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Global Wheelchair and Components Market: Opportunities | Trends/Key Takeaways | Key Developments

11-23-2020 11:39 AM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Coherent Market Insights

Wheelchair and Components Market

Wheelchair and Components Market

R&D and launch of wheelchairs with advanced and smart technologies is expected to offer lucrative growth opportunities for players in the market. For instance, in January 2020, Segway unveiled its smart S-Pod transporting pod that can also operate as a wheelchair.

Moreover, increasing development of light-weight and low-cost components is also expected to aid in growth of the market. For instance, in December 2019, researchers at the University of Bayreuth, Germany, reported development of ‘multifibrillar polyacrylonitrile fibers’ that are lightweight, fully recyclable and offer high strength and toughness. Manual Wheelchairs segment in the global wheelchair and components market was valued at US$ 3,584.7 Mn in 2019 and is expected to reach US$ 4,849.3 Mn by 2027 at a CAGR of 3.4% during the forecast period.

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Major sport bodies are focused on organizing wheelchair sports tournaments, which is expected to boost demand for wheelchairs. For instance, The National Wheelchair Basketball Association organizes National Wheelchair Basketball Championship throughout the U.S. and Canada.

Major players in the market are focused on raising funds to expand their product portfolio. For instance, in December 2019, Ottobock SE & Co. KGaA, a provider of prosthetic limbs, orthotic supports, and wheelchairs, received financing of up to US$ 110 million from the European Investment Bank.

Key players in the market are focused on optimizing their wheelchair manufacturing facilities in order to enhance their market share. For instance, in February 2018, Invacare Corporation announced to transfer production of Küschall manual wheelchairs from its facility in Witterswil, Switzerland to its wheelchair manufacturing facility in Fondettes, France.

Key players in the market are also focused on introducing advanced technologies in its products to enhance their market share. For instance, in April 2018, Permobil Manual Wheelchairs, launched the new Precision Lock Back Angle Adjustment technology for its wheelchairs.

Major players operating in the global wheelchair and components market include:

OEM Companies: Invacare Corp., Ottobock, Permobil AB, Pride Mobility Products Corp., Handicare, Sunrise Medical, Hoveround, Panthera X, 21st Century Scientific, Inc., and Meyra Wilhelm Meyer GmbH & Co. KG

Tier 1 Component Suppliers Companies: Tetra Equipment GMBH, Custom Engineered Wheels, The Wheelchair Place, LLC, Alber GmbH, and Intelli Wheels

Material Suppliers Companies: E.I. DuPont De Nemours and Company, Toray Industries, Inc., Mitsubishi Rayon Co., Ltd., Toho Tenax, and Shanghai Cedar Composites Technology Co., Ltd.

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