Wheelchair Market Analysis, Growth Dynamics and Forecast to 2024
Market Analysis:
A wheelchair is basically a chair having wheels that is used when people face difficulty to walk or walking is impossible due to disability, injury, or illness. It is available in different types such as robotic, power, manual, electric, and others to cater to the user’s specific needs. Of these, robotic wheelchairs and power wheelchairs are in great demand, and the key factors adding to the robotic wheelchairs market growth and power wheelchair market growth include increasing aging population, increasing use of automation in healthcare, rising prevalence of multiple sclerosis, and huge healthcare expenditure.
The global Wheelchair Market Trends is likely to touch USD 9,554.07 million at a 2.80% CAGR between 2019-2024, as per the latest Market Research Future (MRFR) report.
Numerous factors are adding to the global wheelchair market. Such factors, according to the MRFR report, include increasing obesity rate, an increase in spinal cord injuries, growing elderly population, improvement in healthcare facilities, rising handicapped population, rising prevalence of chronic disorders, advances in wheelchair technology, and favorable reimbursement scenario.
On the contrary, the high price of electric wheelchairs may limit the global wheelchair market growth.
Key Players:
Leading players profiled in the global wheelchair market report include Invacare Corporation (US), Medline Industries, Inc. (US), Sunrise Medical (Germany), Levo AG (Switzerland), Pride Mobility Products Corp. (US), Karman Healthcare, Inc. (US), GF Health Products, Inc. (US), Quantum Rehab (US), Ottobock (Germany), and Drive Medical (US). Top wheelchair manufacturers have adopted several strategies to create a footprint in the market, such as collaborations, new product launches, and alliances.
Market Segmentation :
- The MRFR wheelchair market research report provides an inclusive segmental analysis of the global wheelchair market based on end user and product type.
- By product type, the wheelchair market is segmented into the manual wheelchair, electric wheelchair, and accessories. The electric wheelchair is again segmented into front-wheel drive chair, center wheel drive chair, and rear-wheel drive chair. The manual wheelchair is again segmented into sport wheelchairs, bariatric wheelchairs, light & ultra-lightweight wheelchairs, and standard manual wheelchairs. Accessories are again segmented into batteries and chargers, wheelchair trays, armrest accessories, postural support accessories, and wheelchair ramps. Of these, the electric wheelchair will dominate the market over the forecast period.
- By end user, the wheelchair market is segmented into hospitals & clinics and home care settings. Of these, home care settings will lead the market during the forecast period.
Regional Analysis:
By region, the global wheelchair market report covers the recent trends and growth opportunities across the Americas, Europe, the Asia Pacific (APAC), and the Middle East and Africa (MEA). Of these, the Americas will have the lions share in the market during the forecast period for the increasing geriatric population, rising incidence of chronic diseases, and the presence of leading market players.
The global wheelchair market in Europe is predicted to hold the second-largest share during the forecast period for the increasing use of a wheelchair and growing elderly population. It is predicted to touch USD 247.2 million by 2050.
The global wheelchair market in the APAC region is predicted to grow at the fastest pace over the forecast period for the increasing number of hospitals and the huge geriatric population.
The global wheelchair market in the MEA will have a small share during the forecast period for limited access to as well as the accessibility of treatment facilities.
Industry News:
March 2020: Israeli robotic standing wheelchair UPnRIDE robotics has received FDA clearance for US sales. This wheelchair will allow quadriplegics to moving around outdoor and indoor environments while standing upright. It is ideal for use for people having ALS, multiple sclerosis, the elderly, paraplegics, quadriplegics, and other conditions that limit mobility.