Trusted Business Insights answers what are the scenarios for growth and recovery and whether there will be any lasting structural impact from the unfolding crisis for the Wheelchair market.
Trusted Business Insights presents an updated and Latest Study on Wheelchair Market 2019-2026. The report contains market predictions related to market size, revenue, production, CAGR, Consumption, gross margin, price, and other substantial factors. While emphasizing the key driving and restraining forces for this market, the report also offers a complete study of the future trends and developments of the market. The report further elaborates on the micro and macroeconomic aspects including the socio-political landscape that is anticipated to shape the demand of the Wheelchair market during the forecast period (2019-2029).
It also examines the role of the leading market players involved in the industry including their corporate overview, financial summary, and SWOT analysis.
Industry Insights, Market Size, CAGR, High-Level Analysis: Wheelchair Market
The global wheelchair market size was valued at USD 2.3 billion in 2018 and is anticipated to grow at a CAGR of 7.6% over the forecast period. Globally increasing geriatric population and rising number of disorders requiring wheelchair support are some factors driving growth. In addition, improvement in healthcare facilities is expected to positively impact growth.
Moreover, increasing handicapped population that require wheelchair support is expected to fuel the market. According to WHO, approximately 15% of the worlds population is suffering from different forms of disability. Rise in aging population and high prevalence of chronic disorders compared to other diseases are factors responsible for increase in disability among large population, which in turn is boosting market growth.
Advancements in wheelchair technology, such as launch of electric wheelchairs & wheelchairs capable of storing medical history with the ability to make distress calls in emergency cases as well as monitor a patients health, are among factors driving the market. According to Department of Health and Human Services, approximately 65 million people worldwide demand advanced wheelchairs. Growing popularity of wheelchairs with advanced features due to increasing number of patients is driving the market.
In addition, increasing number of product launches by players is expected to support growth. For instance, in March 2019, Mountain Trike launched eTrike at Naidex, the U.K.s largest disability & home care event. Etrike is an electric terrain wheelchair that enables users to enjoy outdoors. Besides, the company also launched others wheelchairs, such as PT Push & MT Push.
Furthermore, well-established reimbursement scenario supports growth. Medicare Part B covers power-operated vehicles as DME, where the user is required to pay 20% of the Medicare-approved amount and the rest 80% is paid by Medicare, provided that a written order from the doctor stating the medical need for a wheelchair at home is submitted.
Product Insights of Wheelchair Market
Based on product, the market is segmented into manual and electric wheelchairs. There is increasing demand for manual wheelchairs worldwide due to affordability, lightweight, and non-dependability on charging. In addition, they come in a variety of configurations, from standard to ultra-lightweight, requiring less space for storage with various customization options such as foldable or fully collapsible wheelchairs.
Electric wheelchairs are also gaining popularity owing to self-reliance, luxurious feel, and comfortability. These are ideal for users who do not have upper body strength or have limited strength. In addition, social independence is one of the major reasons for growing preference of electric wheelchairs among users. Moreover, electric wheelchairs are known to have a superior quality braking system, especially to prevent wheelchairs from accidentally rolling and are convenient to use, allowing mobility through a simple movement of the joystick. Thus, growing awareness about such features is expected to drive segment growth over the forecast period.
Based on category, the market is divided into adults and pediatric. Adults segment held the largest share in 2018 and is expected to continue its dominance during the forecast period. This can be attributed to increasing geriatric population globally and associated disorders, requiring mobility devices. Disability in older population due to arthritis pain and/or stiffness in knees, hip, ankle, or foot are also some factors responsible for increase in demand for wheelchairs. Furthermore, increase in the number of types of wheelchairs used by adults-such as Bariatric manual wheelchairs, ultra-light wheelchairs, sport wheelchairs, and transport wheelchairs-is also expected to drive segment growth over the forecast period.
The pediatric segment is also expected to grow significantly owing to growing number of head injuries, cerebral palsy or muscular dystrophy, and amputees. In addition, various other disorders such as spina bifida support market growth. As per the Spina Bifida Association, it is one of the most common disabilities for children in the U.S., as eight babies each day are born with split spine disability, requiring kids to use wheelchairs to move around.
Application Insights of Wheelchair Market
Based on application, the global market is segmented into homecare, hospitals, ambulatory surgical centers, and rehabilitation centers. Homecare segment is projected to grow significantly over the forecast period. Use of wheelchairs at home offers patients complete freedom of movement and is convenient for all the family members. These are some of the factors anticipated to boost segment growth.
Hospitals segment is also anticipated to grow rapidly owing to increasing medical emergencies that require wheelchairs. For instance, post-surgical procedures aid in increasing demand for wheelchairs. In hospitals, they are mainly used for transportation of patients-from a trip to the hospital, to taking a patient for an MRI, or for a visit to a doctors office.
Regional Insights of Wheelchair Market
Based on geography, North America dominated the market in 2018 owing to growing geriatric population, increasing adoption of advanced wheelchairs, and rising disabled population. Moreover, presence of large number of market players is also expected to boost the wheelchair market in the region.
Asia Pacific is projected to grow substantially over the forecast period due to improving healthcare infrastructure & facilities and growing government initiatives offering quality mobility devices. In addition, increase in disposable income, rise in awareness about powered & new variants of wheelchairs, and high investments by companies for developing personal mobility aids are some factors expected to propel growth in Asia Pacific. Moreover, increasing government initiatives to provide assistive devices to disabled population are anticipated to boost the market during the forecast period.
Market Share Insights of Wheelchair Market
Some of the players operating in this market are Carex Health Brands, Inc.; Drive Medical Design & Manufacturing; Graham-Field Health Products, Inc.; Invacare; Medline; Sunrise Medical LLC; Karman Healthcare; Quantum Rehab, Numotion; and Pride Mobility Products Corp. Several companies are introducing innovative technologies to expand their product portfolio. For instance, in September 2018, Pride Mobility Products Corp. launched Q6 Edge 2.0 powered wheelchair, which is designed to meet the performance needs of active users.
Segmentations, Sub Segmentations, CAGR, & High-Level Analysis overview of Wheelchair Market Research Report
This report forecasts revenue growth at global, regional, & country levels and provides an analysis on the latest industry trends in each of the sub-segments from 2015 to 2026. For the purpose of this study, this market research report has segmented the global wheelchair market report on the basis of product, category, application and region:
Product Outlook (Revenue, USD Million, 2019 – 2030)
Category Outlook (Revenue, USD Million, 2019 – 2030)
Application Type Outlook (Revenue, USD Million, 2019 – 2030)
Ambulatory Surgical Centers
Quick Read Table of Contents of this Report @ Wheelchair Market Size, Share, Trends, Global Market Research and Industry Forecast Report, 2026 (Includes Business Impact of COVID-19)
Trusted Business Insights
Media & Marketing Executive
Email Me For Any Clarifications
Connect on LinkedIn
Click to follow Trusted Business Insights LinkedIn for Market Data and Updates.
US: +1 646 568 9797
UK: +44 330 808 0580