Press release
Robotic Wheelchairs Market Set to Reach $18.58 Billion by 2029 with 8.62% Yearly Growth
Robotic Wheelchairs Market Segments
The market size of robotic wheelchairs has robustly expanded in the past few years. It's projected to rise from $12.27 billion in 2024 to $13.35 billion in 2025, marking a compound annual growth rate (CAGR) of 8.8%. The remarkable growth observed in the historical timeframe can be credited to factors such as heightened awareness about mobility alternatives, investment into R&D of sophisticated mobility equipment, rising expenditure in the healthcare sector, expanding urban dwellings, and enhancement in insurance policies that offer coverage.
The market for robotic wheelchairs is slated to experience substantial growth in the coming years. It is projected to reach a value of $18.58 billion by 2029, with a Compound Annual Growth Rate (CAGR) of 8.6%. The projected growth in this timeframe is due to several factors such as infrastructure development, the rise of e-commerce platforms, enhanced safety features, and an increased focus on rehabilitation and remote health monitoring features in wheelchairs. The forecast period is expected to see trends like improved battery technologies, eco-friendly wheelchair solutions, voice-controlled robotic wheelchairs, cutting-edge mapping technologies, and the utilization of lightweight materials.
What Are the Forces Behind the Rapid Growth of the Robotic Wheelchairs Market?
The surge in the number of patients is projected to stimulate the development of the robotic wheelchair sector in the future. The term 'patient pool' pertains to the overall sum of patients, or individuals from a specific demographic or healthcare unit, requiring medical treatment or assistance. Factors fueling the growing patient pool include population expansion, an aging demographic, and better access to healthcare facilities. Robotic wheelchairs offer patients improved mobility and autonomy, allowing them to maneuver their surroundings better with the help of technology that adjusts for physical restrictions. To illustrate, a May 2023 report from the American Hospital Association (AHA), a healthcare industry organization in the US that represents hospitals and health networks, showed that the total admissions in all U.S. hospitals climbed to 34,011,386 from 33,356,853 in 2022. Consequently, the expanding patient pool will lead to the growth of the robotic wheelchair sector.
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Who Are the Dominant Companies Influencing Robotic Wheelchairs Market Trends?
Major companies operating in the robotic wheelchairs market are 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
How Is the Robotic Wheelchairs Market Evolving?
Prime businesses in the robotic wheelchair market are innovating power wheelchairs with advanced features like AI and autonomous navigation to enhance mobility and autonomous movement for individuals with disabilities. These electrically powered mobility devices aid those with mobility issues by offering independent movement. For instance, Robooter, a medical equipment manufacturer based in the US, unveiled its revolutionary power wheelchair X40 at the Consumer Electronics Show (CES 2024) in Las Vegas in January 2024. Designed to tackle lower limb mobility issues, this semi-outdoor, electrically foldable wheelchair includes omnidirectional wheels, remote control, and a configurable maximum speed setting for safety. Along with these features, the X40 provides plenty of legroom, seamless operation across diverse terrains without demanding a large turning radius, a long-lasting battery, and an easy-to-use interface.
What Are the Different Segmentations in the Robotic Wheelchairs Market?
The robotic wheelchairs market covered in this report is segmented -
1) By Wheelchair: Rear-Wheel Drive, Front-Wheel Drive, Mid-Wheel Drive
2) By Application: Personal Use, Commercial Use
3) By Distribution Channel: Home Care Settings, Rehabilitation Centers, Online Sales Channel, Other Channels
Subsegments:
1) By Rear-Wheel Drive: Standard Rear-Wheel Drive Wheelchairs, Robotic Rear-Wheel Drive Wheelchairs
2) By Front-Wheel Drive: Standard Front-Wheel Drive Wheelchairs, Robotic Front-Wheel Drive Wheelchairs
3) By Mid-Wheel Drive: Standard Mid-Wheel Drive Wheelchairs, Robotic Mid-Wheel Drive Wheelchairs
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Which Region Is at the Forefront of the Robotic Wheelchairs Market?
North America was the largest region in the robotic wheelchairs market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the robotic wheelchairs market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Is Covered In The Robotic Wheelchairs Global Market Report?
- Market Size Analysis: Analyze the Robotic Wheelchairs Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Robotic Wheelchairs Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Robotic Wheelchairs Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Robotic Wheelchairs Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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