Press release
Wheelchair And Components Market to Record a US$ 7,535.7 Mn by 2026
By application, manual wheelchairs will continue to hold a dominant share of over 62% in 2026. By geography, North America's revenue share will reportedly drop from 33.6% to 32.0% in 2026. APAC will also lose its share from 28.3% to 27.2% in 2026. Europe will however showcase significant growth, accounting for over 20% share by 2026-end.
Augmenting aging population and increasing susceptibility to severe injuries will remain the primary driving force for the global wheelchair and components market. Rising incidences of road accidents leading to severe injuries are expected to further fuel the demand for wheelchairs and components.
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Growing instances of spinal cord injuries resulting in physical disability is also anticipated to sustain the demand globally. Favorable government initiatives and funding programs for wheelchairs will support the market.
As the wheelchair industry is undergoing several developments and innovations, the market for wheelchair and components is anticipated to gain a boost in near future. Immense advancements in the composites production technology will also influence the market growth positively.
Emergence of electronic control drivetrains, artificial intelligence, improved power capacities, and multistage gearboxes will continue to play a crucial role in meeting differentiating needs of disabled patients.
Attributed to introduction of composite materials and engineering plastics, the market is witnessing a growing trend of demand for lightweight and ultra-lightweight wheelchairs.
Use of sensors, motor control software, wireless devices, and other technologies in wheelchairs are a few among the trending developments in the global wheelchair and components market.
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OEMs are increasingly partnering with recognized composite materials manufacturers. Developing cost-effective products for penetrating in expanding Asian market can be lucrative in terms of tapping into the significant growth potential in emerging economies.
Invacare Corp, Ottobock Healthcare GmbH, Permobil AB, Pride Mobility, Products Corp., Handicare, Sunrise Medical, Hoveround, Panthera, 21st Century Scientific, Inc., and Meyra Wilhelm Meyer GmbH & Co. KG are a few of the key companies participating in the highly competitive wheelchair and components marketplace.
Key players are focusing more on product innovation, in addition to introducing cost-effective products. Moreover, leading companies are also concentrating on grasping significant share in the retail segment through maintaining a proper value chain. Considering increasing healthcare awareness among consumers, manufacturers are targeting top-notch positioning strategies to win regional markets with varied product USPs.
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