Global Electric Wheelchair Market Size (2022-2030) Share, Industry Trends, Growth, Challenges, and Forecast: Custom Market Insights

The Global Electric Wheelchair Market Size was valued at USD 3.8 billion in 2021 and is expected to reach USD 4.5 billion in 2022, and is estimated to reach USD 7.14 billion by the end of 2030 at a CAGR of approximately 7% during the forecast period 2022-2030.

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The Electric Wheelchair Market: Overview

An electric wheelchair is a battery-powered, motorized wheelchair preferred by people with disabilities or medical conditions. These wheelchairs can be partially disassembled for transit and typically have four or six wheels.

Due to their independence preferences or lack of upper body strength, some people choose electric wheelchairs over manual wheelchairs. Electric wheelchairs, which resemble mobility scooters and offer more comfort, storage space, armrests, and joysticks for controlling wheelchair movement, have begun to appear on the market due to technological advancements.

The Electric Wheelchair Market: Growth Drivers

• Rising elderly population

Owing to the development of medical technology and healthcare infrastructure, the proportion and number of older people in every nation's population are rapidly increasing. For instance, the Department of Economic and Social Affairs reports that there were almost 703 million people worldwide in 2019 who are 65 or older. By 2050, it is expected that there will be 1.5 billion older people, a growth rate of 16%.

Additionally, there is a growing global need for mobility assistance devices due to the prevalence of neuromuscular and physical mobility illnesses like multiple sclerosis, muscular dystrophy, and peripheral neuropathy. For instance, the Cleveland Clinic estimates that 5.4 million Americans, or around 1 in 50 people, have some paralysis.

As patients with the above problem use electric wheelchairs more frequently, the prevalence of physical immobility issues is predicted to rise, boosting sales in the global market.

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• Favorable reimbursement policies in certain countries

The market will also benefit from the favorable reimbursement environment in developed economies. For example, the Part B of Medicare covers power-operated vehicles, with users responsible for just 20% of the total cost and Medicare covering the remaining 80%. This is only true if the doctor issues a formal order stating that a wheelchair is required at home.

The Electric Wheelchair Market: Key Insights

• Per the analysis shared by our research analyst, the Electric Wheelchair market is estimated to grow annually at a CAGR of around 7% over the forecast period (2022-2030).
• In terms of revenue, the Electric Wheelchair market was valued at around USD 3.8 billion in 2021 and is projected to reach USD 7.14 billion by 2030. Due to a variety of driving factors, the market is predicted to rise at a significant rate.
• Based on product segmentation, the center-wheel drive segment is projected to witness a high CAGR from 2022 to 2030.
• Based on type segmentation, the adult segment is estimated to hold the dominant market share in 2021.
• The home-care setting segment is estimated to notice tremendous growth based on type segmentation.
• Based on geography/region, the North American region was the leading revenue generator in 2021.

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The Electric Wheelchair Market: Recent Development

• 2022: The Invacare Corporation has unveiled the e-fix eco, a power-assisted device of the next generation. With the help of a joystick, this revolutionary technology makes it possible to convert a wheelchair that is now being used often into a portable power wheelchair. In this invention, batteries and in-wheel motors were used.
• 2021: A new generation of rear-wheel drive electric wheelchairs, the AVIVA Storm RX, has been introduced by Invacare, a leading American manufacturer of non-acute medical equipment such as wheelchairs and mobility scooters. The wheelchair features an LED lighting system, adjustable loan compensation interpreters, and a special open stack design that allows the legs to tuck under the chair by up to 7 degrees. Such product introductions will likely increase demand in the North American market.

The Electric Wheelchair Market: Prominent Players

Permobil AB
Invacare Corp.
OttoBock Healthcare GmbH
Pride Mobility Products Corp.
Sunrise Medical Limited
Hoveround Corporation
MEYRA GmbH
LEVO AG Invacare Corp.
Medical Depot Inc.
GF HEALTH PRODUCTS INC

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The Electric Wheelchair Market: Segments

By Product

Center Wheel Drive
Standing Electric Wheelchairs
Rear Wheel Drive
Front Wheel Drive

By Type

Adult Wheelchairs
Pediatric Wheelchairs

By End-Users

Hospital
Home-Care Setting

The Electric Wheelchair Market: Regions

North America

The U.S.
Canada
Mexico

Europe

France
The UK
Spain
Germany
Italy
Rest of Europe

Asia Pacific

China
Japan
India
Australia
South Korea
Rest of Asia Pacific

The Middle East & Africa

Saudi Arabia
UAE
Egypt
Kuwait
South Africa
Rest of the Middle East & Africa

Latin America

Brazil
Argentina
Rest of Latin America

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This release was published on openPR.