The Global "Wheel Chair Market" is expected to grow at a high CAGR during the forecasting period (2023-2030).
The wheelchair market growth is driven by several factors such as rising elderly population, growing post-treatment services, and increasing development in technology.
This rise in the geriatric population is likely to increase the demand for wheelchair market. According to the WHO, there has been a significant rise in the global geriatric population; the group of people above 65 years of age is the fastest-growing population segment. This segment is expected to grow from 13% in 2010 to 19% by 2030. With growing age, the demand for mobile assistance aids increases. Increasing prevalence of spinal cord injuries and obesity are also driving the demand for wheelchairs globally.
In addition, the growing post-treatment services are driving the growth of global wheelchair market. For post-treatment services like critical care, neonatal care, and intensive care, the patients are kept under observation and unable to move without support. These patients need attendant propelled and powered mobility devices, driving the demand for advanced clinical mobility products by post-treatment service units. Depending on the criticality, manual or powered wheelchairs are primarily used as patient transfer devices in hospitals and other healthcare facilities. This is driving the demand for wheelchairs.
By type, the powered wheelchair segment accounted for the largest market share in 2018 due availability of a wide range of products, such as electric wheelchairs, powered wheelchairs, and mobility scooters. Also, higher price of powered wheelchairs compared to manual wheelchairs is also contributing to the growing market size of the powered wheelchair market over the forecast period (2019-2026).
With increasing technological advancement, powered wheelchairs are widely adopted as due to various features such as ease of mobility and development of advanced features such as service alerts, battery alarms, and much more in powered wheelchairs. Various research programs have been undertaken to design smart, powered wheelchairs that can be controlled by mobile apps or Bluetooth devices. For instance, in January 2019, Brazilian start-up Hoobox Robotics launched first wheelchair controlled by facial expressions. Hooboz collaborated with Intel to produce an adapter kit that allows almost any electric wheelchair to be controlled by the user's facial expressions. The Wheelie 7 kit equips a wheelchair with artificial intelligence to detect the user's expressions and process the data in real-time to direct the movement of the chair. On the other hand, manual wheelchairs are affordable with simple design and hence easily accessible wheelchairs in developing economies.
By, category, the adult segment held the largest share in 2018, due to rising spinal cord injuries among elderly people across the globe. Spinal cord injuries in persons aged over 65 years have increased from 88 per million in 2009 to over 155 per million in 2017 globally. Growing rate of spinal cord injuries, resulting in disability and mobility issues across the globe has been playing an important role in driving demand for wheelchairs. Hence, with growing age, the demand for wheelchairs increases.
The North America is dominating the global Wheel Chair market with highest market size in 2018 and is estimated to hold the largest market share over the forecast period (2019-2026). The demand for wheelchairs is increasing in North America due to the growing aging population in United States, which in turn, increases the prevalence of disability among major U.S. population groups and an increasing need for assistance and care. According to the U.S. Census Bureau, the U.S. population will continue to grow to an estimated 400 million by 2050. By 2030, the government estimates that more than 20% of the U.S. population will consist of individuals over the age of 65, a 50% increase compared to the population in 2010. The United States is the largest contributor to the growth of the wheelchair market in North America region, for over 55 percent of the wheelchair market.
The wheelchair market in United States is also growing due to rising healthcare expenditures with proper healthcare infrastructure. For instance, in the United States, healthcare provision is supported by reimbursement from the federal Centers for Medicare and Medicaid Services (“CMS”), the Department of Veterans Affairs, state agencies. In total, CMS estimates U.S. national healthcare expenditures will grow by more than 5% annually between 2017 and 2026.
The market is highly fragmented in nature with some players including Invacare Corp., Panthera X, 21st Century Scientific Inc., OttBock Healthcare GmbH, Pride Mobility Products Corp., Permobil AB, Handicare, Sunrise Medical, Hoveround Corp., and Meyra Wilhelm Meyer GmbH & Co. KG. The key players are adopting strategies such as mergers and acquisitions, partnerships, and regional expansion to stand out as strong competitors in the market. New product launches along with increased focus on R&D are other ways the leading players improve their market presence. For instance,
In May 2019, Sunrise Medical launched QUICKIE Q500 M SEDEO PRO, a power wheelchair in a compact design. The Q500 M is the evolution of an industry favorite, the QUICKIE Pulse. Its compact base allows for one of the smallest footprints and a tight turning radius while being extremely intuitive to drive and control. With a new, modern look, the Q500 M SEDEO PRO offers the same proven performance.
In January 2019, Brazilian start-up Hoobox Robotics launched first wheelchair controlled by facial expressions. The Wheelie 7 kit equips a wheelchair with artificial intelligence to detect the user's expressions and process the data in real-time to direct the movement of the chair.
In September 2018, Küschall launched the world’s first graphene wheelchair. Industrial designer Andre Fangueiro joined the Invacare company to redefine the rules of wheelchairs, by utilizing aerospace materials and working in partnership with formula 1 manufacturers to secure the most unprecedented and ultimate driving performance.