New York, Jan. 25, 2024 (GLOBE NEWSWIRE) -- The global wheelchair market size is projected to grow at a CAGR of over ~7% from 2023 to 2033. The market is expected to garner a revenue of USD 14 billion by the end of 2033, up from a revenue of ~USD 4 billion in the year 2022.The growth can be attributed to the growing demand for wheelchairs across the globe since it is one of the most widely used assistive devices to improve mobility and quality of life for individuals who have difficulty walking which aids in enhancing their physical well-being and standard of living.
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More than 74 million individuals worldwide require a suitable wheelchair; but, more than 85% of those in need do not have access to one. Moreover, there is an additional requirement for more than 3,400 wheelchairs per day due to the growing world population.
Growing Elderly Population to Boost Market Growth
The number of elderly people worldwide is increasing at a never-before-seen pace which has increased the prevalence of impairments, leading to a higher demand for wheelchairs. For instance, lately, more than 240 million older adults suffer from moderate to severe disabilities, accounting for over 45% of all persons 60 years of age and older. Particularly, the medical condition known as frailty, which is typically characterized by problems such as decreased muscle strength and weariness is known to occur in over 25% of the senior population over 75. The majority of those who routinely use wheelchairs are elderly people as it can help with mobility issues to provide greater independence and also improve their quality of life.
Wheelchair Market: Regional Overview
The market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Growing Number of Sports-Related Injuries to Drive the Growth in the North America Region
The wheelchair market in North America region is estimated to garner the largest revenue by the end of 2033. American football is the most popular competitive sport with the greatest injury rate in the country because of their proximity and regular interaction. For instance, in the US, sports are played by over 25 million children and teenagers annually, and more than 3 million sports-related injuries are reported. Particularly, football-related injuries are thought to cause more than 1 million injuries every year. athletes with impairments including cerebral palsy, muscular dystrophy, multiple sclerosis, and quadriplegia have been shown to have a notably high prevalence of overuse injuries associated with sports, which could result in a person needing a permanent wheelchair. Additionally, more than 42 million Americans live with impairments overall and an estimated 3 million people use wheelchairs, with more than 1 million of them being 65 years of age or older.
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Growing Burden of Chronic Diseases to Drive the Growth in the Asia Pacific Region
The Asia Pacific wheelchair market is estimated to garner the largest revenue by the end of 2033. Chronic diseases such as cardiovascular diseases, mental health disorders, diabetes, and cancer are growing in India and are considered the leading causes of death and disability in the country. For instance, In India, it is estimated that more than 20% of the elderly suffer from at least one chronic illness. Moreover, India's metropolitan areas have a far greater frequency of chronic ailments than its rural ones which is said to affect many of the middle-aged and older population's health due to undernutrition, air pollution, tobacco smoking, physical inactivity, harmful alcohol consumption, overweight, and bad diets. The main illnesses that cause impairment are chronic illnesses particularly musculoskeletal and cardiovascular problems, accounting for more than 66% of cases. These factors have led to an increase in the demand for and use of wheelchairs in the region. Additionally, every year, more than 250,000 people in China lose their lives in traffic accidents and around 1 million adults suffer from disabilities, leading to an increasing need for wheelchairs.
Wheelchair Segmentation by Product
- Manual Wheelchair
- Powered/Electronic Wheelchair
- Smart Wheelchair
The powered/electronic wheelchair segment is anticipated to hold the largest revenue by the end of 2033. This is largely due to the introduction of more efficient power/electronic wheelchairs. For instance, in January 2022 Invacare Corporation a world leader in the production of home medical equipment that has improved the quality of life for those with impairments launched Invacare AVIVA STORM RX a Narrow Base Power Wheelchair with multiple novel features including reduced seat dimensions, and lighter weight. Furthermore, this powered wheelchair offers customers the smoothest possible ride quality without worrying about what's behind them and also contributes to a quiet and comfortable driving experience both inside and outside. Additionally, power wheelchairs can boost the freedom of the aging senior population and change their mobility as they are safer and more durable, can fit into smaller areas, and are easier to park at a table for eating.
Wheelchair Segmentation by Verticals
- Handicapped
- Neurologically Impaired
- Others
The handicapped segment in wheelchair market is anticipated to hold the largest revenue by the end of 2033. The growth can be attributed to the growing number of individuals living with disabilities across the globe driven by the growing elderly population, accidents, overwork, exposure to chemicals, and an increase in the prevalence of noncommunicable diseases. For instance, more than 14% of the global population, are thought to be disabled. Wheelchairs are often used by people with mobility impairments because they give them the mobility to go about and engage in regular physical activity. Additionally, the number of persons experiencing disability as a result of traffic accidents appears to be increasing, which is expected to drive the demand for wheelchairs. According to estimates, road traffic accidents account for over 20% of hospital admissions, and most of the patients have varied degrees of disability.
A few of the well-known indsutry leaders in wheelchair market that are profiled by Research Nester are Medline plc, Medical Depot, Inc., Numotion LLC, Seating Matters Global Ltd, Karman Healthcare, Sunrise Medical LLC, Invacare Corporation, Carex Health Brands, Inc., Pride Mobility Products Corporation, GF Health Products, Inc., and other key market players.
Recent Development in the Wheelchair Market
- Sunrise Medical LLC introduced a premium and most advanced made-to-measure manual wheelchair range trusted by multiple professional athletes, RKG in North America to deliver top-notch performance for dedicated athletes.
- GF Health Products, Inc. launched The Everest & Jennings PureTilt Tilt-in-Space Wheelchair with an ergonomic, contoured back that has adjustable height created by an occupational therapist, to offer patient-centered transitions that are safe and autonomous.
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