New York, USA, June 15, 2023 (GLOBE NEWSWIRE) -- Wheelchair Market Overview:
According to a Comprehensive Research Report by Market Research Future (MRFR), “Wheelchair Market Information by Product, Category, End-Use and Region—Forecast till 2032”, the market size was prized at USD 5.1 Billion in 2022 and is projected to grow from USD 5.43 Billion in 2023 to USD 8.97 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 6.48% during the forecast period (2023 - 2032).
Market Scope:
The growing number of senior and disabled people, increased public awareness of wheelchair accessibility, and technological advancements in wheelchair design are the key market drivers enhancing the market growth. The need for wheelchairs is increasing as the prevalence of chronic diseases such as arthritis, spinal cord injuries, and other mobility impairments rises. People who are unable to walk due to diseases, illnesses, or limitations use wheelchairs with wheels for transportation. The majority of wheelchair users are elderly or have special requirements. Elderly and disabled people who have difficulty using manual wheelchairs utilize electric wheelchairs. Manual wheelchairs are more lightweight and require less upkeep than electric wheelchairs.
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Report Scope:
| Report Attribute | Details |
| Market Size in 2032 | USD 8.97 Billion |
| CAGR | 6.48% |
| Base Year | 2022 |
| Forecast Period | 2023-2032 |
| Historical Data | 2021 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Product, Category and End User |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Geriatric population growth is fueling the market growth |
| Rising illness prevalence and Increasing healthcare spending |
Wheelchair Market Competitive Outlooks:
With the introduction of new items like these, manufacturers have a fantastic opportunity to increase their market share. The industry is highly competitive, with everyone competing to take a bigger share of the market. The major players are:
- Invacare Corporation (US)
- Ottobock (Germany)
- Drive Medical (US)
- Pride Mobility Products Corp. (US)
- Quantum Rehab (US)
- GF Health Products, Inc. (US)
- Karman Healthcare, Inc. (US)
- Levo AG (Switzerland)
- Sunrise Medical (Germany)
- Medline Industries, Inc. (US)
Wheelchair Market Trends:
Market Drivers
The global wheelchair market is primarily driven by the aging population, and it is anticipated that increased wheelchair use in sports and other activities will spur industry growth. As the aging population grows, wheelchair demand will inevitably increase as well. People become dependent on others to perform daily duties as they age because their organ systems deteriorate or become less effective. For instance, joint pain from arthritis limits the range of motion in the lower body, which limits movement. Due to the market's quick growth, the demand for wheelchairs is expected to rise over the forecast period. The aging population, the rising interest in the Paralympics, and significant players stepping up their R&D efforts are the causes behind this.
Several factors, including an increase in the number of elderly and disabled individuals, heightened public awareness of wheelchair accessibility, and technological developments in wheelchair design, are contributing to the market's revenue growth. As the prevalence of chronic conditions including arthritis, spinal cord injuries, and other mobility disabilities rises, there is a growing need for wheelchairs. Worldwide population aging is also increasing demand for wheelchairs. Another important factor driving the revenue growth of the wheelchair sector is technological advancements. Wheelchairs that are more robust and lightweight have been developed as a result of the development of improved materials and design advances. For instance, the creation of wheelchairs made of titanium and carbon fiber has transformed the sector and improved wheelchair usability and comfort.
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Market Restraints
However, there is a sizable price gap between manual and electric wheelchairs, which is anticipated to limit market growth.
COVID-19 Analysis:
The rising prevalence of COVID-19 is predicted to influence market expansion over the projection period. The continuous coronavirus outbreak caused significant losses for most medical equipment companies, which negatively impacted the wheelchair market. The availability and production of wheelchairs have both been impacted by the outbreak. As a result, it is estimated that the growth rate of the global wheelchair market will somewhat slow down over the projected time. Furthermore, because COVID-19 therapy is being prioritized more than other procedures, particularly those affecting the legs, it's possible that additional surgeries will be delayed. As a result, it is projected that during the pandemic, there would be a little decrease in the demand for wheelchairs that are required for these patients after surgery.
Wheelchair Market Segmentation:
By Product
The electric wheelchair industry led the market in 2022. The market for electric wheelchairs is expected to grow significantly over the next years as a result of the advancements in technology. This development can be attributed, in part, to the fact that electric or power chairs give their users a high degree of comfort, mobility, and flexibility.
By Category
The market share for adult wheelchairs increased in 2019. Wheelchairs for adults are more in demand than wheelchairs for kids. The rise in adult functional incapacity brought on by chronic medical conditions is one factor contributing to this, among others. Around the world, adults over 60 commonly select electric wheelchairs.
By End User
The segment of home care settings held the largest market share in 2019 because of the rise in geriatric patients and accidents.
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Wheelchair Market Regional Analysis:
The Americas are predicted to hold the largest share of the global wheelchair market throughout the evaluation period due to the region's highly developed healthcare sector and leading players. The enormous local interest in the Paralympics and the growth of the wheelchair industry are further factors.
Europe dominated the wheelchair market in terms of share. The expanding government support, the sizable senior population, and the high expense of healthcare all contribute to this. According to research issued by the European Union, healthcare costs in European nations accounted for almost 9.6% of the entire gross domestic product.
Asia-Pacific is expected to experience the highest growth rate globally because of the vast patient population and the rapid development of technology. Additionally, according to estimates from the Economic and Social Commission for Asia-Pacific, 12.4% of the region's population, or close to 1.3 billion individuals, were 60 years of age or older in 2016. This rising obesity prevalence is expected to increase demand for wheelchairs in the Asia Pacific region.
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