Market Overview:
The Global Wheelchairs Market size is expected to grow from USD 3.85 billion in 2022 to USD 5.27 billion by 2030, at a CAGR of 4% during the forecast period (2023-2030).
A wheelchair is a chair with wheels used for transportation when walking becomes difficult or impossible due to sickness, injury, age-related concerns, or a handicap. It’s a device that can be powered or manually controlled and is primarily made for use by people with mobility impairments for inside or outdoor locomotion. Wheelchairs are available in a wide range of configurations to accommodate and provide for demands that go beyond the particular requirements of their users. They might be tailored to certain activities and could include customized controls and seating adaptations.
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Top Key Players for Wheelchairs Market:
Invacare Corporation (U.S.), Graham-Field Health Products Inc (U.S.), Karman Healthcare (U.S.), Quantum Rehab (U.S.), Ostrich Mobility Instruments Pvt. Ltd. (India), Ottobock SE (Germany), Pride Mobility Products Corp. (U.S.), Medline (U.S.), Carex Health Brands, Inc. (U.S.), Meyra Group GmbH (Poland), LEVO AG (Switzerland), Seating Matters (Canada), Numotion (U.S.), Magic Mobility Pvt Ltd. (Australia) and other major players.
Market Dynamics and Factors for Wheelchairs Market:
Drivers:
Growing Geriatric Population and Increasing Number of Incapacities
In 2017, there were 962 million people in the world who were 60 years of age or older, more than double the 382 million people in this age group in 1980. By 2050, when it is predicted to reach over 2.1 billion, the population of elderly people will have increased by another factor of two. As a result of low or declining fertility, there will be an increase in the proportion of older people in the population in the majority of countries. Significant disabilities are said to affect 1.3 billion individuals worldwide.
Opportunities:
Technology Developments for Wheelchairs
Worldwide, 131 million people use wheelchairs. Little has changed in the design of mass-market wheelchairs during the past forty years. Utilizing modern digital technologies can enhance accessibility, mobility, and safety. As its name suggests, Guru IoT is an Internet of Things business in South Korea. It has used the idea of digital twinning to construct a self-driving wheelchair. The wheelchair can get a precise map that is kept on a cloud computing platform and use it to securely traverse its surroundings. Jered Dean is a co-founder of Luci (Wheelchair), a product that will upgrade motorized wheelchairs currently on the market and turn them into intelligent chairs.
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Segmentation Analysis of the Wheelchairs Market:
By Product, the Manual segment is anticipated to dominate the Market over the Forecast period. Manual wheelchairs come in a variety of weights and configurations, from standard to ultra-lightweight, and even sport recreation wheelchairs. Manual wheelchairs have several advantages and many active people prefer to use a manual wheelchair as much as possible.
By Application, the Hospitals & Clinics segment is expected to highest growth during the forecast period, the Hospitals & Clinics application for the wheelchair market is experiencing rapid growth due to increasing demand for mobility aids, an aging population, and improved accessibility requirements. Healthcare facilities are recognizing the importance of providing wheelchair-friendly environments to accommodate patients with limited mobility, driving the market’s expansion.
By Type
- Manual
- Electric
By Category
- Adult
- Pediatric
- Geriatric
By Application
- Homecare
- Hospitals & Clinics
- Rehabilitation Centers
- Ambulatory Surgical Centers
- Others
Regional Analysis of the Wheelchairs Market:
North America is expected to dominate the Market over the Forecast period. About 16.9% of Americans were 65 years of age or older in 2020, and that percentage is projected to rise to 22% by 2050. Compared to 1950, when only 8% of the population was 65 or older, this represents a huge increase in wheelchair sales. The demand for wheelchairs is expected to rise as the aging populations in countries like the U.S. and Canada grow. Due to changes in consumer preferences and technical improvements, this industry’s revenue growth is growing.
- North America (US, Canada, Mexico)
- Eastern Europe (Bulgaria, The Czech Republic, Hungary, Poland, Romania, Rest of Eastern Europe)
- Western Europe (Germany, UK, France, Netherlands, Italy, Russia, Spain, Rest of Western Europe)
- Asia Pacific (China, India, Japan, South Korea, Malaysia, Thailand, Vietnam, The Philippines, Australia, New Zealand, Rest of APAC)
- Middle East & Africa (Turkey, Bahrain, Kuwait, Saudi Arabia, Qatar, UAE, Israel, South Africa)
- South America (Brazil, Argentina, Rest of SA)
Key Industry Development:
In September 2022, to ensure product availability and prompt delivery to the healthcare professionals it supports, Medline has committed an additional $500 million in additional medical supplies inventories. The investment, which will be finished at the end of the second quarter of 2022, will boost the company’s total on-hand inventory to more than $4 billion and represents another step Medline has made to improve healthcare operations despite ongoing supply chain issues facing the entire global healthcare business.
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