(MENAFN- PR Newswire) Research Report Focuses on Top Companies and Crucial Drivers, Current Growth Dynamics, Futuristic Opportunities, and New Product/Project Launches NEW YORK, June 2, 2023 /PRNewswire/ -- The wheelchair market to grow by USD 1,527.89 million at CAGR of
7.56% from 2022
to 2027, according to the latest research report from Technavio.
The growth of the market depends on several factors, including growing healthcare expenditure, enhanced post-treatment services, and the rising geriatric population.
Discover Health Care Equipment industry potential and make informed business decisions based on qualitative and quantitative evidence highlighted in Technavio reports.
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Vendor Landscape
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Technavio has announced its latest market research report titled Global Wheelchair Market 2023-2027
The wheelchair market is fragmented and the vendors are deploying organic and inorganic
growth strategies to compete in the market.
Compass Health Brands:
The company offers wheel chairs such as ProBasics K2 wheelchair, ProBasics K4 high performance lightweight wheelchair, ProBasics K1 standard wheelchair. Etac AB:
The company offers wheelchairs such as Etac Cross 6, Etac Cross 5XL, Etac Crissy Swing Away. Forza Medi India Pvt. Ltd:
The company offers wheelchairs under its brand Forza Freedom.
For market's vendor landscape highlights with a comprehensive list of vendors and their offerings - view report sample
Key Market Segmentation
Market segmentation by Product
Manual wheelchair Powered wheelchair Market segmentation by End-user Personal Hospitals Sports conditioning
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Special coverage on the Russia-Ukraine war; global inflation; recovery analysis from COVID-19; supply chain disruptions, global trade tensions; and risk of recession Global competitiveness and key competitor positions Market presence across multiple geographical footprints - Strong/Active/Niche/Trivial -
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The demand for manual wheelchairs, a key factor in this market's expansion, is being influenced by the growing elderly population. The geriatric population is supporting the adoption of manual wheelchairs and fueling the growth of the global manual wheelchair market with the rising demand for them, their increased availability in regional markets, and their low prices.
Due to the increase in disposable income of people in developing countries, the global market for manual wheelchairs is anticipated to expand at an accelerating rate during the forecast period. Increased healthcare costs will be a result of the rise in disposable income. The demand for manual wheelchairs will increase as people begin to prefer them over low-end mobility aids like canes, crutches, and walkers because of their greater convenience. During the forecast period, the vendors' efforts to meet the increased demand are anticipated to push them to broaden their product offerings and market penetration.
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Regional Market Outlook
The US contributed the major share to the market for wheelchairs in North America in 2021. According to the CDC, the percentage of Americans over 65 years is expected to rise from 12.4% in 2000 to 19.6% in 2030. A rise in wheelchair demand is also guaranteed in North America over the course of the forecast period due to technological advancements in product design, structure, and use as well as the availability of reimbursements from healthcare insurance providers.
The demand for these products in North America is also being driven by an increase in brain stroke prevalence. In the US, severe long-term disabilities are primarily brought on by stroke. In the US, about 150,000 cases of lower limb loss are reported annually. Such incidents increase the need for wheelchairs in the nation. the profusion of several suppliers, including Invacare Corp. and Medical Depot Inc., as well as Sunrise Medical LLC. and their sizable North American distribution networks also significantly contribute to the expansion of the local market.
One in four adults in the US, according to the CDC, has a disability, including vision, hearing, mobility, or cognitive impairment. In addition, 39 million Americans, or 16% of the population, have physical limitations, and 17 million of them find walking extremely difficult or impossible. However, widespread vaccination campaigns that resulted in the reopening of manufacturing facilities in 2021 marked the beginning of normal operations. Therefore, it is anticipated that the aforementioned elements will fuel market expansion in the area over the course of the forecast period.
For more key highlights on the regional market share of most of the above-mentioned countries.-
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The wheelchair market covers the following areas:
wheelchair market sizing
wheelchair market forecast
wheelchair market analysis
Companies Mentioned
21st Century Scientific Inc. Compass Health Brands Etac AB Forza Medi India Pvt. Ltd. GF Health Products Inc. Hoveround Corp. Invacare Corp. Karma Medical Products Co. Ltd. Karman Healthcare Inc. Ki Mobility Magic Mobility Pty Ltd. Medical Depot Inc. Medline Industries LP NOVA Medical Products Ostrich Mobility Instruments Pvt. Ltd. Ottobock SE and Co. KGaA Permobil
AB Pride Mobility Products Corp. Rainbow Care Pte Ltd. Sunrise Medical LLC
Related Reports:
The automatic stair climbing wheelchair market is projected to grow by USD 619.69 million with a CAGR of 12.6% during the forecast period 2021 to 2026.
Increased demand for stairlifts due to the rising ageing population is one of the key drivers supporting the market's growth.
This market research report extensively covers the market segmentation by modified type (manual and powered) and geography (North America, Europe, Asia, and the Rest of the World (ROW)).
The electric wheelchairs market size is estimated to grow at a CAGR of 11.04% between 2022 and 2027. The market size is forecast to increase by USD 1,797.53 million . The growth of the market depends on several factors, including the increasing prevalence of orthopedic and neurologic disorders, the growing demand for rehabilitation services, and new product launches.
This electric wheelchairs market report extensively covers market segmentation by end-user (personal, hospitals, and sports conditioning), product (dry-battery electric wheelchairs and wet-battery electric wheelchairs), and geography (North America, Europe, Asia, and Rest of World (ROW)).
The pediatric wheelchairs market share is expected to increase by USD 767.19 million from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 6.26% .
The enhanced post-treatment services is one of the key drivers supporting the pediatric wheelchairs market growth.
This pediatric wheelchairs market research report extensively covers pediatric wheelchairs market segmentations by product (manual wheelchairs and powered wheelchairs) and geography (North America, Europe, Asia, and Rest of World (ROW)).
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Wheelchair Market Scope |
Report Coverage | Details |
Base year | 2022 |
Historic period | 2017-2021 |
Forecast period | 2023-2027 |
Growth momentum & CAGR | Accelerate at a CAGR of 7.56% |
Market growth 2023-2027 | USD 1,527.89 million |
Market structure | Fragmented |
YoY growth 2022-2023(%) | 6.6 |
Regional analysis | North America, Europe, Asia, and Rest of World (ROW) |
Performing market contribution | North America at 36% |
Key countries | US, Germany, France, China, and India |
Competitive landscape | Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled | 21st Century Scientific Inc., Compass Health Brands, Etac AB, Forza Medi India Pvt. Ltd., GF Health Products Inc., Hoveround Corp., Invacare Corp., Karma Medical Products Co. Ltd., Karman Healthcare Inc., Ki Mobility, Magic Mobility Pty Ltd., Medical Depot Inc., Medline Industries LP, NOVA Medical Products, Ostrich Mobility Instruments Pvt. Ltd., Ottobock SE and Co. KGaA, Permobil AB, Pride Mobility Products Corp., Rainbow Care Pte Ltd., and Sunrise Medical LLC |
Market dynamics | Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview | If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |