Electric Wheelchair Market To Increase At A CAGR Of 17.1% Through 2022

"Shift towards electric wheelchairs poses lucrative opportunities for key players in the market, as the movement on electric wheelchairs can be operated by the patient themselves, thereby reducing the dependency of patients on healthcare workers or family members. These power wheelchairs are more reliable and comfortable as compared to manual wheelchairs."

Electric wheelchairs market size was valued at $1,597 million in 2015, and is estimated to reach $4,846 million by 2022, growing at a CAGR of 17.1% from 2016 to 2022. North America accounted for around 47% share of the overall market revenue in 2015, owing to high purchasing power, increase in elderly population, and rise in consumer awareness. Asia-Pacific is anticipated to grow at the highest CAGR of 18.7% from 2016 to 2022.

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An electric wheelchair, also known as power wheelchair is a wheelchair that is propelled by means of an electric motor rather than manual efforts. Electric wheelchairs are light in weight, generally less than 100 lbs and offer mobility in a light package. These electric wheelchair offers compact size, ideal for confined spaces or narrow doorways.

The report segments the global electric wheelchairs market on the basis of product type and geography. Based on the type of the product, the market is categorized into front wheel drive, rear wheel drive, centre wheel drive, standing electric wheelchair, and others. Among these products, the centre and front wheel drive segments are majorly in demand and hold a combined share of around 63% in global electric wheelchairs market in the year 2015.

The key players profiled in the report are Drive Medical Ltd., GF Health Products, Inc., Invacare Corporation., Karman Healthcare, LEVO AG, MEYRA GmbH, OttoBock Healthcare GmbH, Pride Mobility Products Corp, Permobil AB, and Sunrise Medical Limited.

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According to the National Institute of Health and Ageing (NIH), the global population of elderly people (aged 65 and above) will rise to 1.6 billion by 2050. The global electric wheelchairs market is fragmented with both small and large players and other small brands and local non-branded products. Invacare Corp., Pride Mobility Products Corp., Sunrise Medical Limited, and Permobil AB are the prominent players in the global electric wheelchairs market.

North America accounted for the highest share in the global electric wheelchairs industry in 2015, and is expected to maintain its dominance throughout the forecast period, owing to growth in demand for power wheelchairs and increase in imports in the U.S. Asia-Pacific is anticipated to grow at the highest rate in the near future, owing to increase in urbanization & disposable income, rise in awareness about automated wheelchairs, and presence of high obese & elderly patient population.

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