The increasing number of geriatric patients, surging prevalence of obesity, developing post-treatment services, and improving healthcare infrastructure will drive the wheelchair market at a CAGR of 7.9% during the forecast period (2021–2025). The market was valued at $5,386.0 million in 2020, and it is projected to generate $7,818.5 million revenue in 2025. Moreover, the rising cases of spinal cord injuries (SCIs), surging awareness about wheelchair products, and escalating disposable income will also contribute to the market growth in the foreseeable future.
One of the key growth drivers of the wheelchair market is the mounting number of geriatric patients. According to the United Nations’ World Population Ageing 2019 report, the population of individuals aged 65 years or above will reach 1.5 billion, by 2050. As geriatric people have weak immune systems, they are highly prone to chronic diseases. Due to this reason, old people usually suffer from some kind of disability. Owing to these disabilities, the geriatric population is generating a high demand for wheelchairs across the world.
Request for sample copy of this report: https://www.psmarketresearch.com/market-analysis/wheelchair-market-outlook/report-sample
In recent years, rising technological advancements has become a prominent trend in the wheelchair market. The market players are constantly focusing on technological developments to manufacture convenient wheelchairs for patients. For example, in March 2020, Invacare Corporation launched Invacare AVIVA FX, a new range of powered wheelchairs. This wheelchair is equipped with technologically improved front-wheel power mobility with an open stack design. The tires, wheels and hubs, motors, and gearboxes of these wheelchairs can be easily removed. Some of the market players are also manufacturing powered wheelchairs for rugby, tennis, and basketball players.
At present, the wheelchair market is fragmented due to the presence of numerous small- and medium-scale players and very few large-scale players. Some of the prominent players in the market include Etac AB, Invacare Corporation, Ottobock SE & Co. KGaA, Pride Mobility Products Corporation, Yuwell-Jiangsu Yuyue medical equipment & supply Co. Ltd., Sunrise Medical (US) LLC, Ki Mobility, MEYRA GmbH, MATSUNAGA MANUFACTORY Co. Ltd., Medline Industries Inc., Hoveround Corporation, and Permobil AB.
Browse report with detailed COVID-19 impact analysis on Global Wheelchair Market Analysis and Growth Forecast to 2025
Globally, the North American wheelchair market generated the highest revenue during the historical period (2015–2020), and it is expected to retain its dominance throughout the forecast period. This can be ascribed to the booming number of geriatric patients in the region, especially in the U.S. Whereas, Asia-Pacific (APAC) is expected to showcase the fastest growth in the coming years, due to the soaring number of geriatric patients, increasing prevalence of chronic diseases, expanding medical tourism industry, surging incidence of disabilities among children and rising cases of accidents in the region.
Thus, the surging number of geriatric patients and rising technological advancements will boost the market growth in the foreseeable future.
Market Size Breakdown by Segment
By End User
By Distribution Channel
- North America
Browse Other Related Reports
Apart from Europe, the sales of hospital beds will also rise tremendously in North America in the future years, mainly because of the existence of several well-established hospital bed manufacturing companies, rapid advancements and innovations in technologies, soaring geriatric population, rising number of hospitals, and the increasing incidence of chronic diseases in the regional countries.
The European durable medical equipment market will register the fastest growth in the U.K. in the coming years. This is ascribed to the surging life expectancy of people and the increasing availability of various technologically advanced products in the country.
Company Name: P&S Intelligence
Contact Person: Abhishek
Email: Send Email
Address:Noida Sector 2