ID: MRFR/HC/6933-CR | February 2020 | Region: Global | 158 pages
The wheelchair market was valued at USD 3,720.47 million in 2019 and is expected to register a CAGR of 6.48% during the forecast period of 2020 to 2027.
A wheelchair, fitted with wheels, is used to transport individuals who are unable to walk due to diseases, illnesses, or disabilities. Wheelchairs are primarily used by the differently-abled and geriatric population worldwide. Electric wheelchairs are used by elderly and disabled people, as they face difficulties operating a manual wheelchair effectively. Manual wheelchairs are lightweight and require less maintenance compared to electric wheelchairs.
The global wheelchair market is mainly driven by the rising geriatric population, and the increasing use of wheelchairs in fields such as athletics is anticipated to drive the market growth of the global Wheelchair market.According to the World Health Organization (WHO), the world population above 60 years will almost double from 12% to 22% by 2050. This increase in the geriatric population will ultimately result in an increased demand for wheelchairs. However, the cost of electric-powered wheelchairs is high compared to their manual counterparts, which islikely to hamper the market growth.
The rising prevalence of COVID-19 is projected to influence market growth over the forecast period. As the coronavirus outbreak continues, the majority of medical device companies experienced a significant loss, thereby hampering the wheelchair market. The wheelchair production and supply have also been affected by the pandemic. Therefore, it is expected that there will be a slight decrease in the growth rate of the global wheelchair market during the forecast period.Moreover, owing to the increased priority for COVID-19 treatment, other surgeries, mainly leg-related, can be postponed. Therefore, the demand for wheelchairs that are required for these patients after surgeries is expected to decrease to some extent during the pandemic.
An increase in age is accompanied by loss or decrease in the functionality of organ systems resulting in dependency for day-to-day activities. For instance, in the case of arthritis, joint pain causes reduced leg and lower body movement leading to restriction in locomotion. According to the WHO, it is estimated that the world population above 60 years will almost double from 12% to 22% by 2050. This increase in the geriatric population will ultimately result in an increased demand for wheelchairs. According to The United Nations (UN), in 2017, the population of people aged above 60 years was 549.2 million in Asia and 183 million in Europe, and is expected to be 1,273.2 million and 247.2 million in these regions, respectively. These factors are expected to boost the growth of the global wheelchair market during the forecast period.
Essentially, two types of wheelchairs, manual and powered, are available in the market. Manual wheelchairs are not battery propelled and need to be operated manually. Most of the users are aged and disabled, thus are dependent on others to operate their wheelchairs. An alternative to manual chairs is powered wheelchairs, which run on a power source and can be operated by patients themselves. However, the cost of these powered wheelchairs is high compared to manual counterparts. Thisis expected to restrain the global wheelchair market growth during the forecast period.
Key players are constantly involved in the launch of new wheelchairs and related products in the market. For instance, in March 2019, Yamaha Motor Corp., US, announced the launch of its NAVIGO joystick power system for wheelchair riders. NAVGIO is a transportable and effective joystick power system that can be integrated with manual wheelchair frames. Such new product launches provide a significant opportunity for manufacturers to increase their market share.
Value Chain Analysis / Technology Analysis / Regulatory Implications
The global wheelchair market is growing significantly and is expected to witness an upsurge during the forecast period. This is due to the increasing R&D initiatives by key players, the rising geriatric population, and the growing popularity of Paralympics. The value chain analysis for the wheelchair industry comprises four major components—raw material sourcing, manufacturing of the wheelchairs, distribution and sales, and end users. As the product has to be user-oriented, the value chain analysis of the wheelchair industry ends with user feedback and is thus different than other industries.
The global wheelchair market has been divided based on product, category, and end use.
The global wheelchair market, based on region, has been divided into the Americas, Europe, Asia-Pacific, and Middle East & Africa.
The Americas is likely to hold the largest share of the global wheelchair market during the assessment period due to the well-developed healthcare sector and leading players. Moreover, the high popularity of Paralympics in the region further drives the growth of the Wheelchair market.
Europe held a substantial share in the global wheelchair market.This can be attributed to the increasing support from the government, the presence of a huge geriatric population, and high healthcare spending.According to the report published by the European Union, the healthcare expenditure in European nations was around 9.6% of the total gross domestic product.
Asia-Pacific is estimated to be the fastest-growing region globally dueto the huge patient population and rapid development in technology. Moreover, the Economic and Social Commission for Asia-Pacific estimated that in 2016, about 12.4% of the population within the region was aged 60 or more and is expected to reach 1.3 billion by 2050. This increasing obese population, in turn, is expected to increase the demand for the wheelchair in the Asia Pacific market.
Middle East & Africa:
The wheelchair market in Middle East & Africa is expected to register steady growth during the review period due to developing healthcare infrastructureand continuously increasing demand for products.
|Market Size||2027: USD 3,720.47 million|
|Historical Data||2017 & 2018|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Product, Category, End Use, and Region|
|Geographies Covered||North America, Europe, Asia-Pacific, Rest of the World|
|Key Vendors||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).|
|Key Market Opportunities||• Product launches • Mergers & acquisitions • Expansion in emerging markets|
|Key Market Drivers||• Increasing geriatric population • Increasing popularity of Paralympic games|
Frequently Asked Questions (FAQ) :
The global Wheelchair market is projected to reach a valuation of USD 4.8 Billion by 2028
The global Wheelchair market is projected to grow at approximately 7.9% CAGR during forecast period (2021-2028).
Increasing popularity of Paralympic games.
North America holds the largest share in the global Wheelchair market followed by Europe and Asia Pacific, respectively.
Ottobock (Germany), Drive Medical (US), Quantum Rehab (US), Karman Healthcare, Inc. (US), GF Health Products, Inc. (US), Pride Mobility Products Corp. (US), Sunrise Medical (Germany), Invacare Corporation (US), and Levo AG (Switzerland), Medline Industries, Inc. (US), are some of the major players operating in the Wheelchair market.
This table of content is tentative and subject to change as the research progresses.
Please Note: Financial details of company cannot be provided if the information of the company is not available in public domain and or reliable source.