Wheelchairs Market: Increase in Disabled Population to Boost the Global Market
Wilmington, Delaware, United States, Transparency Market Research Inc.: 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.
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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.
In terms of region, the global wheelchairs market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominates the global wheelchairs market owing to an increase in the prevalence of lifestyle diseases, osteoporosis, and other autoimmune diseases that leads to dependence on wheelchairs, technological advancements integrated in a variety of powered wheelchairs, growing baby boomers, rising geriatric population, and increasing disabled patient population.
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Baby boomers is a key factor that caused the U.S. to dominate the wheelchair market in North America. It is anticipated to maintain its leading position in the market in the region during the forecast period. According to the estimates by the U.S. Census Bureau, all baby boomers are expected to be older than the age of 65 by 2030.
The market in Asia Pacific is projected to expand at a significantly high CAGR during the forecast period, owing to improving health care infrastructure, rising acceptance of advanced wheelchairs, increasing disposable income, awareness about powered and new variants of wheelchairs, and investments by companies in the development of personal mobility aids. Furthermore, a rise in the geriatric population in the region is anticipated to further boost the market in Asia Pacific in the near future. Moreover, government initiatives to provide assistive devices to the disabled population are projected to boost the market in the region during the forecast period.
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Major players operating in the global wheelchairs market include Invacare Corporation, Sunrise Medical LLC, Ottobock, Permobil, Pride Mobility Products Corp, Drive Medical, GF Health Products Inc., 21st century Scientific Inc., Karman Healthcare, and Hoveround. Key players are focusing on acquisitions and collaborations to enhance their footprint in the global wheelchairs market. Furthermore, companies are investing more in research & development of technologically advanced wheelchairs that are accessible to the rising patient population.
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