Newark, Sept. 05, 2023 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 5 billion in 2022 global wheelchair market will reach USD 10.30 billion in 2032. According to the world health organization, more than 65 million people use wheelchairs for assistance in movement. Furthermore, around 21% of the global population suffers from disability. The government's prerogative is to offer a standard quality of life to all its citizens, including persons with disabilities. They must be offered the necessary assistance, opportunities and accessibility to all facilities independently. Therefore, the growing focus of governments towards them to improve their life will propel the market's growth.
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Report Coverage Details
| Report Coverage | Details |
| Forecast Period | 2023-2032 |
| Base Year | 2022 |
| Market Size in 2022 | USD 5 Billion |
| Market Size in 2032 | USD 10.30 Billion |
| CAGR | 7.5% |
| No. of Pages in Report | 238 |
| Segments Covered | Product Type, Category and Application |
| Drivers | The increasing geriatric population |
| Opportunities | The development of innovative automated products |
| Restraints | The high cost of wheelchairs in low- and middle-income countries |
Key Insight of the Global Wheelchair Market
North America is expected to dominate the market during the forecast period.
The growing elderly population in the area will drive the need for wheelchairs. Increased trauma cases, accidents, and returning veterans with disabilities will also fuel the need for wheelchairs. The existence of major manufacturers will also fuel the market's expansion. Market participants in the area are fostering innovation and creating cutting-edge wheelchairs to give users more freedom and independence. The affordable products and high per capita income the government healthcare system provides contribute to the market's expansion.
In 2022, the manual segment dominated the market with the largest market share of 58% and revenue of 2.90 billion.
The product type segment is divided into manual and electric. In 2022, the manual segment dominated the market with the largest market share of 58% and revenue of 2.90 billion.
In 2022, the adults segment dominated the market with the largest market share of 69% and revenue of 3.45 billion.
The category segment is divided into paediatric and adults. In 2022, the adults segment dominated the market with the largest market share of 69% and revenue of 3.45 billion.
In 2022, the rehabilitation centres segment dominated the market with the largest market share of 43% and revenue of 2.15 billion.
The application segment is divided into homecare, hospitals, ambulatory surgical centres and rehabilitation centres. In 2022, the rehabilitation centres segment dominated the market with the largest market share of 43% and revenue of 2.15 billion.
Advancement in market
July 2023 - Mercedes Benz, the legendary German automaker, has earned admirers with its most recent act of kindness by creating a wheelchair for a dog. For Bunny, the high-end automaker created a wheelchair specifically for him. For her, Mercedes Benz created a wheelchair that was specifically designed. These wheels will greatly expand Bunny's horizons and increase her adaptability.
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Market Dynamics
Driver: the growing elderly population.
The share of the old population has increased significantly, especially in developed countries, due to the demographic shifts seen worldwide over the past few decades. Given improvements in healthcare and general living circumstances, there are now more older people because life expectancy has grown. Birth rates have also fallen due to lifestyle modifications, easy access to contraception, and increased family planning awareness. Because of their advanced age and decreased bone and muscle mass, the elderly population has restricted or limited mobility, negatively affecting their cognitive capacities. Wheelchairs help the elderly maintain mental and physical health while giving them freedom and independence in everyday activities without burdening others. The growing elderly population will so fuel the expansion of the wheelchair market globally.
Restraints: wheelchairs' high price in low- and middle-income nations.
Both developed and developing nations are home to most wheelchair producers. They produce these goods and then distribute them globally. Without any assistance from government healthcare programmes, the populace in low- and middle-income nations must pay the customs and shipping fees to purchase these wheelchairs, dramatically raising the cost of the wheelchair. Wheelchairs' accessibility and high cost will constrain the market's expansion.
Opportunities: research, development and innovations.
The creation of novel automated devices is necessary since people who are paralyzed or quadriplegic have very limited independent mobility. Their requirements are distinct from those of typical wheelchair users who are disabled or elderly. As a result, manufacturers of automated wheelchairs with panel-based control systems have created these devices to help paraplegics carry out their daily duties more independently. Market participants are also investing in technologies that allow wheelchair controls to incorporate neuron transmitters so the user can move about by sending commands from their brains. During the anticipated period, these technological advancements will present attractive prospects to industry participants in the wheelchair market worldwide.
Challenges: the lack of insurance coverage
Wheelchairs are not covered under insurance, shifting the entire financial burden on the user. This often makes it unaffordable for them, given the lack of income or opportunities with restricted mobility. Furthermore, the corruption, bureaucracy, red tape and lack of funding for provisioning wheelchairs to the needy make it inaccessible and contributes to limiting the market's growth.
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Some of the major players operating in the global wheelchair market are:
• Carex Health Brands, Inc.
• Drive Medical Design & Manufacturing
• Graham-Field Health Products, Inc.
• Invacare
• Karman Healthcare
• Medline Industries Inc.
• Ottobock
• Pride Mobility Products Corp.
• Quantum Rehab
• Sunrise Medical LLC
Key Segments cover in the market:
By Product Type
• Manual
• Electric
By Category
• Pediatric
• Adult
By Application
• Homecare
• Hospitals
• Ambulatory Surgical Centres
• Rehabilitation Centres
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the UK, Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyses driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes Porter's five forces model, attractiveness analysis, Product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirements whether they are looking to expand or planning to launch a new product in the global market.
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