Wheelchair Market Size, Industry Shares, Global Growth and Future Analysis

A number of factors such as the increasing number of elderly people, growing prevalence of obesity, improving healthcare infrastructure, and enhancing post-treatment services are expected to drive the wheelchair market at 7.9% CAGR during 2021-2025. In addition, the rising incidence of SCIs and road accidents will also steer the industry growth in the future. According to P&S Intelligence, the market was valued at $5,386.0 million in 2020, and it will generate $7,818.5 million revenue by 2025.

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The surging population of geriatric people is one of the primary growth drivers of the market. According to the UNDESA, the population of people aged 65 years or over will grow from 727 million in 2019 to 1.5 billion by 2050. Additionally, the surging burden of chronic diseases among the elderly, owing to their weak immune system, will create a high demand for wheelchairs worldwide as such illnesses often result in disabilities among them.

In recent years, the ongoing technological advancements in wheelchair design have become a key trend in the wheelchair market. These technological advancements aim to ease out the work of patients. For example, in March 2020, Invacare Corporation introduced the Invacare AVIVA FX, a new range of powered wheelchairs. This new product is equipped with technologically improved front-wheel power mobility with an open stack design, owing to which tires, motors, wheels and hubs, and gearboxes can be easily removed.

Currently, the wheelchair industry is fragmented in nature, due to the presence of numerous small- and medium-scale players and a few large-scale players. Some of the major players in the market include Yuwell-Jiangsu Yuyue medical equipment & supply Co. Ltd., Invacare Corporation, Hoveround Corporation, Medline Industries Inc., Etac AB, MATSUNAGA MANUFACTORY Co. Ltd., and Sunrise Medical (US) LLC. In recent years, major players have focused on product launches to gain a competitive edge in the market.

Globally, the North American wheelchair market generated the highest revenue in the preceding years, and it is expected to retain its dominance in the foreseeable future as well. This can be ascribed to the increasing geriatric population, especially in the U.S., because elderly people often face mobility issues. According to the U.S. Census Bureau, the population of people aged 65 years and more stood at 54.1 million in July 2019.

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On the other hand, the APAC wheelchair market is projected to demonstrate the fastest growth in the coming years. This will be on account of the growing number of elderly patients, rising incidence of chronic diseases, and booming medical tourism. In addition, the increasing cases of disabilities in children and the soaring incidence of road accidents will result in the loss of mobility, owing to which wheelchairs will be demanded in large numbers.

Therefore, the booming geriatric population and the ongoing technological advancements in wheelchair design will supplement the market growth, globally.

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