Wheelchairs Market Growth is Attributed to Increased Prevalence Road accidents and Chronic Diseases

According to Precision Business Insights (PBI) latest report the global wheelchairs market is expected to be worth USD 4,487.9 million in 2022, growing at a 6.3% CAGR from 2022 to 2028. Global Wheelchairs Market segmented into the following types: by Product Type (Manual Wheelchairs, Electronic Wheelchairs), Weight (Light Weight Wheelchairs, Heavy Weight Wheelchairs), Modality (Pediatric Powered Wheelchairs, Adults Powered Wheelchairs), End-User (Hospitals, Clinics, Ambulatory Surgical Centers, Home Care Settings) and Geography (North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa) Forecast to 2028. Key players' profiles in the Wheelchairs market report are Carex Health Brands, Inc., Drive Medical Design & Manufacturing, Graham-Field Health Products Inc., Invacare, Medline, Sunrise Medical LLC, Karman Healthcare, Quantum Rehab, Numotion, Pride Mobility Products Corp. The rise in disabilities due to an aging population and the prevalence of chronic diseases is expected to continue to be a major driving factor for the market. Moreover, encouraging hospitals and healthcare facilities to use wheelchairs to improve the welfare of patients and healthcare workers. In addition, wheelchairs are employed in-home care settings to move patients securely and comfortably from one location to another. As a result of the unprecedented increase in the geriatric population, demand for wheelchairs is predicted to rise in hospitals and aged care facilities.

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Product Segments are Dominate the Wheelchairs Market:
Based on product type, the global wheelchair market is segmented into manual wheelchairs and electronic wheelchairs. The electric wheelchair market is anticipated to grow at a significant rate over the forecasting period due to the rise in the elderly population and increase in the prevalence of chronic diseases. Thus, hospitals and healthcare facilities use electrical wheelchairs to improve the welfare of patients and healthcare workers. Electric wheelchairs are more popular in developed countries owing to rise in disposable income and better availability of the products. Moreover, players are focus on the development and launch of newer products into market. For instance, In July 2020, Scewo, a Swiss-based company, launched Scewo Bro, an electric wheelchair that can climb up and down the stairs independently and smoothly. It is for now available in Switzerland, Austria, and Germany.

North America Leads Wheelchairs Market:
North America held the highest share in the global wheelchairs market and the market is expected to grow at a significant growth rate over the forecast years due to the high target population and increased adoption of advanced wheelchairs. Moreover, the presence of many market players in the region will further boost the market growth during the forecast period. Moreover, Asia Pacific market is also anticipated to grow in the forecasting period owing to the rising population in economies like China and India. The expansion of the wheelchair market in this area is fueled by significant expenditures in healthcare. Asia Pacific accounts for 60% of the world's current population which also expected to grow wheelchair sales rapidly over the forecast period.

Strategic New Product Launches, Mergers, Acquisitions and Agreements are the key strategies adopted by market players:
Global Wheelchairs market further reveals that the key players increasingly adopting strategies such as launch of newer products, product launches, and long-term alliance to improve market revenue share and gaining significant geographic presence across the region.

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Detailed Segmentation
Based on the Product Type, the market is segmented into the following:
• Manual Wheelchairs
• Electronic Wheelchairs

Based on the Weight, the market is segmented into the following:
• Light Weight Wheelchairs
• Heavy Weight Wheelchairs

Based on the modality, the market is segmented into the following:
• Pediatric Powered Wheelchairs
• Adults Powered Wheelchairs

Based on the End User, the market is segmented into the following:
• Hospitals
• Clinics
• Ambulatory Surgical Centers
• Home Care Settings

Based on Geography, the market is segmented into the following:
• North America
• Europe
• Asia Pacific
• Latin America
• MEA

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This release was published on openPR.