Wheelchair Market Size Worth USD 9.5 Billion By 2024 | Future Trends, Growth Statistics, COVID-19 Impact Analysis and Indutry Trends

Wheelchair Market Size Worth USD 9.5 Billion By 2024 | Future Trends, Growth Statistics, COVID-19 Impact Analysis and Indutry Trends

Wheelchair Market
Wheelchair Market Size, Growth and Share Analysis By Product Type (Electric Wheelchair {Rear Wheel Drive Chair}, Manual Wheelchair {Sport Wheelchairs}), Accessories {Wheelchair Ramps}), End-User (Home Care Settings and Hospitals and Clinics) and Region – Forecast till 2024

Wheelchair Market Overview

The future of the global wheelchair market looks promising with opportunities in-home care and health institutions. The global wheelchair market firstly declined in 2020 due to the global economic recession led by COVID-19. However, the market has witnessed a speedy recovery by 2024. During this period, the market expects to generate revenue of USD 9.5 billion by 2024, with a CAGR of 2.80%, as reported by Market Research Future in its latest report.

The number of the aging population is escalating in haste worldwide. In January 2019, WHO stated in a study that the number of people between the age group of sixty years and older is probable to outnumber children younger than five years by 2020. In addition to that, the section of the world’s population above sixty years will double from 12% to 22% between the years 2015 to 2050. It proves that aging populaces are possible to affect the majority by mobility disorders. This, in turn, would boost the wheelchair market development during the forecast period.

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Wheelchairs are propelled wither manually or through automated systems and assist people in becoming more independent and mobile. Physical disabilities among children and adults are hurriedly rising across the world. As per the World Health Organization (WHO), in 2019, around 15% of the world’s population is suffering from diverse forms of disability. Furthermore, the intensifying geriatric population across the globe is probable to boost the demand for wheelchairs during the assessment period.

At the same time, the growing advancements in wheelchair technology, along with the rising awareness of these, have propelled the market growth during the foretell period. In combination with this, a surging number of product launches by players and favorable reimbursement policies are also liable to support the market growth during the forecast period.  Along with this, the rapid boost in the number of spinal cord injuries among the older population is anticipated to fuel market sales at a momentous rate during the forecast period. The mount in the prevalence of walking disabilities among every age group and the rising occurrence of lower extremity injury is also liable to boost the demand for wheelchairs during the forecast period.

Furthermore, rapidly mounting technological innovations in wheelchairs and the introduction of many products such as powered wheelchairs by numerous companies are possible to expand the sales of wheelchairs during the forthcoming years.

Wheelchair Market Segment Review

From the segmentation viewpoint, by the segment of the product, the market has included in a manual wheelchair, electric wheelchair, and accessories.

By the segment of the electric wheelchair, the wheelchair market has included rear-wheel drive chair, center wheel drive chair, and front-wheel drive chair. Additionally, the manual wheelchair segment is sub-segmented into the light and ultra-lightweight wheelchairs, standard manual wheelchairs, bariatric wheelchairs as well as sports wheelchairs.

By the segment of accessories, the wheelchair market has included postural support accessories, wheelchair ramps, wheelchair trays, armrest accessories, and batteries & chargers.

By the segment of end-user, the wheelchair market has included home care settings and hospitals and clinics.

Wheelchair Market Regional Outlook

The global wheelchair market, regionally, has included Europe, the Americas, Asia-Pacific, and the Middle East and Africa. The Americas grabbed the largest market share in the year 2018, and the regional market is predictable to schedule a CAGR of 2.24% during the forecast period. This is due to the occurrence of prime market players, the increasing incidence of chronic diseases, and rising aging population in the US and Canada.

Europe’s wheelchair market established generous growth in the market owing to the upward geriatric population and rising healthcare infrastructure.

Asia-Pacific is also estimated to be the fastest-growing region in the global wheelchair market owing to the existence of a vast patient population and escalating numbers of hospitals. China held a share of 27.7% in the Asia-Pacific wheelchair market back in the year 2018.

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Besides, the wheelchair market in the Middle East and Africa region might inflate owing to the increasing awareness about the limited access to and availability of treatment facilities in the region.

Wheelchair Market Vendors Landscape

The well-known vendors in the global wheelchair market are Ottobock (Germany), Drive Medical (US), GF Health Products, Inc. (US), Quantum Rehab (US), Levo AG (Switzerland), Pride Mobility Products Corp. (US), Medline Industries, Inc. (US), Sunrise Medical (Germany), and Invacare Corporation (US).

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Global Life Science Analytics Market size was valued USD 19,165.22 million in 2018 and is predicted to grow at an 11.91% CAGR between 2019- 2025

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