The wheelchair and components market is estimated to be valued at US$ 4,097.7 Mn in 2023 and is expected to exhibit a CAGR of 3.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
The Wheelchair And Components Market
The wheelchair and components market comprises manual and powered wheelchairs along with their components such as frames, wheels, armrests, and back rests. Wheelchairs improve mobility and independence for individuals with limited ambulation capabilities. Technological advancements in power assisted features, material science, and ergonomic designs have increased accessibility and improved quality of life for disabled patients.
Market Overview:
The wheelchair and components market offers a variety of products to cater to the mobility needs of aged and disabled populations. Powered wheelchairs with rechargeable batteries provide enhanced maneuverability while manual versions offer affordability. Innovation in lightweight yet durable materials such as carbon fiber and aluminum alloys have improved product durability. Ergonomic designs with adjustable features ensure user comfort during extended usage.
Market key trends:
A key trend driving the wheelchair and components market is the rising prevalence of disabilities worldwide. As per WHO, over 1 billion people live with some form of disability globally. The aging population is further driving demand as mobility issues are common in the elderly. Other factors fueling market growth include increasing healthcare spending, growing medical reimbursement programs for assistive devices, and rising incidence of chronic diseases like diabetes, stroke, and spinal injuries. Product development trends involve integrating smartphone connectivity, responsive braking systems, and powered features for off-road applications to widen addressable markets.
Porter's Analysis
Threat of new entrants: The threat of new entrants is moderate as wheelchair and components requires high initial investment to setup manufacturing plants. However, the growing demand opens opportunities.
Bargaining power of buyers: The bargaining power of buyers is high given the presence of many established brands. Buyers can easily switch to substitutes if prices are high.
Bargaining power of suppliers: Material suppliers have moderate bargaining power due to availability of close substitutes. However, component suppliers have relatively low power as OEMs can develop manufacturing capabilities.
Threat of new substitutes: The threat of substitutes is low as wheelchairs satisfy mobility needs not fulfilled by other products. However, crutches and walkers are potential substitutes.
Competitive rivalry: Intense as the market is occupied by several global and regional players competing on price, quality, service and innovation.
SWOT Analysis
Strengths: Growing aging population boosting demand. Established distribution channels.
Weaknesses: High R&D costs and certification requirements act as entry barriers for new players. Dependence on limited material suppliers.
Opportunities: Untapped growth potential in developing nations. Advancements in lightweight materials and battery technologies.
Threats: Stringent regulation on product approvals. Economic slowdowns affecting healthcare spends.
Key Takeaways
The global Wheelchair And Components Market is expected to witness high growth, exhibiting CAGR of 3.4% over the forecast period, due to increasing healthcare expenditure and focus on facilitating independent mobility among the elderly and disabled.
Regionally, North America dominated the wheelchair market accounting for over 30% share in 2023 due to favourable reimbursement policies and high acceptance of technologically advanced products. Asia Pacific is projected to be the fastest growing region, expanding at a CAGR of around 5% during 2023-2030 supported by rapidly growing geriatric population, increasing spends on medical devices and growing medical tourism in China, India and Japan.
Key players operating in the wheelchairs and components market share are OEM Companies: Invacare Corp., Ottobock, Permobil AB, Pride Mobility Products Corp., Handicare, Sunrise Medical, Hoveround, Panthera X, 21st Century Scientific, Inc., and Meyra Wilhelm Meyer GmbH & Co. KG Tier 1 Component Suppliers Companies: Tetra Equipment GMBH, Custom Engineered Wheels, The Wheelchair Place, LLC, Alber GmbH, and Intelli Wheels Material Suppliers Companies: E.I. DuPont De Nemours and Company, Toray Industries, Inc., Mitsubishi Rayon Co., Ltd., Toho Tenax, and Shanghai Cedar Composites Technology Co., Ltd.
