Scope of the Report
Market Research Future (MRFR) presumes that the wheelchair market 2020 can make steady progress at a rate of 2.80% between 2019 and 2024 (analysis period). The latest wheelchair market statistics reveal that the value by 2024 can be USD 9,554.07 Million, indicating favorable growth prospects. We will provide COVID-19 impact analysis with the report, along with an in-depth review post the coronavirus disease outbreak.
Primary Drivers and Barriers
The exploding geriatric populace and the mounting cases of disorders that require wheelchair support have pushed the market growth for wheelchairs. The constant developments in the healthcare system and the growing number of handicapped patients also benefit the wheelchair industry. The world health organization/WHO says that nearly 15% of the global population suffers from some form of disability. Disabilities are more common among the elderly population and individuals suffering from chronic disorders, which have resulted in significant growth of the wheelchair market.
The well-developed reimbursement scenario across developed countries fosters market growth as well. For instance, Medicare Part B focuses on power-operated vehicles, wherein the user has to pay only the 20% of the total amount and the 80% is taken care of by the Medicare, provided that the doctor provides a written order specifying the requirement of a wheelchair at home. Apart from this, the surging popularity of Paralympic games and the rising cases of spinal injuries owing to road accidents across the globe also adds to the market’s strength.
Among the growing old-age populace worldwide, manual wheelchairs are proving to be quite exhausting for the demographic. This has bolstered the need and preference for automatic mobility, which in turn has fostered the growth of the electric wheelchair market. Manufacturers are concentrating on wheelchair’s design and ergonomics to facilitate the patient’s comfort, giving rise to concepts like self-driving wheelchair that have visual sensors, standing wheelchair and ultralight electric wheelchairs. Emergence of exciting opportunities in this area and the increasing product launches by renowned vendors are bound to work in favor of the wheelchair market in the ensuing years.
To cite an instance, in September 2020, Pak Hong Rehab Products Centre launched two electric wheelchairs, namely CMD-912 & CMD-912A. These electric wheelchairs are equipped with sturdy front wheels as well as brackets that are made of aluminum alloy. These wheelchairs are lightweight but can still carry 4 times their weight.
The wheelchair market has been regionally categorized as Europe, the Americas, MEA/the Middle East and Africa and APAC/Asia Pacific.
Since 2018, the biggest gainer in the global market has been the Americas, and can procure a growth rate of 2.24% over the evaluation period. The regional market’s unparalleled growth can be credited to the strong presence of highly renowned vendors and the mounting cases of chronic diseases. The burgeoning pool of elderly people across the US and Canada and the high uptake of advanced wheelchairs among the expansive disabled populace also benefit the American market. The robotic wheelchairs market has been performing significantly in the region in recent years, on account of the sharp spike in the number of obese individuals who are not able to indulge in activities that require quick mobility.
APAC is said to be the fastest advancing market, and estimations reveal that China has been in the lead with a share of 27.7% since 2018. The presence of vast patient pool along with the escalating number of hospitals as well as healthcare facilities in the region are some of the key growth inducers. The developments in healthcare infrastructure, surge in government initiatives boosting the use of advanced mobility devices and the rising knowledge about the new and powered variants of wheelchairs can also be favorable for the regional market in the following years. It is anticipated that the heart-rate-monitor-market in the region could emerge lucrative in the near future, thanks to the surge in heart disease cases and the expanding pool of fitness conscious individuals. Rising use of smartphone apps for heart rate monitoring among wheelchair bound patients can also be APAC market’s strong suit over the next few years.
The wheelchair market size in MEA is expanding steadily on account of the surging awareness with regard to treatment options and rise in government initiatives focused on offering assistive devices to disabled individuals.
Pride Mobility Products Corp. (US), Sunrise Medical (Germany), GF Health Products Inc. (US), Invacare Corporation (US), Karman Healthcare, Inc. (US), Medline Industries, Inc. (US), Drive Medical (US), Ottobock (Germany), Levo AG (Switzerland), Quantum Rehab (US), are some of the top performing companies active in the worldwide market.