Wheelchair Market Outlook
The global wheelchair market recorded a size of USD 3,720.47 million. The report suggests that the wheelchair market is anticipated to exhibit a healthy CAGR of nearly 6.48% throughout the review era that ends in 2027.
A wheelchair refers to a chair equipped with wheels, which is utilized to carry individuals suffering from disabilities, illnesses, or diseases. They are widely used by the geriatric and differently abled population across the globe. The electric wheelchairs help elderly and disabled people who face issues working a manual wheelchair effectively. Manual wheelchairs need low maintenance and are light in weight. The global wheelchair market has recorded massive growth in recent years.
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The wheelchair market’s growth is credited by the escalating adoption of wheelchairs in areas such as athletics and the rising geriatric population. As per the report by WHO, by the year 2050, the global elderly population is likely to double from 12% to 22%. The rapid growth in the aging population across the globe eventually boosts the demand for wheelchairs over the review timeframe. On the other hand, the growth of the wheelchair market is anticipated to be hampered by the soaring cost of electric-powered wheelchairs. Nevertheless, the growing number of mergers & acquisitions, product launches, and market growth across developing nations will likely offer lucrative growth opportunities to the market players in the coming years.
Wheelchair Market Segmentation
The global wheelchair market has been split into several segments considering category, product, region, and end-user.
The product segment of the wheelchair market further divided into accessories, electric wheelchair, and manual wheelchairs.
the wheelchair market by category is split into pediatrics and adults.
The wheelchair market is split hospitals & clinics, home care settings, and others based on end-user.
Wheelchair Market Regional Outlook
The global wheelchair market is studied across five major regions, including the Americas, Europe, Asia-Pacific, and the Middle East & Africa.
The wheelchair market for the American region will likely dominate globally over the forecasted era. The high popularity of Paralympics, the presence of major market players, and well-developed healthcare sector are some of the crucial aspects catalyzing he regional market’s growth.
The European regional market for the wheelchair is anticipated to record significant surge in the growth rate over the review timeframe. The regional wheelchair market’s growth is being driven by the high healthcare spending, the presence of a huge geriatric population, and the increasing support from the government.
The wheelchair market for Asia-Pacific region is predicted to exhibit the fastest growth over the assessment timeframe. The huge patient population, rapid development in technology, and the increasing obese population are some of the crucial parameters driving the growth of the wheelchair market for the Asia-Pacific region.
The wheelchair market for the Middle East & African region is projected to exhibit a steady growth during the assessment timeframe attributed to consistently growing demand for products and growing healthcare infrastructure.
Wheelchair Market Competitive Analysis
The global wheelchair market has an intensely competitive landscape. The players in the global market are adopting numerous growth strategies such as product launches, mergers, acquisitions, and partnerships. The list of leading players in the global wheelchair market includes Drive Medical (US), Pride Mobility Products Corp. (US)., Ottobock (Germany), Invacare Corporation (US), Medline Industries, Inc. (US)., Levo AG (Switzerland), GF Health Products, Inc. (the US), Sunrise Medical (Germany), Karman Healthcare, Inc. (the US), Quantum Rehab (US), and several others.
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Wheelchair Market Recent Developments
Freedom One Life, a powered wheelchair producer, is looking for new investors to launch its next-generation Series 5 model. The Glasgow-based business seeks to raise equity funding through Crowdcube, a crowdfunding platform to enhance backing already received from existing investors Murray Capital, former SSE chief executive Seric founder Stuart Macdonald, and Ian Marchant. Innovate the UK has also contributed over £250,000 of grant funding.
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