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Electric Wheelchair Market - Growth, Trends, COVID-19 Impact, and Forecast (2022 - 2027)
The electric wheelchair market is valued at USD 2. 89 billion in 2021, and it is expected to reach USD 5. 27 billion. The electric wheelchair market is expected to exhibit a growth rate of nearly 10. 76% during the forecast period 2022-2027.
New York, June 09, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Electric Wheelchair Market - Growth, Trends, COVID-19 Impact, and Forecast (2022 - 2027)" - https://www.reportlinker.com/p06249280/?utm_source=GNW
COIVD-19 pandemic positvely impacted the electric wheelchair market. Many hospitals and health institutes were flooded with people infected with the virus. Thus, the demand for electric wheelchairs increased in 2020. The market is further expected to grow during the forecast period.
The increase in disabilities due to a rise in the elderly population and the prevalence of chronic diseases, encouraging hospitals and healthcare facilities to use electric wheelchairs to improve the welfare of patients and healthcare workers is anticipated to remain major driving factor for the market studied. In addition, electric wheelchairs are used in-home care settings to transfer patients safely and comfortably from one place to another. Thus, the demand for electric wheelchairs is expected to increase in hospitals and elderly care homes, owing to the unprecedented increase in the geriatric population.
Major key players are focusing on launching several new products to capture the growing market share provoked by the growing geriatric population. For an instance, In August 2021, Pride Mobility Products Limited introduced the Jazzy EVO 613 2 electric chair, which is powered by Li-ion battery and having maximum speed of 5.1 miles per hour.
Key Market Trends
Growing elderly population across the globe
Growing elderly population across the globe is driving the electric wheelchair market. As per the data released by the World Health Organization, the number of people aged 65 and over may double as a proportion of the global population from 7% in 2000 to 16% in 2050. By then, the number of older adults may be greater than that of children (aged 0-14 years) in the population. Thus, an increase in the elderly population is anticipated to create an opportunity to adopt electric wheelchairs in the global market.
The United Nations estimates that by 2030, with a ratio of 1.04 to 1, the elderly population will outnumber children. Economic development in countries like India created many 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 due to vehicle accidents around the world. Electric wheelchairs aid in the safe and comfortable movement of patients from one area to another. Thus, the increase in accidents is likely to raise the demand for electric wheelchairs over the forecast period.
According to Worldbank.org, nearly 200 million people globally are suffering from significant disabilities. Wheelchairs are used by disabled people and people with lungs and cardiovascular ailments who cannot afford to walk for a longer distance. Rising elderly population and increasing chronic diseases, patients are expected to contribute to the demand for electric wheelchairs during the forecast period.
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% of the world’s electric wheelchairs, owing to the aluminum production hubs and major players operating in the country.
India is the second most populated country in the world with the tally of about 1.40 Billion. About 2% of the total population suffer of disability and from which, about 30% have mobility impairment and need assistance. In road accidents, India ranks first out of all countries. According to the Ministry of Road Transportation and Highways, 449,002 accidents occurred in India during 2019, leading to 151,113 deaths and 451,361 injuries.
North America is expected to follow Asia-Pacific during the forecast period. As per the United states disability statistics 2020, as of 2019, around 13.2 percent of the U.S. population had some type of disability. These Disabilities are more common among older individuals, with almost half of those aged 75 years and older living with a disability, which is likely to increase the demand for electric wheelchair across the North America.
Europe follows North America in terms of growth. Thus, the European market is predicted to grow at a healthy rate during the forecast period.
Competitive Landscape
The market for an electric wheelchair is a fragmented one, with players, such as OttoBock Healthcare GmbH, Invacare Corporation, Pride Mobility Products Corp., Sunrise Medical and Permobil AB, dominating the market.
To provide additional comfort to the patients, major key players are working on the design and ergonomics of the wheelchair.
Additional Benefits:
The market estimate (ME) sheet in Excel format
3 months of analyst support
Read the full report: https://www.reportlinker.com/p06249280/?utm_source=GNW
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