Wheelchair Market Dynamic Demand for Future Growth, with Industry Analysis by Size, Top Major Companies, Share, Scope and Regional Forecast till 2024
Research Reports
Dec 30, 2020
Market Overview
The Global Wheelchair Market 2020 is expected to register a CAGR of 2.80% to reach USD 9.55 billion by 2024.
Market Highlights
Most of the wheelchairs available on the market are easy to maneuver. In recent years the global wheelchair market has witnessed significant developments. In the near future, an increase in the number of disabled and geriatric people around the world is likely to increase the demand for wheelchairs. In addition, the market is expected to be fueled by a growing disabled population requiring wheelchair support. Moreover, constant efforts to improve the efficiency of wheelchairs, favourable government initiatives and an increase in the incidence of chronic diseases are likely to trigger the growth of the global active wheelchair market in the coming years.
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In addition, the increase in people’s disposable income, together with increasing product approvals, is projected to work in favour of the global power wheelchair market in the coming years. There are many government policies that promote wheelchair adoption, which are likely to pave the way for accelerated wheelchair adoption in the years to come. Factors driving the market include advances in wheelchair technology, such as the launch of electric wheelchairs and wheelchairs capable of storing medical history with the ability to make distress calls in emergency cases and track the health of a patient.
However, during the forecast period, the high cost of products may curb market growth.
Segmental Analysis
The global demand for wheelchairs Market is categorised into model categories and end users.
The market is segmented into electric wheelchairs, manual wheelchairs, and accessories on the basis of product type. The electric wheelchair segment is poised to drive the market over the review period.
Wheelchair Stairs, Postural Support Accessories, Armrest Accessories, Wheelchair Trays, and Batteries & Chargers were segmented into the wheelchair industry on the basis of wheelchair accessories.
The wheelchair industry was segmented into home care settings and hospitals and clinics on the basis of end users.
Regional Overview
The region-based global wheelchair industry is split into the Americas, Europe, Asia-Pacific, and the Middle East and Africa.
In 2018, the Americas accounted for the largest market share, and during the forecast period, the regional market is slated to record a CAGR of 2.24 percent. This is due to the presence in the US and Canada of main industry actors, the rising prevalence of chronic diseases, and a growing ageing population. Moreover advancements in wheelchair technology, the region have led to the advent of different types of wheelchairs, such as, multi functionality wheelchair, is likely ot drive the region.
Owing to the rising geriatric population and the increasing healthcare facilities, the European wheelchair industry has seen significant market growth.
Due to the prevalence of a large patient population and rising numbers of hospitals, Asia-Pacific is likely to be the fastest-growing region in the global wheelchair sector. Asia Pacific is also projected to develop as an increasingly growing market with expanded disposable income and a propensity to spend on luxury medical equipment. In addition, the rise in disposable income, the increase in recognition of powered & modern wheelchair models and the high level of investment by companies in the production of personal mobility aids are some of the factors that are expected to drive growth in the Asia Pacific region. In addition, over the projected timeframe, expanded government efforts to offer assistive equipment to the disabled community are likely to fuel the sector.
In the Middle East and Africa region, the wheelchair market is also projected to expand due to growing awareness of the restricted access and affordability of treatment facilities in the region.
Competitive Landscape
The prominent players in the global wheelchair market are Ottobock (Germany), Drive Medical (US), Quantum Rehab (US), Pride Mobility Products Corp. (US), GF Health Products, Inc. (US), Karman Healthcare, Inc. (US), Levo AG (Switzerland), Medline Industries, Inc. (US), Sunrise Medical (Germany), and Invacare Corporation (US).
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