Press release
Electric Wheel Chair Market to Generate $4,817.6 Million and Exhibit a CAGR of 8.2% from 2021 to 2028
Electric Wheel Chair Market
Research Dive in its latest published report estimates that the global electric wheel chair market will generate $4,817.6 million and exhibit a CAGR of 8.2% from 2021 to 2028.
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Market Dynamics
The rate of occupational injury along with road traffic injury is growing massively across the globe, which is surging the rate of disability. In addition, geriatric population and burden of various chronic conditions are increasing worldwide, which has increased the demand for electric wheel chairs. All these factors are estimated to propel the growth of the global electric wheel chair market during the forecast period. Moreover, the significant expansion and establishments of hospitals and healthcare equipment manufacturers in the Asia-Pacific region is anticipated to create huge growth opportunities for the electric wheel chair market by 2028. However, lower product penetration of electric wheel chairs in the low- or middle -income countries is expected to hamper the market growth during the estimated timeframe.
Impact of COVID-19 Pandemic on the Electric wheel chair Market
The COVID-19 pandemic negatively impacted the global electric wheel chair market growth. This was majorly owing to the products supply and other challenges faced by various manufacturers, such as Permobil and Ottobock SE & Co KGaA during the crisis. Besides, multiple hospitals around the world decreased the manufacturing of electric wheel chairs and sent staff to support the coronavirus patients & departments. These factors hugely impacted the growth of the electric wheel chair market during the pandemic period.
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Key Segment Findings of the Market:
The research report segments the global electric wheel chair market into product type, end-user, and region.
Based on product type, the front wheel drive sub-segment is estimated to surpass $939.8 million by 2028 and witness lucrative growth during the forecast period. This sub-segment growth of the global electric wheel chair market is mainly due to the growing preference of front wheel drive owing to its greater stability and
performance. In addition, these wheel chairs are significantly used indoors majorly because of their excellent maneuverability.
Based on end-user, the homecare settings sub-segment is estimated to generate a revenue of $3,108.4 million by 2028 and is predicted to dominate in the global industry over the forecast period. This is majorly owing to the growing adoption of E-commerce platform for medical equipment. Besides, increased growth in disabilities due to the rising prevalence of chronic conditions and growing elderly population are other factors expected to bolster the sub-segment's growth during the analysis period.
Based on region, the Asia-Pacific electric wheel chair market valued for $574.2 million in 2020 and is expected to be most lucrative in the global industry over the forecast period. This is mainly due to enormous improvements in healthcare infrastructure and the increasing support from the government authorities of the Asian countries to fortify effective mobility aids & equipment. Besides, the initiatives taken by government and non-governmental bodies such as increasing awareness programs is contributing to the regional market growth.
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Prominent Market Players
The key players of the global market include Invacare Corporation, Sunrise Medical, Karma Medical Products Co., LTD., Pride Mobility Products Corp., MATSUNAGA MANUFACTORY Co., Ltd., NISSIN MEDICAL INDUSTRIES CO., LTD., MEYRA GmbH, Permobil, Miki Kogyosho Co., Ltd., and OTTOBOCK. These players are focusing on product launches, technological advancements, and strategic collaborations to gain a competitive edge in the global market.
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Research Dive
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Research Dive is a market research firm offering actionable insights and extensive analysis of various markets across different verticals. Maintaining the integrity and authenticity of the services, the firm provides services that are solely based on its exclusive data model, compelled by the 360-degree research methodology, which guarantees comprehensive and accurate analysis. With unprecedented access to several paid data resources, a team of expert researchers, and strict work ethic, the firm offers insights that are extremely precise and reliable. Scrutinizing relevant news releases, government publications, decades of trade data, and technical & white papers, Research dive delivers the required services to its clients well within the required timeframe. Its expertise is focused on examining niche markets, targeting its major driving factors, and spotting threatening hindrances. Complementarily, it also has a seamless collaboration with the major industry aficionado that further offers its research an edge.
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