Upsurge in Spinal Cord Injuries to drive the Wheelchairs Market, reaching US$ 7.9 Billion by the year 2032 at a CAGR of 3.2% in the forecast period 2022 to 2032 | Future Market Insights, Inc.
Industry: Healthcare
The wheelchair market is driven by factors such as an increasing aging population, a rise in chronic diseases that affect mobility, and advancements in technology that enhance the functionality of wheelchairs. The market is highly competitive, with many established players such as Invacare, Sunrise Medical, and Ottobock, as well as numerous small and mid-sized manufacturers. The market is expected to continue growing, driven by an increase in demand for mobility aids and an aging population.
Newark, DE (PRUnderground) April 24th, 2023
The global wheelchairs market was worth US$ 5.7 Billion in the year 2022 and is expected to reach ~US$ 7.9 Billion by the year 2032 at a CAGR of 3.2% between 2022 and 2032.
Wheelchairs imply medical devices designed for providing mobility amongst people with either no ambulatory or limited ability, that too, without assistance. Initially, manually-operated wheelchairs were prevalent. However, in the modern context, automation has entered the arena of wheelchairs. The WHO states that the year 2018 saw close to 15% of the global population contracting disability in various forms. Automated wheelchairs are likely to create wonders in the forecast period.
The geriatric population suffers from mobility disorders. With the United Nations stating that nearly 250 Million of the global population witnessing problems with mobility, wheelchairs are a boon.
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Additionally, spinal cord injuries are rampant among the ageing population. Growing technological innovations are already keeping the cash registers ringing for the wheelchairs market.
At the same time, the fact that the production of a localized active wheelchair at lower prices in high-income countries is on the rise can’t be ignored. This results in non-uniformity regarding imports and exports, thereby restraining the wheelchairs market. The other factor is the higher price of electric wheelchairs.
Future Market Insights has etched these findings with insights in its latest market study entitled ‘Wheelchairs Market’. It has a team of analysts and consultants to conduct 360-degree research on the whole.
“With increasing incidences of spinal cord injuries, the global wheelchairs market is expected to grow on a good note in the near future”, says an analyst from Future Market Insights.
Key Takeaways from Wheelchairs Market
- North America holds more than 30% of the market share. This could be attributed to higher target population with advanced wheelchairs being increasingly adopted. Segway, Inc., in January 2020, did come up with an egg-shaped pod allowing people to sit comfortably on campuses, airports, theme parks, or even in cities. The pods could operate at a higher speed of 24 mph.
- The Asia-Pacific is expected to grow at the fastest rate in the wheelchairs market going forward with China and India witnessing enhancements in the healthcare vertical. It’s a fact that the majority of low-cost wheelchairs are assembled in China.
- Europe is led by Germany. This could be credited to the fact that the Federal Statistical Office (Destatis) mentioned about 7.8 Million people suffering from chronic disabilities in Germany in the year 2021 alone.
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Competitive Analysis
- Pride Mobility, in October 2020, launched GO CHAIR MED POWER CHAIR. This Go Chair MED is an upgradation and is HCPCS rated as K0821 Group 2 Portable by insurance.
- Permobil’s section of positioning and seating solutions, in January 2018, acquired Ottobock’s OBSS with NUTEC custom seating business assets in Canadian and US markets.
- Sunrise Medical, in July 2021, did launch QUICKIE Nitrum ultralight wheelchair offering the finest strength and rigidity.
- LUCI, in June 2020, did announce launching its premium product called ‘LUCI’, a high-tech software and hardware platform mounting to power wheelchairs for providing stability, connectivity, and security.
- Invacare Corporation, in March 2020, did announce launching AVIVA FX Power Wheelchair; thereby setting a new-fangled standard for the front-wheel drive power mobility market.
- UPnRIDE Robotics Ltd., in February 2020, did receive approval from the US FDA to market ‘UPnRIDE Robotic Standing Wheelchair” – the first and sole robotic and smart mobility device in the US.
- CoMoveIT NV, in October 2021, came up with a smart wheelchair steering system called ‘CoMoveIT Smart’ that makes use of AI and sensors. It’s a head/foot steering system abreast with sensors using AI for recognizing and compensating for involuntary movements.
What Does the Report Cover?
- The research study is based on the product (manual wheelchairs and powered wheelchairs), by function (standard transport wheelchairs, self-propelled wheelchairs, sports wheelchairs, standing wheelchairs, recliners wheelchairs, bariatric wheelchairs, and lightweight wheelchairs), and by distribution channel (institutional sales and retail sales).
- With the rising number of cases with disabilities (physically impaired persons in particular), the demand for wheelchairs is expected to rise inadvertently in the forecast period.
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Key Market Segments Covered in Wheelchairs Industry Research
By Product:
- Manual Wheelchairs
- Powered Wheelchairs
By Function:
- Standard Transport Wheelchair
- Self-Propelled Wheel Chair
- Sports Wheel Chairs
- Standing Wheel Chairs
- Recliners Wheel Chairs
- Bariatric Wheel Chairs
- Light-weight Wheel Chairs
By Distribution Channel:
- Institutional Sales
- Retail Sales
By Region:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- Middle East and Africa (MEA)
View Full Report: https://www.futuremarketinsights.com/reports/wheelchairs-market
Table of Content
- Executive Summary | Wheelchairs Market
1.1. Global Market Outlook
1.2. Demand Side Trends
1.3. Supply Side Trends
1.4. Analysis and Recommendations
- Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
2.3. Inclusions and Exclusions
- Key Market Trends
3.1. Key Trends Impacting the Market
3.2. Product Innovation / Development Trends
- Key Success Factors
4.1. Product Adoption Analysis, by Region
4.2. Installed Based Scenario
4.3. Key Promotional Strategies, by Manufacturers
4.4. Regulatory Scenario
4.5. Used Case Scenario, by Age Group, and by Region
4.5.1. Geriatric Males
4.5.2. Geriatric Females
4.5.3. Adults
4.5.4. Adolescents
4.5.5. Pediatric
- Market Background
5.1. Macro-Economic Factors
5.1.1. Global GDP Growth Outlook
5.1.2. Global Healthcare Outlook
5.2. Forecast Factors – Relevance & Impact
Click Here for Wheelchairs Market 321 pages TOC Report
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Paediatric Wheelchairs Market: The global paediatric wheelchairs market holds a valuation of US$ 2.1 billion as of 2022. The market is expected to grow at a CAGR of 7% during the period 2022-2032, and by 2032, the market is expected to be valued at US$ 4.13 billion.
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