(MENAFN- America News Hour)
The electric wheelchair market is valued at USD 2.9 Billion in 2022 and is expected to reach USD 5.8 Billion. The electric wheelchair market is expected to exhibit a growth rate of nearly 9.7% during the forecast period
Though the COVID-19 pandemic has created disturbances across all industries, it had a positive impact on the electric wheelchair market. The electric wheelchair market has witnessed significant growth during the coronavirus outbreak. Many hospitals and health institutes are flooded with people infected with the virus, hence the demand for electric wheelchairs have risen in 2022. The market is further expected to grow in the forecast period.
The market is primarily driven by the factors like the aging population in developed countries, the increase in spending power of people, the latest technological innovations in wheelchairs, etc in the forecast period 2022-2031.
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Key Market Trends
Aging World Population is Driving the Market
United Nations estimates that by the year 2030, With a ratio of 1.04 to 1, the elderly population will outnumber children. Economic development in countries like India has created a large number of work opportunities for the younger population, which is unable to care for the elderly. Both younger people who work hard and older persons who lack upper body strength find manual wheelchairs exhausting.
According to the World Health Organization, 50 million people are injured every year as a result of vehicle accidents around the world. Electric wheelchairs aid in the safe and comfortable movement of patients from one area to another. As a result, the increase in the number of accidents is likely to raise the demand for electrical wheelchairs over the forecast period.
World Bank reported that around 1 billion individuals, or 15% of the global population, suffer from some sort of impairment, with over 20% of these 1 billion people suffering from major disabilities. Electric wheelchairs are used not just by persons who are disabled as a result of an injury, but also by those who suffer from cardiovascular and respiratory ailments such as asthma and are unable to go longer distances.
Asia Pacific to exhibit the highest growth rate
China and India are the two most populated countries in the Asia-Pacific. With over 241 million Chinese individuals over the age of 60, China is considered an aging economy. Moreover, China produces roughly 75 percent of the world's electric wheelchairs. This is attributed to the factors such as aluminum production hubs and major players operating in the country.
When it comes to road accidents, India ranks first out of all countries. According to the Ministry of Road Transportation and Highways, a total number of 449,002 accidents took place in the country during the calendar year 2019 leading to 151,113 deaths and 451,361 injuries.
During the forecast period, North America is expected to follow Asia-Pacific. This is attributable to increased investment capacity, improved technical support, and government rules that are less stringent.
Europe follows North America in terms of reasons of growth. As a result, it is predicted to increase at a healthy rate during the projection period.
The market for an electric wheelchair is a moderately fragmented one with players such as OttoBock Healthcare GmbH, Invacare Corporation, Permobil AB, etc. dominating the market.
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To provide additional comfort to the patients, players are working on the design and ergonomics of the wheelchair.
1.1 Study Assumptions
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Drivers
4.2 Market Restraints
4.3 Porters Five Forces Analysis
4.3.1 Threat of New Entrants
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Bargaining Power of Suppliers
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
5.1 End Users
5.1.3 Sport Conditioning
5.2.1 Front Wheel Drive
5.2.2 Center Wheel Drive
5.2.3 Rear Wheel Drive
5.2.4 Standing Electric Wheelchair
5.3.1 North America
184.108.40.206 United States
220.127.116.11 Rest of North America
18.104.22.168 United Kingdom
22.214.171.124 Rest of Europe
126.96.36.199 Rest of Asia-Pacific
5.3.4 Rest of the World
188.8.131.52 South America
184.108.40.206 Middle-East and Africa
6 COMPETITIVE LANDSCAPE
6.1 Vendor Market Share
6.2 Company Profiles
6.2.1 Sunrise Medical Limited
6.2.2 Invacare Corporation
6.2.3 Permobil AB
6.2.4 OttoBock Healthcare
6.2.5 Pride Mobility Products Corp.
6.2.6 Drive Medical Ltd.
6.2.7 LEVO Ag
6.2.8 MEYRA GmbH
6.2.9 Karman Healthcare
6.2.10 GF Health Products
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
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