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Robotic Wheelchair Market Growth and Global Trends 2024
Robotic Wheelchair Market Growth
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According to The Business Research Company's, The robotic wheelchairs market size has grown strongly in recent years. It will grow from $11.3 billion in 2023 to $12.27 billion in 2024 at a compound annual growth rate (CAGR) of 8.5%. The growth in the historic period can be attributed to growing awareness about mobility solutions, investments in research and development of advanced mobility devices, rising healthcare expenditure, growing urban populations, and Improve insurance policies covering.
The robotic wheelchairs market size is expected to see strong growth in the next few years. It will grow to $17.13 billion in 2028 at a compound annual growth rate (CAGR) of 8.7%. The growth in the forecast period can be attributed to development of infrastructure, growth of e-commerce platforms, enhance safety features, increasing focus on rehabilitation, and focus on remote health monitoring features in wheelchairs. Major trends in the forecast period include improve battery technologies, development of eco-friendly wheelchair solutions, voice-activated robotic wheelchairs, advanced mapping technologies, and use of lightweight materials.
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Market Drivers and Trends:
The rising patient pool is expected to propel the growth of the robotic wheelchair market going forward. The patient pool refers to the total number of patients or individuals within a specific demographic or healthcare setting who require medical care or attention. The rising patient pool is driven by factors such as population growth, aging demographics, and increased access to healthcare services. Robotic wheelchairs provide patients with enhanced mobility and independence, enabling them to navigate their environments with adaptive technology that compensates for physical limitations. For instance, in May 2023, according to a report published by the American Hospital Association (AHA), a US-based healthcare trade organization representing hospitals and healthcare networks, the total number of admissions in all U.S. hospitals reached 34,011,386 compared to 33,356,853 in 2022. Therefore, a rising patient pool will grow the robotic wheelchair market.
Major companies operating in the robotic wheelchairs market are developing power wheelchairs with advanced features such as AI integration and autonomous navigation to improve mobility and independence for individuals with disabilities. Power wheelchairs are electrically powered mobility devices that assist individuals with mobility impairments by providing independent mobility. For instance, in January 2024, Robooter, a US-based medical equipment manufacturing company, showcased its innovative power wheelchair X40 at Consumer Electronics Show (CES 2024) in Las Vegas. The X40 is a semi-outdoor, electrically foldable wheelchair designed to address the challenges of lower limb mobility. The X40 includes omnidirectional wheels, remote control, and configurable maximum speed for safety. It provides ample legroom and smooth operation on various terrain without requiring a huge turning radius. It has a long-lasting battery and a user-friendly interface.
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Major Key Players of the Market:
Honda Motor Co. Ltd., Panasonic Corporation, Ottobock SE & Company, Invacare Corporation, Permobil Inc., Sunrise Medical Inc., Pride Mobility Products Corporation, DEKA Research & Development Corporation, Kinova Inc., Hoveround Corporation, Whill Inc., Merits Health Products Co. Ltd., Shanghai Bangbang Robotics Co. Ltd, Korea Institute of Machinery and Materials (KIMM), Matia Mobility Inc., Karma Medical Products Co. Ltd., Cyberworks Robotics Inc., Airwheel Holding Limited, Karman Healthcare Inc., Gilani Engineering, Centaur Robotics Limited, DNR Wheels Pte Ltd, Meyra GmbH, Upnride Robotics, Nino Robotics
Robotic Wheelchairs Market 2024 Key Insights:
• The robotic wheelchairs market size is expected to see strong growth in the next few years. It will grow to $17.13 billion in 2028 at a compound annual growth rate (CAGR) of 8.7%.
• Rising Patient Pool On The Robotic Wheel Chair Market
• Advances in Robotic Wheelchairs Market
• North America was the largest region in the robotic wheelchairs market in 2023
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