Wheelchairs Market Is Projected to Expand at a Staggering CAGR 14.90%, Forecast Period 2021–2028 | Rising Geriatric Population Worldwide Is Expected to Drive Growth of the Global Wheelchairs Market
Wheelchairs Market Overview –
A wheelchair is a chair with wheels, used when walking is impossible or difficult due to injury, illness, old age-related problems, or disability. These injuries include a broken leg, brain injury, cerebral palsy, motor neuron disease, muscular dystrophy, and Spina bifida. There are different types of wheelchairs namely powered wheelchairs, manual wheelchairs, sports wheelchairs, pediatric wheelchairs, etc. The global wheelchairs market focuses on six regions namely North America, Latin America, Europe, Asia Pacific, Middle East, and Africa. The global wheelchairs market is expected to witness significant growth during the forecast period, owing to increasing disposable income.
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Wheelchairs Market Drivers –
Rising geriatric population worldwide is expected to drive the growth of the global wheelchairs market during the forecast period. According to the World Health Organization (WHO), in 2015, people aged 60 years and above were around 900 million and are expected to reach 2 billion by 2050. According to the same source, there were around 125 million people aged 80 years and above in 2018. The geriatric population often requires wheelchair assistance. Therefore, these factors are expected to drive the growth of the global wheelchairs market during the forecast period. Moreover, increasing disposable income is expected to propel the global wheelchairs market growth over the forecast period.
Wheelchairs Market Restraint –
High cost of electric wheelchairs is expected to restrain the growth of the global wheelchairs market growth over the forecast period.
Wheelchairs Market Regional Insights –
Among regions, North America is expected to witness significant growth in the global wheelchairs market during the forecast period. This is owing to the rising geriatric population and the presence of major manufacturers across the region. Furthermore, Asia Pacific is expected to register a robust growth rate over the forecast period, owing to rising expenditure on healthcare infrastructure in the region.
Wheelchairs Market Competitive Section –
Major companies operating in the global wheelchairs market 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.
Major companies are focused on product launches, in order to enhance the market presence. For instance, in March 2020, Invacare Corp launched Invacare AVIVA FX Power Wheelchair.
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Market Segmentation –
By Product Type, the market is primarily segmented into:
- Power Wheelchairs
- Manual Self-propelled Wheelchairs
By Applications, the market is segmented into:
- Recuperation mechanism
- Family Expenses
Key Highlights from Wheelchairs Market Study –
Revenue and Sales Estimation — Historical Revenue and sales volume are introduced and in addition, statistics are triangulated with top-down and bottom-up approaches to forecast whole market size and to estimate forecast numbers for key areas covered in the report alongside categorized and nicely-identified Types and end-use industry. Additionally, macroeconomic factors and regulatory insurance policies are ascertained in Wheelchairs industry evolution and predictive analysis.
Competitor Analysis — Leading market players have been studied from Wheelchairs Industry relying on their company profile, product portfolio, capacity, product/service price, sales, and cost/profit.
Manufacturing Analysis — The report is presently analyzed regarding more than a few product types and applications. The Wheelchairs market report presents a chapter highlighting manufacturing procedure analysis validated by primary information collected through Industry professionals and Key officials of profiled companies.
FIVE FORCES ANALYSIS — In order to higher apprehend Wheelchairs market condition five forces analysis is carried out that includes the Bargaining power of buyers and suppliers, the threat of new entrants, substitutes, and rivalry.
Demand & Supply and Effectiveness — Wheelchairs report additionally provides distribution, Production, Consumption & EXIM** (Export & Import). ** If applicable
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