Preliminary research of Fairfield Market Research indicates a promising growth outlook for global wheelchairs market during the course of next few years.
Increasing Rate of Individuals with Disabilities to Influence the Wheelchairs Market Growth
Rising rate of disabilities prevail as key growth drivers for the wheelchairs market. In addition, there has been an increase in medical emergencies since past few years owing to factors such as industrial accidents, natural calamities, fire breakouts and other outdoor accidents. This has pushed the need for wheelchairs in healthcare facilities such as hospitals, in turn fuelling their sales globally. Furthermore, according to World Health Organization’s 2021 report, more than 1 billion individuals suffer from some form of disability globally each year. Also, according to Free Wheelchair Mission (FWM), around 70 million individuals worldwide require support of wheelchairs. In this backdrop, Free Wheelchair Mission has been attempting to distribute over 1 million wheelchairs since 2001 and aims to double the count by 2025. This factor remains instrumental in driving the growth of the wheelchairs market.
Additionally, rising healthcare expenditure coupled with increasing number of hospitals is expected to augur well for the wheelchairs market. Also, rising number of NGOs especially in developing regions have contributed towards the wheelchairs market growth by helping disabled individuals who have limited mobility options. In collaboration with government authorities, NGOs aim to offer better healthcare assistance alongside increasing scope of reimbursements for various mobility products such as wheelchairs. That said, the initiative to provide mobility to individuals using assisting devices is expected to increase product penetration rate, in turn complementing the growth of the wheelchairs market.
Mushrooming Geriatric Population to Bolster Growth of the Wheelchairs Market
Growing geriatric population continues to remain instrumental in driving the growth of the wheelchairs market. Aged individuals are prone to different disabilities such as spinal cord injuries, muscle weakening, knee and joint problems and other disabilities caused due to accidents. This has resulted in an increase in the healthcare expenditure with regards to investing in assisting devices such as wheelchairs for aged people. For instance, according to the Organization for Economic Cooperation and Development Health, the healthcare expenditure is likely to grow by 14% by end of 2060.
In addition, the rate and count of geriatric population is expected to further increase on the global front further influencing the sales of assisting devices, consequently aiding the wheelchairs market. For instance, according to World Health Organization, number of individuals aged 60 years and above is expected to grow more than 1.4 billion in the coming years to almost double or cross 2.1 billion by end of 2050. Also, by end of 2030, around 1 in 6 individuals would be in the age range of 60 years – 80 years on the global front. In this backdrop, rising aged population coupled with associated health issues and challenges is expected to influence the growth of the wheelchairs market in the forthcoming years.
Rising Technological Advancements to Bode Well for the Growth of the Wheelchairs Market
In the wake of rising cases of disabilities coupled with growing geriatric population, manufacturers of wheelchairs have been focusing on developing new products by leveraging technology. Private sector has been driving an integrative and a progressive approach towards technological advancements, thus facilitating the investigation and development of high-tech human assisting devices. The wheelchairs market being no exception has been undergoing continual improvements with regards to performance, design, convenience, and mobility.
By adopting new age technologies such as Artificial Intelligence (AI), manufacturers are introducing advanced wheelchairs that provide improved comfort and convenience to individuals and patients. For instance, in October 2021, KU Leuven Campus Bruges’s first spin off – CoMoveIT NV – introduced smart steering system for wheelchairs. Referred to as CoMoveIT Smart, this wheelchair uses AI, and sensors to recognize involuntary movements of users. Such developments are likely to cause positive disruptions in the wheelchair space, in turn providing an impetus to the growth of the wheelchairs market.
Powered Wheelchairs Likely to Account for a Significant Value Share in the Wheelchairs Market
The demand of powered wheelchairs is expected to increase significantly consequently surpassing their manual counterparts apropos from a selling standpoint. This can be attributed towards various functional benefits and operational advantages offered by powered wheelchairs. For instance, powered wheelchairs can be easily operated and controlled with minimal efforts as compared to manual wheelchairs. Moreover, rising technological advances in the powered wheelchair space has further pushed their demand and use. Other features such as lightweight, flexible design and long service life of powered wheelchairs continue to influence their sales, thus significantly contributing towards the revenue growth of the wheelchairs market.
North America to Prevail as a Major Revenue Pocket for Wheelchairs Market
The North America region is expected to cement dominance in the wheelchairs market. This is mainly owing to factors such as rising government support and superior healthcare infrastructure, paving new avenues for the wheelchairs market. Moreover, the region being technologically strong, presence of major players has been rising in the region. In addition, huge pool of technology providers in North America is also complementing the development of advanced wheelchairs for patients and individuals. Other macroeconomic factors such as rising healthcare expenditure backed by growing GDP per capita and increasing geriatric population and healthcare facilities is expected to complement the growth of the wheelchairs market in the region.
Wheelchairs Market: Competitive Landscape
New product launches and acquisitions among other growth strategies have been witnessed in the wheelchairs market. For instance, in 2021, Permobil acquired Progeo in a bid to strengthen its position in the Italian market thus enhancing its manual wheelchair portfolio in Europe. In 2020, Invacare Corporation introduced Invacare AVIVA FX Power Wheelchair. In August 2021, it also unveiled the Invacare AVIVA Tornado RX which is a back wheel powered product.
A few of the major players in the wheelchairs market include Invacare Corporation, GF Health Products Inc., Carex Health Brands, Pride Mobility Products Corp, Sunrise Medical Limited, Permobil AB, Ottobock, Panthera AB, Alber GmbH, Handicare International, and Medline.
Regional Classification of the Global Wheelchairs Market is Listed Below:
Middle East and Africa
*Regions and countries are subject to change based on data availability.
Key Elements Included In The Study: Global Wheelchairs Market
Post Sale Support, Research Updates & Offerings
We value the trust shown by our customers in Fairfield Market Research. We support our clients through our post sale support, research updates and offerings.
Considering the volatility of business today, traditional approaches to strategizing a game plan can be unfruitful if not detrimental. True ambiguity is no way to determine a forecast. A myriad of predetermined factors must be accounted for such as the degree of risk involved, the magnitude of circumstances, as well as conditions or consequences that are not known or unpredictable. To circumvent binary views that cast uncertainty, the application of market research intelligence to strategically posture, move, and enable actionable outcomes is necessary.View Methodology