The latest market report published by Acute Market Reports, Inc. “Wheelchairs Market – Growth, Future Prospects, Competitive Analysis, 2018 – 2026,” the global wheelchairs market was valued at US$ 4,878.2 Mn in 2017 and expected to reach US$ 15,432.5 Mn by 2026, expanding at a CAGR of 13.5% from 2018 to 2026.
Browse the full report Wheelchairs Market – Growth, Future Prospects, Competitive Analysis, 2018 – 2026 report at https://bit.ly/2HGRdl1
The global wheelchairs market has witnessed growing adoption in the recent years due to factors such as increasing need from patients to reinstate their independence and mobility, growing senescent population, increasing automation in mobility products and demand from specialized wheelchairs from the sports fraternity. Perpetual innovations and development in the field of wheelchairs making them automatic, lightweight and even for purposes such as climbing stairs is making this market increasingly lucrative for manufacturers and other stakeholders alike. Growing awareness in the patients and consumers is making their requirements more prominent and the prevalent fragmented nature of the market is in turn creating cut throat competition among the market players. Hence for sustaining the competitive front, the players are more and more involved in product innovation providing the patients with added convenience, safety, efficiency and comfort at competitive prices.
Based on product types, the global wheelchairs market is segmented into general purpose wheelchairs, power wheelchairs, manual sports wheelchairs and mobility scooters. Among these, the manual variants, i.e., the general purpose wheelchairs and manual sports wheelchairs occupy larger market share with a significant traction coming from power wheelchairs. Among the applications such as standard transport, pediatric application, sports utility and others, the sports utility segment shall be progressing at a rapid CAGR surpassing the global benchmark during the forecast period. Wheelchairs have major usage areas in hospitals and clinics, ambulatory centers, home care and others. Professional care institutions, particularly hospitals and clinics, and ambulatory centers are the largest revenue generating segments in the global market. The demand for manual wheelchairs is the highest in these segments. Where the power variants and mobility scooters are gaining demand from home segment.
Geographically, due to the higher purchasing power, growing awareness and the prominent presence of the baby boomer population is assisting North America to have the strongest presence in the global market in terms of revenue, followed by Europe. The prime user base of wheelchairs in the region form the senescent population, which is perpetually rising in North America. Products such as mobility scooters are also gaining demand in the region due to consistent growth in the obese population. Asia Pacific shall witness breakthrough growth during the forecast period, even cannibalizing on the market share of North America. Revolutionizing transition in the healthcare system and infrastructure in the region along with large population base are determining the trends in Asia Pacific market.
Furthermore, as the global pool of disabilities, musculoskeletal conditions due to diseases and trauma and related awareness increase, the market for wheelchairs will grow in tow. Growing purchasing powers and per capita incomes will yield the growth in demand for power wheelchairs and mobility scooters. Increasing activities by advocacy and support groups and governments will urge increased interest in sports for the disabled and thus augment the market demand in specialty segments.
Key Market Movements:
- Growing establishments of assisted living facilities and hospice globally to drive the demand for general purpose and power wheelchairs
- Increasing focus on independent living among the disabled population
- Growing prevalence of spinal cord injuries and musculoskeletal conditions such as osteoporosis and rheumatoid arthritis that restrict patient movements
- Never before growth in popularity of disabled sports and recreational activities to boost demand for wheelchairs