Wheelchair Market size to grow by USD 1,527.89 million from 2022 to 2027; Growing healthcare expenditure is expected to drive market growth

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02 Jun, 2023, 01:15 ET

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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. View Sample Report!

Vendor Landscape

The wheelchair market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.

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

What's New? -

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.

View Sample Report in minutes of this report for more highlights into the market segments.

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.- View Sample Report

The wheelchair market covers the following areas:

Wheelchair Market SizingWheelchair Market ForecastWheelchair Market Analysis

Companies Mentioned

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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.

Key Topics Covered:

1 Executive Summary

2 Market Landscape

3 Market Sizing

4 Historic Market Size

5 Five Forces Analysis

6 Market Segmentation by Product

7 Market Segmentation by End-user

8 Customer Landscape

9 Geographic Landscape

10 Drivers, Challenges, and Trends

11 Vendor Landscape

12 Vendor Analysis

13 Appendix

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ContactTechnavio ResearchJesse MaidaMedia & Marketing ExecutiveUS: +1 844 364 1100UK: +44 203 893 3200Email: [email protected]Website: www.technavio.com

SOURCE Technavio