designed to provide safety and assistance to those requiring it.
Technological advancements and the growing adoption of innovative products are expected to boost market growth.
Factors such as increasing road accidents and the growing patient population influence market growth.
However, the high cost of walking assist devices and some concerns related to the use of the devices is estimated to hinder the market growth. In addition, the sudden emergence of the global pandemic has disrupted the walking assist devices market owing to the nationwide lockdown and postponement of manufacturing activities. As a result, the market had a decline in growth.
This research report on the Latin America Walking Assist Devices Market has been segmented and sub-segmented into the following categories.
By Product Type:
By Country:
Geographically, the Latin America Walking Assist Devices Market is estimated to grow at a promising pace with a healthy CAGR. The regional market growth is projected to be fuelled by the factors such as the improving healthcare sector, the presence of key market players, and the availability of significant manufacturing companies propelling the market growth.
In addition, the manufacturing of medical devices in emerging markets such as Brazil, Mexico, and Argentina tend to lower overall manufacturing costs, lowering the cost of the product without compromising quality, which is anticipated to drive market growth. Further, the emerging countries Brazil, Argentina, and Mexico are uplifting the Latin American regional market growth with a significant market share.
The Brazil Walking Assist Devices Market recorded the majority of the market share of the Latin American walking assist devices market. The technological advancements in healthcare, the growing geriatric population, and high healthcare spending are fuelling the market growth.
The Argentina Walking Assist Devices Market is more likely to witness a significant share during the forecast period. The factors such as the availability of improved healthcare infrastructure, increasing initiatives and investments by the government and private organizations, and the high prevalence of neurological disorders are uplifting the market growth.
The Mexico Walking Assist Devices Market is projected to showcase a considerable share in the market due to the government policies and increasing road accidents and injuries. In addition, the presence of critical manufacturers contributes to market growth.
KEY MARKET PLAYERS
Prominent companies leading the Latin America Walking Assist Devices Market profiled in the report are C.T.M. Homecare Product, Inc., Betterlifehealthcare Ltd., Permobil Inc., G.F. Health Products, Inc., Invacare Corporation, Pride Mobility Products Corp., Aetna Inc., Ottobock, Ossenberg GmbH, Honda Motor Co., Ltd., Besco Medical Co., LTD., Sunrise Medical L.L.C., and Karma Healthcare Ltd.,
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