Redefining Accessibility: Wheelchair Market to Expand at 3.2% CAGR, Hitting US$ 7.9 Billion by 2032

By the end of 2022, the global Wheelchair Market is anticipated to be worth US$ 5.7 billion, and it will grow at a CAGR of 3.2% to reach US$ 7.9 billion by the year 2032. According to a recent analysis by Future Market Insights, manual wheelchairs will hold the majority of the global market in 2021, with a share of roughly 70.5%.

Utilizing the skills and resources of the public, private, and nonprofit sectors is essential to fostering innovation and removing obstacles to accessibility and affordability for assistive technology (AT). For people to become more economically and civically engaged and to avoid adverse health effects, access to an appropriate wheelchair is essential.

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A wheelchair is considered appropriate if it: satisfies the user's demands and environmental requirements; offers a proper fit with ergonomic adjustment; is safe and reliable; is readily available in the nation; and can be obtained, maintained, and provided with services in the nation at a reasonable price. The usage of an appropriate wheelchair improves users' mobility and flexibility, which is a requirement for active involvement in civic, professional, and educational activities.

Wheelchairs are among the most widely used assistive devices. Those who require wheelchairs have mobility limits and may include individuals with a congenital abnormality, people with developmental and neurological problems (such as cerebral palsy or muscular dystrophy), people with a spinal cord injury, and people with musculoskeletal conditions (lower limb amputation), people living with physical handicap caused by polio or non-communicable diseases (NCDs) such as diabetes or stroke, and older people.

The wheelchair market is expected to grow as demand is created and consolidated around the best products in terms of effectiveness, features, quality, and cost. Additionally, to lower production costs and promote the adoption of strict quality standards, manufacturers and suppliers must collaborate to shape the global wheelchairs market for greater revenue sales.

Key Takeaways from Market Study

-Manual wheelchairs are the leading segment as a product, and hold approximately 5% market share in 2021, owing to their adoption by people with mobility issues, who do not suffer from chronic conditions.
-The lightweight wheelchair segment is set to lead in terms of function for wheelchairs with a projected market share of around 0% by 2032, owing to the ease of its use.
-Institutional sales accounted for around 2% of the global wheelchairs market, by distribution channel, in 2021, owed to the high adoption of treatment within institutional settings.
-North America is considered the leading region with a global share of 4% in 2021, owed to the large number of available distributors for wheelchairs in the region.

"Mobility issues associated with aging are likely to affect older generations, which is predicted to raise demand for wheelchairs and fuel market expansion for wheelchairs over the forecast period," says an analyst of Future Market Insights.

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Market Competition

The market for wheelchairs is highly fragmented, and there exists several competitors within the market sphere. Several local producers exist in low and middle-income nations, owing to favorable government regulations, incentives to manufacture locally, and the belief that wheelchairs are a low-tech product.

-Invacare Corporation announced the release of a new, slimmer version of the Invacare® AVIVA® STORM RXTM rear-wheel drive power wheelchair in January 2022.
-Sunrise Medical announced the introduction of two new electric wheelchairs in January 2022 for both it's adult QUICKIE and pediatric ZIPPIE lines.

What Does the Report Cover?

Future Market Insights offers a unique perspective and actionable insights on the wheelchairs market in its latest study, presenting a historical demand assessment of 2015 - 2021 and projections for 2022 - 2032. The global wheelchairs market is segmented in detail to cover every aspect of the market and present a complete market intelligence approach to the reader.

The research study is based on the product - (Manual Wheelchairs, and Powered Wheelchairs), function (standard transport wheelchairs, self-propelled wheelchairs, sports wheelchairs, standing wheelchairs, recliners wheelchairs, bariatric wheelchairs, and lightweight wheelchairs), and distribution channel (institutional sales, and retail sales), across seven key regions of the world.

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Future Market Insights, Inc. (ESOMAR certified, Stevie Award - recipient market research organization, and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel, and End Use over the next 10 years.

This release was published on openPR.