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Global Wheelchairs Market to Reach $8.09 Billion by 2026; Increasing Cases of Physical Disabilities to Boost Growth: Fortune Business Insights™
Wheelchairs Market
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Research Methodology:
We follow a robust research methodology that involves data triangulation based on top-down, bottom-up approaches, and validation of the estimated market numbers through primary research. The information used to estimate the market size and forecast for various segments at the global, regional, and country-level is derived from the most credible published sources and through interviews with the right stakeholders.
The Growth rate or CAGR exhibited by a market for a certain forecast period is calculated on the basis of various factors and their level of impact on the market. These factors include market drivers, restraints, industry challenges, market and technological developments, market trends, etc.
What Does This Report Contain?
• Outline of the current wheelchairs market trends and future scenarios to determine the overall potential for achieving robust foothold in the market.
• Extensive information about the growth drivers, restraints, opportunities, and challenges.
• Regional analysis to help our clients in understanding the key investment areas.
Rising Geriatric Population Worldwide to Boost Growth
The number of aging population is increasing rapidly across the world. In January 2018, WHO stated in a study that the number of people between the age group of 60 years and older is anticipated to outnumber children younger than 5 years by 2020. In addition to that, the proportion of the world’s population above 60 years will double from 12% to 22% between 2015 and 2050. It proves that the aging populaces are likely to be affected the most by mobility disorders. This, in turn, would propel the wheelchairs market growth during the forecast period.
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North America to Dominate Stoked by Presence of Key Manufacturers
In terms of region, the market is fragmented into Latin America, North America, Europe, Asia Pacific, and the Middle East and Africa. Out of these, North America is set to lead the market in the coming years. The region acquired USD 1.98 billion wheelchairs market revenue in 2018. This growth is attributable to the upsurging geriatric population, as well as the rising number of people affected by various mobility impairment disorders. Besides, in the U.S., several pre-existing major mobility devices manufacturers are expected to contribute to the market growth.
Asia Pacific, on the other hand, would experience a speedy growth owing to the increasing cases of accidental injuries. Combined with this, the surging incidence of developmental disabilities in children would also augment growth in this region. As per the ‘World Population Ageing 2017’ report by the United Nations (UN), the number of people above the age of 60 years in this region, is estimated to upsurge to nearly 1.3 billion in 2050 from 549 million in 2017. It would also affect the market positively in Asia Pacific.
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IIT Madras & Phoenix Launch Standing Wheelchair; Intel & Hoobox Unveil Wheelie 7 Kit
Industry giants present in the market are persistently striving to create new products and launch them to gain more wheelchairs market share during the forthcoming years. They are also focusing on collaborating with other prominent companies to expand their product portfolio.
Below are two of the key industry developments:
• November 2019: Phoenix Medical Systems, a medical device manufacturer based in Tamil Nadu, collaborated with the Indian Institute of Technology Madras, to design a ‘standing wheelchair.’ It allows a differently able person to incline between sitting and standing positions independently. The wheelchair is named ‘Arise’ and it costs Rs 15,000. It is available in the market in four sizes, namely, extra-large, large, medium, and small.
• December 2018: Hoobox Robotics, a provider of artificial intelligence (AI)-based technology, teamed up with Intel, an American multinational corporation, to develop the latest Wheelie 7 kit. It is an AI-based technology that aids the disabled users in controlling a motorized wheelchair by facial expressions. It produces real-time data to evaluate the movement of the wheelchair with the help of a special machine learning algorithm.
Fortune Business Insights™ lists out all the reputed companies present in the wheelchairs market. They are as follows:
• Ottobock
• GF Health Products, Inc.
• Invacare Corporation
• Pride Mobility Products Corp.
• Carex Health Brands
• Drive Medical Design & Manufacturing
• Sunrise Medical Limited
• Other key market players
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