The Wheelchair Market Growth impelled by rising geriatric population and increasing number of disorders requiring mobility assistance; the market for pushable coil segment to grow at highest CAGR during 2021-2028.
New York, Sept. 22, 2021 (GLOBE NEWSWIRE) -- Wheelchair Market: Key Insights
According to our new research study on “Wheelchair Market to 2028 – Global Analysis and Forecast – by Source, Product, Type, Application, Usage, Distribution Channel, End User, and Geography,” the Wheelchair Market is projected to reach US$ 6,459.07 million by 2028 from US$ 4,073.71 million in 2021; it is expected to grow at a CAGR of 6.8% during 2021–2028.
Wheelchair Market: Competitive Landscape and Key Developments
Carex Health Brands, Inc.; Drive Medical Design and Manufacturing; Graham-Field Health Products, Inc.; Invacare; Medline Industries, Inc.; Sunrise Medical LLC; Karman Healthcare; Quantum Rehab; Numotion; and Pride Mobility Products Corporation are among the key companies operating in the wheelchair market. Leading players are focusing on the launch of new products, expansion and diversification of their market presence, and acquisition of new customer base, thereby tapping prevailing business opportunities.
In February 2021, Sunrise Medical launched a brand-new Quickie Q300 M Mini power wheelchair. The Q300 M Mini is enabled with mid-wheel drive technology, which enables it to turn on the spot, providing an ultra-small 17" turning radius.
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In March 2020, Invacare Corporation launched the Invacare AVIVA FX Power Wheelchair. The AVIVA brand has a unique identity that conveys a promise of best-in-class design, technology, and performance.
In August 2020, The MEYRA Group merged with TA Service A / S. The combination of MEYRA's broad international presence with TA Service's know-how in high-end electric wheelchairs and the strong position in the Danish market will strengthen the market position for the company.
In January 2020, MEYRA GmbH and Alu Rehab ApS entered into a collaboration agreement. According to the agreement, both the companies will work on joint market solutions in the field of electric wheelchairs.
In 2020, North America dominated the global wheelchair market. The growth of the market in the region is attributed to increasing demand for advanced assistive mobility equipment and growing number of product introductions in the market. Additionally, increasing focus on technology partnerships and distribution collaborations is also projected to drive the wheelchair market in North America. As per the 2020 SCI Data Sheet from the National SCI Statistical Center (NSCISC), around 17,810 new spinal cord injuries occur each year in the US. In the US, the most common causes of spinal cord injuries include vehicle crashes, falls, violence, and sports.
Moreover, as the COVID-19 pandemic continues to unfold, medical device companies are finding difficulties in managing their operations. Many companies offering wheelchairs have their business operations in the US, and businesses are being adversely affected by the COVID-19 pandemic. This has disrupted and restricted companies’ ability to distribute products, as well as resulted in temporary closures of their facilities. However, as vaccines are becoming available in 2021, the demand for medical equipment such as wheelchairs is expected to increase.
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Based on product, the wheelchair market is segmented into powered/electric wheelchair, smart wheelchair, and manual. The manual wheelchair segment held the largest market share in 2020, whereas the powered/electric wheelchair segment is anticipated to register the highest CAGR in the market during the forecast period. In terms of type, the wheelchair market is categorized into wheel drive, center wheel drive, rear wheel drive, and standing electric wheelchair. The center wheel drive segment held 36.86% of the market share in 2021. Based on application, the wheelchair market is segmented into neurologically impaired, handicap patients, and others. The neurologically impaired segment held the largest share of the market in 2021. Also, the segment is estimated to register the highest CAGR during the forecast period. In terms of usage, the wheelchair market is segmented into adult and pediatric (below 18). The adult segment held a larger share of the market in 2021. Also, the segment is estimated to register a higher CAGR during the forecast period. Based on end user, the wheelchair market is segmented into homecare, hospitals and clinics, rehabilitation centers, and ambulatory surgical centers. The rehabilitation centers segment held the largest market share in 2020; also, the same segment is anticipated to register a significant CAGR during 2021–2028. Based on distribution channel, the wheelchair market is segmented into retail and e-commerce. The retail segment held a larger share of the market in 2021. However, the e-commerce segment is estimated to register a higher CAGR during the forecast period.
People suffering from disorders such as spinal cord injury, paralysis, and arthritis require a wheelchair for mobility. Hence, the increasing prevalence of these diseases is propelling the demand for wheelchairs. As per the World Health Organization (WHO), every year, 250,000–500,000 people in the world suffer spinal cord injuries (SCIs). As per the 2020 SCI Data Sheet from the National SCI Statistical Center (NSCISC), ~17,810 new spinal cord injuries occur each year in the US; vehicle crashes, falls, violence, and sports activities are among the most common causes of spinal cord injuries in the country. As per an annual statement of the NHS Specialized Spinal Cord Injury Services for 2017–2018, ~2429 new patients were referred to eight specialist centers in England, which led to 864 new admissions. As per the Christopher & Dana Reeve Foundation, in 2013, ~1.7% of the US population, i.e., ~5,357,970 (~5.4 million) people were living with some form of paralysis, which is a disorder caused by problems in the central nervous system, resulting in difficulty or inability to move the upper or lower extremities. According to the Centers for Disease Control and Prevention (CDC), ~24 million adults have limited their activities due to arthritis, and more than 1 in 4 adults with arthritis report severe joint pain. Thus, the increasing prevalence of disorders requiring mobility assistance is creating a high demand for wheelchairs.
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Wheelchair Market: Segmental Overview
In terms of product, the powered/electric wheelchair segment is anticipated to register the highest CAGR in the wheelchair market during the forecast period. Factors favoring the growth of the segment are rising prevalence of neurological disorders, increasing demand for advanced assistive devices, and rising disposable incomes.
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