Wheelchairs Market to Reach Worth of US$ 6,253.6 Mn by 2026,
- Developed regions of the world have garnered revenue gains on the back of adoption of non-institutionalized users of wheeled mobility devices, rising sales in the segment contributing substantial share of revenues to market
- Demand for power mobility devices keeps opportunities in Asia Pacific market high, players focusing on meeting the needs of geriatric patients
ALBANY, N.Y, Aug. 20, 2020 /PRNewswire/ -- Rise in demand for wheeled mobility devices among people suffering some sort of disability has led manufacturers to aim at constant technology advances. They are aiming at offering better pneumatics in wheelchairs. They are also incorporating robotics to make them more collaborative and autonomous to use with their caregivers, making them easy to operate.
Analysts at TMR project the wheelchairs market to reach worth of US$ 6,253.6 mn by 2026-end.
Institutional users such as government organization, clinics, charities, and hospitals are aiming at meeting the autonomous mobility needs of elderly patient populations.
Government of developing countries have also increased their initiatives to have access to assistive devices to the affected population.
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Key Findings of Wheelchairs Market Report
- Of the various products, power segment held the dominating share in 2017
- Among the various end users in the wheelchairs market, personal use segment held the leading share in 2017
- Institutional use is a promising segment and is expected to remain so through 2026
- Geographically, North America was the leading market in 2017
- Asia Pacific market is expected to rise at remarkable pace during 2018 – 2026
- Among the various functions, standard segment held a major market share in 2017.
Explore pages of top-notch research and insights on Wheelchairs Market (Product - Manual, Powered; Function - Standard, Bariatric, Sports; End use - Institutional Use, Personal Use) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 – 2026 at https://www.transparencymarketresearch.com/report-toc/60672
Wheelchairs Market: Key Driving Factors and Promising Avenues
- Rising incidence of wheelchairs due to prevalence of autoimmune diseases in baby boomers is a key trend bolstering the prospects in the wheelchairs market. A prominent case in point is North America.
- Prevalence of lifestyle diseases and osteoporosis has led to large demand for mobility devices. The trend is prevalent especially in Asia Pacific.
- Rising demand for technologically advanced wheelchairs has increased substantially in developing regions. Changing demographics has been a key factor behind the growing demand.
- Growing population globally who are suffering with spine injury, and rheumatoid arthritis has boosted the prospects of the wheelchairs market.
- The market is also receiving momentum from a growing body of multidisciplinary studies on the utility of smart wheelchairs to improve the life of disabled patient population.
- New technologies have come to the fore. For instance, pneumatically powered waterproof powered system has gained some attention among patients and caregivers.
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Wheelchairs Market: Regional Assessment
Among the various regions in the wheelchairs market, North America is a vastly lucrative market. Rise in non-institutionalized users in countries such as the U.S. has boosted the demand for autonomous wheeled mobility devices. Not just these users, non-institutional segment is also rising at promising pace in the regional market. Prevalence of autoimmune diseases has also helped reinforce the revenue potential of the regional market.
Asia Pacific is expected to be a strikingly lucrative market during the forecast period. The opportunities in the regional market is driving is the demand for power mobility devices among geriatrics. The regional population has seen the availability of low cost devices. In addition, the affordability for these devices has also increased.
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Wheelchairs Market: Competitive Landscape Assessment
Most players in the wheelchairs market are leaning on integrating their products with robotics. Manufacturers are also focusing on the safety aspect in the path of product innovations. They take into account users' and caregivers' feedback.
Some of the promising players in the wheelchairs market are Karman Healthcare, GF Health Products Inc., Medical Depot, Inc., Pride Mobility Products Corp, Ottobock, Sunrise Medical LLC, and Invacare Corporation.
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The Wheelchairs Market can be segmented as follows:
- Institutional Use
- Personal Use
- North America
- Rest of Europe
- Asia Pacific
- Australia & New Zealand
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- GCC Countries
- Rest of Middle East & Africa
Explore Transparency Market Research's award-winning coverage of the global Healthcare Industry:
Personal Mobility Devices Market: The global personal mobility devices market is estimated to generate ~ US$ 11 Bn revenue in 2019, and is expected to expand at a CAGR of ~ 7% during the forecast period, increase in the geriatric population and large population suffering from physical disabilities are projected to boost the growth of the global market during the forecast period
Durable Medical Equipment Market: According to the report, the global durable medical equipment (DME) market was valued at US$ 153.1 Bn in 2018 and is anticipated to expand at a CAGR of 6.2% from 2019 to 2027, increasing number of people with one or more disabilities, rising government initiatives in preventive health care programs are projected to drive the global market during the forecast period
Mobility Aid Devices Market: The global mobility aid devices market is projected to reach US$ 13,826.1 Mn by 2026, expanding at a single digit CAGR during the forecast period. Increase in the geriatric population fuels the growth of the global mobility aid devices market. Moreover, economic growth, increase in adoption of technologically advanced products such as advanced powered wheelchairs for activities are expected to propel the Market
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