Gait Trainer Market Forecast Hit by Coronavirus Outbreak, Downside Risks Continue to Escalate
VALLEY COTTAGE, N.Y. – The global market for gait trainers is being progressively influenced by the growing competition and the expansion of the walking aids industry. The rising number of spinal injuries as well as strokes that impacts the ability of a patient to walk has been incessantly supporting the global gait trainer market to grow and has been expected to remain the same in the forthcoming years. In Europe and North America, manufacturers are strengthening their position as they are the key focus regions with the maximum potential for the players to take leverage from. For instance, key players such as Rifton Equipment, Ottobock Inc.., Ekso Bionics, Hocoma AG, and AlterG are expanding their commercial presence in international market.
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The players in the market are increasingly focusing on raising their market penetration through exploration of the untapped markets. In order to increase its market penetration, the company is focusing on enhancement of its products by introducing new technologies and upgrading its existing products and also simultaneously focusing on strategic alliances for sale and promotion of its products globally. Manufacturers are basically focusing on upscaling the production of automated gait trainer.
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The proliferating acquisition activities and contractual agreements between manufacturers and local service providers are the factors promoting the growth of the global gait trainer market. Manufacturers of gait trainer devices and exoskeletons are focusing on government contracts and agreements with other medical device companies, in order to manufacture cost-effective products, especially for rehabilitation.
According to the report published by Future Market Insights (FMI), the global gait trainer market is expected to witness a CAGR of 4.9% from 2018 to 2028. In 2017, the market was worth US$ 271.5 Mn and is projected to rise to a valuation of US$ 456.3 Mn by the end of 2028.
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Technological Advancements to Pave Way for Market Progression
In the last couple of years, various types of gait trainers to support ambulation practices have been developed, the treadmill and over ground systems are the ones gaining popularity. Advanced gait trainer systems are predominantly designed to minimize stress–strain shielding with adjustability in height, and increase the range of motion with high efficiency. As indicated by the expert analyst, New FDA-cleared EksoGT exoskeleton comes with a controller, inbuilt software coupled with smart assist pre-gait and freegait quick fit technology. Ekso pulse comes with a cloud-based technology, analytics, wireless transmission and cloud storage.
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Competitive Pricing to Obstruct Growth Tract
The price elasticity of the gait trainer market has grown extensively owing to the significant role played by the government and managed care groups. HME dealers purchase gait trainer products based primarily on the price, so that they can be assured of being reimbursed. Thereby, manufacturers must fiercely compete on price in order to win large dealer contracts and purchases. The rising Asian imports of gait trainer are bound to send the prices to a certain low. With increasing number of participants, the prices will continue to decline.
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