New York, USA, April 20, 2023 (GLOBE NEWSWIRE) -- According to Research Dive, the global electric wheel chair market is estimated to generate a revenue of $4,817.6 million by 2028 and grow at CAGR of 8.2% over the forecast period (2021 to 2028). The comprehensive report provides a summary of the present market scenario comprising key aspects of the market, such as growth factors, lucrative growth opportunities, and restraining factors. Besides, the report provides all the global market trends, COVID-19 impact on the market, and market estimations making it easier, helpful, and useful for the new participants to understand the market.
Market Dynamics
As per analysts at Research Dive, the increasing rate of physical disabilities and rising cases of operational injuries across the world are the major factors expected to boost the growth of the global electric wheel chair market during the forecast period from 2021 to 2028. Furthermore, growing advancements in hospitals & homecare settings equipment by medical professionals and medical technology providers is projected to give rise to profitable opportunities for market growth during the forecast period. However, the high costs and the lack of information related to the electric wheel chair across the low- or middle-countries is anticipated to hinder market growth.
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COVID-19 Impact on the Electric Wheel Chair Market
The abrupt rise of the COVID-19 pandemic has negatively impacted the growth of the global electric wheel chair market. In the pandemic period, numerous electric wheel chair makers, such as Permobil and Ottobock SE & Co KGaA, faced various challenges in the supply of their products due to shortage of raw materials. This has restrained the global market growth significantly. However, as soon as the pandemic situation resolves, the production of electric wheel chair will resume and its demand is likely to rise, thus boosting the market growth.
Segments of the Market
The report segments the global electric wheel chair market into product type, end-user, and region.
Front Wheel Drive Sub-Segment to Observe Widespread Growth
Among product type segment, the front wheel drive sub-segment is expected to experience significant growth and garner $939.8 million during the forecast period. The growth of this sub-segment is mostly because of the enhanced stability and best performance of front wheel type electric wheel chairs.
Homecare Settings Sub-Segment to Experience Highest Growth
Among end-user segment, the homecare settings sub-segment is projected to observe highest growth by garnering $3,108.4 million by 2028. The rising cases of physical disabilities due to growing occurrence of chronic disorders and increase in elderly population across the globe.
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Asia-Pacific Region to Observe Significant Growth
The report analyzes the global electric wheel chair market across several regions such as North America, Europe, Asia Pacific, and LAMEA. Among these, the Asia Pacific region market is expected to garner a revenue of $1,108.1 million during the estimated timeframe. The growth of this region market is mainly owing to the rising support from the government bodies to offer efficient mobility aids and equipment for helping disabled and sick people in the region.
Prominent Market Players
Some of the top players of the global electric wheel chair market are
- Invacare Corporation
- MATSUNAGA MANUFACTORY Co. Ltd.
- Karma Medical Products Co. LTD
- MEYRA GmbH
- NISSIN MEDICAL INDUSTRIES CO. LTD.
- Miki Kogyosho Co. Ltd.
- OTTOBOCK
- Pride Mobility Products Corp
- Permobil
- Sunrise Medical
These players are applying various strategies to gain a competitive edge and strong hold in the global industry.
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For instance, in in March 2020, Invacare Corporation, an American producer and distributor of non-acute medical equipment, launched the Invacare® AVIVA™ FX Power Wheelchair, setting a new benchmark for the front-wheel drive power mobility industry.
More about Electric Wheel Chair Market:
- How to Choose the Perfect Electric Wheel Chair for You?
- Strategic Partnerships and Product Launches by Market Players such as Invacare Corporation, Sunrise Medical, and Others to Foster the Growth of the Global Electric Wheel Chair Market
