Wheelchair Market to Garner US$ 15,197.4 Million Threshold By 2025 Globally, With North America Positioned As Growth Engine
Impact Analysis of Covid-19
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Wheelchair market to gain rapid traction, with increasing innovation towards advance wheelchairs The Global Wheelchairs Market was valued at US$ 4,390.4 million in 2016 and is projected to expand at a CAGR of 15.0% during the forecast period (2017–2025).
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Increase in demand for comfort and advance technology, in turn is projected to support growth of wheelchairs market over the forecast period. Manufacturers are focusing on innovation to tap into emerging market. For instance Invacare Corporation supports the 37th Annual National Veterans Wheelchair Games in year 2017 and also display the company’s product named kuschall, which is a custom manual wheelchair. Additionally, in year 2017 there was two day event where athletes with physical impairments participated in Olympic day at Turnstone where Paralympic sports like wheelchair basketball, table tennis, quad rugby were introduced to the individuals which is expected to increase the market of wheelchairs especially active wheelchairs segment. Furthermore, manufacturers like WHILL are involved in combining innovation, style, advance technology and functional versatility to push the boundaries of electronic wheelchair with the products like Model M and Model A.
To know the latest trends and insights prevalent in the Wheelchairs market Press Release , click the link below: https://www.coherentmarketinsights.com/press-release/wheelchair-market-to-surpass-us-151974-million-threshold-by-2025-globally-with-north-america-positioned-as-growth-engine-892
Increasing number of geriatric population is expected to driver the wheelchairs market growth over the forecast period, especially in emerging economies such as China and India, owing to rapidly increasing population in these economies. Other major factors that are expected to boost growth of the wheelchairs market include increasing awareness about various health conditions and expenditure on healthcare. Furthermore, major players are focused on integrating new features in wheelchairs to strengthen their product portfolio in the wheelchairs market, which is expected to drive the wheelchair market growth in the near future. Sports wheelchairs are also projected to fuel growth of the wheelchairs market. For instance, Eagle Sportchairs, LLC. specifically provides sports wheelchairs such as wheelchair for basketball, quad rugby, tennis, racing, multi-court, and field events, thereby helping to improve the lifestyle of disabled people. In a two day event, athletes with physical impairments participated in Olympic day at Turnstone, where Paralympic sports such as wheelchair basketball, table tennis, quad rugby were introduced to the athletes, which is fueling demand for active wheelchair, thereby favoring growth of the wheelchairs market. Furthermore, in May 2018, a new sports wheelchair basketball for disabled people were launched by the National Paralympics Committee (NPC) of Rwanda. Moreover, in March 2018, Google maps introduced Wheelchair accessible routes for the convenience of disabled people, which will further increase the adoption of wheelchairs and drive growth of the market over the forecast period.
Key takeaways of the market:
- The global wheelchairs market is expected to expand at a CAGR of 15.0% during the forecast period (2017–2025). Due to rise in aging population overall the globe is expected to favor the market of wheelchairs over the forecast period.
- The Asia Pacific region in the global wheelchairs market is expected to show high growth rate during the forecast period in terms of value
- In terms of product type segment, electronic wheelchair type is expected to expand at a significant CAGR of 16.6%, in which front wheel drive electric wheelchair is expected to increase during the forecast period, owing to more preference due to its features
- The global wheelchairs market is characterized by market expansion in Asia Pacific, North America, and Europe could generate higher market revenue due to increase in prevalence of disabilities.
Some of the major companies offering wheelchairs are Invacare Corporation, Sunrise Medical LLC, Ottobock Healthcare, 21st Century Scientific, Inc., Permobil AB, Pride Mobility Products Corporation, LEVO AG, GF Health Products, Inc., MEYRA GmbH, Hoveround Corporation, Aquila Corporation, Aspen Seating, Drive Medical, Eagle Sportschairs LLC., EASE Seating System and Medical Depot Incorporation.
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