Increasing spinal cord injuries and rising geriatric population are driving the growth of global wheelchair market in the forecast period, 2023-2027.
According to TechSci Research report, “Wheelchair Market – Global Industry Size, Share, Trends, Competition, Opportunity and Forecast, 2017-2027”, the global wheelchair market stood at USD4.59 billion in 2021 and is anticipated to grow at a CAGR of 5.75% in the forecast period, 2023-2027. Technology advancements in the wheelchair industry, rising spinal cord injuries and other disorders, and increasing geriatric population are expected to drive the demand for the global wheelchair market during the forecast period.
The growing geriatric population suffering from various diseases, injuries and mobility restricting ailments are expected to increase the demand for wheelchairs and this is generated from various institutional and personal end user segments. Another major trend attracting the wheelchair market is the increase in the number of emergencies due to factors such as industrial accidents, road failure, natural disasters, fire breaks and more. An increasing number of such incidents are forcing health care facilities to maintain adequate stock of mobility products, staff and operating theaters. However, the high cost of electric wheelchairs and the lack of awareness are just a few of the factors that hinder the growth of the wheelchair market.
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The global wheelchair market is segmented into product type, category, application, end user, region, and company. Based on product type, the market is fragmented into manual wheelchair and powered wheelchair. Manual wheelchairs hold the largest market share covering 61.53% market share in 2021. The high demand for manual wheelchair is due to their cost effectiveness, easy availability, and mobility aid for the patients in hospitals. Manual wheelchair can easily be handled by the users and does not require any charging; therefore, are easily transportable with many foldable options and storage capacity.
Based on end user, the market is divided into healthcare facilities and Homecare. The healthcare facilities segment dominated the market in 2021, with a share of 74.81%, and is anticipated to grow at a CAGR of 5.92% in the forecast period. The rise in demand for healthcare facilities is due to the increase in the need for wheelchairs in pre- and post-surgical treatment in hospitals and the rising cases of medical emergencies that require wheelchairs. Further, an increase in the number of geriatric patients in nursing homes is the major factor that drives the wheelchair market in healthcare facilities like hospitals, nursing homes and clinics.
On the basis of regional analysis, North America accounted for the largest market share of 39.14% in the global wheelchair market, owing to increased acceptance of advanced, integrated, and portable mobility aid to the intended population increase in the U.S. The rising number of older people is likely to create more demand for mobility products, such as wheelchairs, which is expected to play a major role in accelerating the market demand for wheelchairs over the next five years.
The leading companies operating in the global wheelchair market are:
· Invacare Corporation
· OttoBock Healthcare GmbH
· Investor AB (Permobil AB)
· Hoveround Corporation
· Stryker Corporation
· Hill-Rom Holdings, Inc.
· Sunrise Medical LLC
· Carex Health Brands, Inc.
· Graham-Field Health Products Inc.
· Karman Healthcare., Inc.
· Numotion
· 21st century Scientific Inc.
· Drive DeVilbiss Healthcare
· Meyra GmbH
· Levo AG
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“Increasing number of people with disabilities and the geriatric population in the world are likely to increase the need for more effective wheelchairs in future. In addition, ongoing efforts to improve the efficiency of these wheelchairs, government-sanctioned efforts, and increased incidence of chronic diseases are likely to result in the growth of the global wheelchair market in the coming years.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Wheelchair Market – Global Industry Size, Share, Trends, Competition, Opportunity and Forecast, 2017-2027 Segmented By Product Type (Manual Wheelchair and Powered Wheelchair), By Category (Adult and Paediatric), By Application (Basic Wheelchair, Bariatric Wheelchair, Sports Wheelchair and Others), By End User (Healthcare Facilities and Home Care), By Region”, has evaluated the future growth potential of global wheelchair market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in global wheelchair market.
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