Global Wheelchair And Components Market and Drivers & Restraints Affecting its Growth; PMR Unleashes the Forecast for 2022-2030

The wheelchair and components market is estimated to grow at a rate of 3.8% over the next period by 2030 . Integration with virtual reality solutions should dominate the roost in the forecast period. Augmented reality could be used to access information and reports while managing patients or without having to abandon existing operations, even in fully hands-free mode, by voice command or by automatically displaying supporting data. This would be the health care vertical in the future.

Recent developments in research areas such as computing, robotics, artificial intelligence and sensor technology are expanding the range of possible applications that support people with disabilities. Power wheelchairs extend the capabilities of standard power wheelchairs by introducing navigation control and intelligence.

Several techniques have been proposed to enable people with disabilities, including quadriplegics, to control mechanized wheelchairs, including eye development, hand movement, brain-based controlled structures, EEG-based structures, and etc. Manufacturers are continually working to bring technologically advanced wheelchairs to market.

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The nationwide Covid-19 outbreaks in large economies have negatively impacted wheelchair and component sales due to lockdowns and reduced visits to health centers. The freezes have also led to a slowdown in manufacturing activities, creating a gap between supply and demand. However, the market is expected to return to its normal growth trajectory in 2021.

According to the revised analysis by Persistence Market Research due to the ongoing COVID-19 pandemic, the global wheelchair and components market is estimated to be valued at US $ 11 billion in 2020, with an expected CAGR of nearly. 4% compared to the forecast period (2020-2030).

Company profiles:

Invacare Corporation
Sunrise Medical Inc.
Permobil AB
Ottobock Healthcare GmbH
21st Century Scientific Inc.
Meyra Wilhelm Meyer GmbH & Co. KG
Pride Mobility Products Corp.
Hoverround Corp.
Panther AB
Tetra equipment
Custom wheels
The Wheelchair Seat, LLC
Alber (Frank Mobility)
Intelliwheel
LEVO AG
SEGWAY INC.

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Key points of the market study

In terms of product, wheelchairs dominated the market, holding a share of over 50%. However, wheelchair components will experience greater growth during the forecast period at a CAGR of more than 4%.

By modality, light wheelchairs occupy an important share, as they are easier and more convenient to use.

As the United States continues to dominate the market, emerging countries like China and India will experience significant growth, due to the increase in the number of patients in these countries.

The market in the US and Germany is expected to progress at a steady CAGR close to 4% through 2030.

The UK and India will exhibit a CAGR above 4%, while China will see higher growth near 5%.
The year 2020 saw the market grow more slowly at less than 3%, but 2021 will offer more opportunities for producers.

"The growing prevalence of spinal cord injury and related disabilities, along with increased government support and funding for wheelchairs, is expected to drive market growth over the next few years," says a Persistence Market Research analyst.

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Key players entering into collaboration, partnerships and acquisitions

Major players in the wheelchair and components market are focusing on regional acquisitions. The key strategy adopted by these manufacturers to remain competitive and establish a strong position is to identify potential small market players and acquire them.

For example, in March 2020, in order to expand its sports and electric mobility offerings, Sunrise Medical acquired Oracing, a Spanish designer and manufacturer of sports wheelchairs and electric products for electric mobility.
Therefore, such efforts by manufacturers to maintain a position of power in the market are expected to result in new product launches and greater regional coverage, which will lead to substantial market growth in the future.

Key insights into attendees

The global wheelchair and components market is set to expand its scope during the forecast period, with rapid technological advancements and the increasing prevalence of spinal cord injury and related disabilities as factors supporting the growth of the market. Furthermore, the increase in market consolidation activities by major players will also have a significant positive impact on this sector. Advances and developments in emerging countries like China and India promise profitable growth in these countries.

What else is there in the report?

Persistence Market Research offers a comprehensive research report on projected revenue growth globally, regionally and nationally and provides an analysis of the latest industry trends in each of the sub-segments from 2015 to 2030. The Global Wheelchair and Components Market it is segmented in detail to cover every aspect of the market and present the reader with a comprehensive market intelligence approach.

The study provides compelling insights on product basis (wheelchairs and wheelchair components), modes (standard transport wheelchairs, self-propelled wheelchairs, sports wheelchairs, standing wheelchairs, reclining wheelchairs, wheelchairs bariatric and light wheelchairs) and distribution channel (institutional sales and retail sales), in seven major regions of the world.

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