September 24, 2019

Wheelchairs Market to Witness Exponential Growth by 2026

The global Wheelchairs Market is expected to reach a value of about US$ 6,253.6 Mn by the end of 2026, expanding at a high single digit CAGR during the forecast period. Rise in geriatric population, increase in disabled population, adoption and awareness of advanced wheelchairs products, improvement in healthcare infrastructure, and favorable reimbursement policies are expected to boost the global wheelchairs market during the forecast period.

Surge in the development of advanced wheelchairs that are used for various activities including sports, bariatric, standing, and traveling is expected to propel the global wheelchairs market during the forecast period. Development of pneumatic wheelchairs and usage of robotic technology for developing standing and other variants offers significant opportunity to the global wheelchair market. However, the high cost of the product, especially powered and certain power add-on manual wheelchairs that are used in sports activities, is expected to hamper the wheelchairs market.

The global wheelchairs market has been segmented based on product, function, and end-user. In terms of product, the global market has been classified into manual and powered. The powered segment dominates the global wheelchairs market, in terms of value, owing to its advanced functions and easy adoption among the patient population. This segment is expected to expand at a significant CAGR, as it is easy to operate and cost-effective. Moreover, the manual segment dominates the global wheelchairs market, in terms of volume, owing to its easy availability and rising demand in the geriatric population.

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Based on function, the global wheelchairs market has been divided into standard, bariatric, sports, and others. The standard segment held a major share of the market in 2017. It is expected to maintain its leading position, in terms of market share, during the forecast period, owing to the high preference for standard wheelchairs over other wheelchairs as they are easy to operate for daily activities. However, rising awareness about sports and the initiatives taken by governments to promote sports activities, such as Paralympics and Invictus games, are expected to boost the demand for sports wheelchairs during the forecast period.

In terms of end-user, the global market has been segregated into institutional use and personal use. The personal use segment held a major share of the market in 2017, followed by institutional use segment, owing to the preference of wheelchair for personal use, which helps improve the daily quality of life. Geriatric patients who suffer from other diseases, such as osteoporosis, spine injury, and rheumatoid arthritis, that makes it difficult for them to walk or move, drive the demand for wheelchairs as they are responsible for improving their quality of life. The institutional use segment is projected to expand at a considerable CAGR during the forecast period owing to institutions such as hospitals, government organization, clinics, and charities providing smooth access of wheelchairs to users. In developing countries, medical care isn’t funded completely by the government; hence, several foundations and charities are involved in providing access to wheelchairs.