Smart Wheelchair Market is projected to be at a CAGR of 7.8% from (2022-2032) | FMI
[322 Pages Report] The smart wheelchair market is subject to changes owing to the factors influencing the market such as the increasing prevalence of neurological disorders, rising awareness and demand for automated medical devices, increasing burden of the geriatric population globally, and the growing levels of disposable income of the target population.
According to the latest study conducted by Future Market Insights, the smart wheelchair market will be projected to be valued at US$ 162.6 Mn by the end of 2022 and is expected to exhibit a CAGR growth of 7.8% over the forecast period (2022-2032)
Although the independent movement is crucial, some wheelchair users find it difficult or impossible to operate conventional manual or motorised wheelchairs. Multiple overlapping physical, cognitive, or perceptual symptoms of diseases such as cerebral palsy, amyotrophic lateral sclerosis, cerebrovascular accident, multiple sclerosis, and spinal cord injury can make it difficult to use a wheelchair safely and independently. Varied forms of assistance from a smart wheelchair and different wheelchair form elements can benefit people with various symptom combinations.
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The COVID-19 pandemic had unprecedented effects on the world’s economy, along with sending the healthcare sector into a hyper drive. COVID-19 pandemic negatively influenced the smart wheelchair market during the peak of the pandemic in 2020, due to the shortage of supply of raw materials and other supply chain crises. However, the partial normalization of the world in 2021 opened up a foray of growth opportunities for the key players in this industry.
There are services in hospital settings where external consultations, tests, analyses, and procedures are conducted involving patient displacement. This is particularly important for those with balance and mobility issues caused by disability, pain, fractures, or abnormalities in the lower limbs. Patients are currently transported to hospitals by patient transporters. It could often be done in a wheelchair, which would be more beneficial, owing to its autonomy. As a result, delays and failures owing to a shortage of staff to carry out the transfer would be avoided.
Technological advancements are also shaping the growth of the smart wheelchairs industry for over a decade.
- For instance, In November 2021, Sunrise Medical LLC. announced the launch of its new ZIPPIE® Sphynx an on the go, compact, easily transportable wheelchair that can fit within a compact car’s trunk according to the clients’ needs. The market is consolidated with a few key players dominating the industry.
Rising sedentary lifestyle, increasing popularity of ultra-lightweight smart wheelchairs, and increased focus on R&D for smart wheelchairs are some of the key trends of this market. The overall improved technology adoption globally will fuel the demand for smart wheelchairs and the market is likely to expand exponentially over the forecast period. (2022-2032)
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Key Players :
- Medical Depot, Inc.
- Permobil AB
- Pride Mobility Products Ltd.
- MEYRA GmbH
- DEKA Research & Development Corp.
- tmsuk company limited
- WHILL Inc.
- Invacare Corporation
- Karman Healthcare, Inc.
Key Takeaways from this study:
- The joystick based smart wheelchairs hold the highest market share of about 0% during the year 2021, expanding at a CAGR of 7.6% during the forecast period.
- Mobility impairment by usage accounts for the largest market value share of more than 40% and is set to expand at a CAGR of 2%.
- The healthcare settings as the end users hold a market share of 0% in 2021 with an expected CAGR growth of 6.8% during the forecasted years.
- North America is a leading region for the global smart wheelchairs market during the year 2021, accounting for a market share of 0%.
“Growing patient awareness regarding smart wheelchairs would fuel the growth of this market globally” says an analyst of Future Market Insights.
Acquisitions and expansion of existing facilities are some of the strategies adopted by leading manufacturers of the smart wheelchair industry such as Sunrise Medical and Permobil, to further their business and establish a stronger market presence.
- In August 2020, Sunrise Medical announced the completion of a strategic acquisition of paediatric industry leaders, Leckey and Firefly, in order to extend its paediatric product and service portfolio.
- In March 2022, Permobil, a leading player in the wheelchairs industry, announced an investment to expand their R&D and operations facility in Tennessee in order to expand their business.
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What does the report cover?
Future Market Insights offers a unique perspective and actionable insights on the smart wheelchairs market in its latest study, presenting a demand assessment of 2017 – 2021 and projections for 2022 – 2032.
The research is based on product-(joystick based smart wheelchairs and Bluetooth connected smart wheelchairs), usage-(mobility impairment, ocular disability, geriatric group, multiple disability and others), and end-user (healthcare settings, home care settings and public access), and across seven key regions of the world.
About Healthcare Division at Future Market Insights
Future Market Insights facilitates corporates, government, investors, and associated audiences in the healthcare sector to identify and accentuate vital aspects applicable to product strategy, regulatory landscape, technology evolution, and other crucial issues to achieve sustainable success. Our unique approach to gathering market intelligence equips you in devising innovation-driven trajectories for your business. Know more about our sector coverage here.
Key Market Segments Covered in the Smart Wheelchair Industry Research
- Joystick based Smart Wheelchairs
- Bluetooth Connected Smart Wheelchairs
- Mobility Impairment
- Ocular Disability
- Geriatric Group
- Healthcare Settings
- Home Care Settings
- Public Access
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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