Wheelchair Market To Reach USD 9.08 Billion By 2030: Growing geriatric population

The global wheelchair market is expected to reach USD 9.08 Billion by 2030, according to a new report by Reports and Data. The wheelchair is an assisted walking device to improve the quality of life by supporting personal mobility-related issues in people who have troubles in walking, such as individuals with spinal cord injuries leading to muscular dystrophy, among others. Wheelchairs offer freedom to the disabled person and caretaker, enabling them to carry out daily tasks with convenience. Besides, providing mental health and social benefits, a wheelchair improves the physical health by aiding in the reduction of general problems comprising deformities progression, pressure sores, and better metabolism and respiration.

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As per the Global Health and Aging report published by the WHO (World Health Organization), the number of people aged 65 years or older is estimated to increase from a projected 524 million in 2010 to approximately 1.5 billion by 2050, with significant percentage of increase in developing economies. Additionally, the number of people aged 65 years or older is anticipated to considerably surpass children younger than 5 years of age by 2050. Aging leads to the deterioration of facet joints resulting in several spinal disorders. Thus, the increasing prevalence of diseases in the growing geriatric population is likely to propel the growth of the market in the forecast period. Furthermore, the increasing use of medical insurance by the geriatric population and the middle-age population has ensured that they receive medical help at a reduced cost. Thus, insurance companies assist in covering mobility devices by reimbursing and making them much more affordable for consumers. The support from various government, private, and international insurance organizations are expected to boost the market demand globally.

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COVID-19 Impact:

The COVID-19 pandemic is having a significant impact on the wheelchair industry. Demand for the product has seen an increase in demand to assist the mobility of COVID-19 infected patients, especially the elderly. However, the shutdown of the manufacturing sector and lockdown restriction is causative of the disruption of the value chain, which, in turn, has an impact on the supply of wheelchairs.

Further key findings from the report suggest

• By type, manual wheelchairs contributed to a larger market share in 2019. These types of wheelchairs are cost-effective and require slight maintenance and little room. Manual wheelchairs can be easily controlled and configured to fulfill the users' requirements. Further, these can be conveniently transported and offer foldable alternatives for easy carrying and storage.

• By application, the pediatric application is estimated to grow at a faster rate of 6.1% in the forecast period, attributed to increasing occurrences head injuries and amputees, among others, as well as conditions like spina bifida.

• By end-user, homecare held the largest market share in 2019, owing to the growing geriatric population demand for the assistance in mobility in their homes or for personal use

• The market in the Asia Pacific is expected to grow at the fastest rate of 7.5% in the forecast period, attributed to the presence of a large population base in countries like China and India, and a rise in the level of disposable income of the people in the region. Further, Japan, with a high ratio of the aging population, is also a significant contributor to the market growth.

• Key participants include Drive Medical Design & Manufacturing, Carex Health Brands Inc., Medline, Invacare, Karman Healthcare, Pride Mobility Products Corporation, Quantum Rehab, Sunrise Medical LLC, Graham-Field Health Products Inc., and Numotion, among others.

• In March 2020, Invacare Corporation made an announcement about the introduction of the Invacare® AVIVA™ FX Power Wheelchair, an innovative and state-of-the-art front-wheel-drive power device.

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For the purpose of this report, Reports and Data have segmented the global wheelchair market on the basis of type, application, end-user, and region:

Product Outlook (Revenue, USD Billion; Volume, Thousand Units; 2019 - 2030)
• Manual
• Electric

Category Outlook (Revenue, USD Billion; Volume, Thousand Units; 2019 - 2030)
• Adult
• Pediatric

Application Outlook (Revenue, USD Billion; Volume, Thousand Units; 2019 - 2030)
• Homecare
• Hospitals & Clinics
• Rehabilitation Centers
• Ambulatory Surgical Centers

Regional Outlook (Revenue, USD Billion; Volume, Thousand Units; 2019 - 2030)
• North America
o U.S.
o Canada
o Mexico
• Europe
o Germany
o U.K.
o France
o Italy
o Spain
o Sweden
o BENELUX
o Rest of Europe
• Asia-Pacific
o China
o India
o Japan
o South Korea
o Rest of APAC
• Latin America
o Brazil
o Rest of LATAM
• Middle East & Africa
o Saudi Arabia
o UAE
o South Africa
o Israel
o Rest of MEA

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This release was published on openPR.