Reports and Insights (R&I) has published a new report titled, “Wheelchair Market: Opportunity Analysis and Future Assessment 2020 to 2028”
Global Wheelchair Market, by Product Types (Manual Wheelchairs & Electronic Wheelchairs), By Weight (Lightweight Wheelchair & Heavy Wheelchairs), By Modality (Pediatric Powered Wheelchairs & Adult Powered Wheelchairs) by End User (Hospitals, Clinics, Ambulatory Surgical Centers, Home Care Settings, & others) and By Region (North America, Europe, Asia Pacific, Latin America, Middle East, & Africa) is expected to grow at a significant CAGR for the period between 2020 and 2028.
The global wheel chair market in 2020 is estimated for more than US$ 5.5 Bn and expected to reach a value of US$ 9.6 Bn by 2028 with a significant CAGR of 7.3%
As per the report, wheelchairs are assistive mobility devices that help people that are physically affected and are not able to perform their daily activities normally. They are segregated into major four categories that define the new edge of mobility devices such as general-purpose, power wheelchairs, motorized wheelchairs, and manual sports wheelchairs. Manual wheelchairs are common in their kind and may be operated by the user’s hand or can be propelled by the other person.
The increasing geriatric population, increasing various disabilities, and increasing prevalence of chronic disease are some of the major factors which is expected to propel the growth of the market around the globe.
On the basis of product type, the market is segmented into an electric wheelchair and manual wheelchair. In terms of revenue, a manual wheelchair is accounted to hold the largest market share in 2018. Owing to the low cost of the product and easy availability and a large number of local manufactures. Whereas, in near future, it is expected that electric wheelchairs will take a lead and grow at a higher CAGR and at a high annual growth rate in comparison to a manual wheelchair. Owing to the self-reliability and self-manageability. Additionally, electric wheelchairs are known to have a prevalent quality slowing mechanism, particularly to keep wheelchairs from incidentally rolling, and are helpful to utilize, permitting portability through a basic development of the joystick. Hence, developing mindfulness about such highlights is expected to drive electric wheelchair segment growth over the forecast period.
Furthermore, Reports and Insights (R&I) Study identifies that, In terms of regional segmentation, the market is segmented into six regions i.e. North America, Latin America, Asia Pacific, Europe, Middle East, and Africa. In terms of revenue, North America is accounted to hold the largest market share in the year 2018. Owing to the availability of key players in the market, the high adoption rate of advanced wheelchairs, and the increasing disabled populace in the region.
On the other hand, Asia Pacific region is projected to show the highest growth rate in comparison to other regions mainly due to the increasing disposable income and changing lifestyle, and increasing prevalence of chronic diseases.
R&I Study identifies some of the key participating players in the Wheelchair market globally are Invacare Corporation, Sunrise Medical LLC, Permobil AB, Pride Mobility Products Corporation, LEVO AG, GF Health Products, Inc., MEYRA GmbH, Aspen Seating, Drive Medical, Hoveround Corporation, Aquila Corporation, EASE Seating System, Eagle Sportschairs LLC, Medical Depot Incorporation and others.
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