The booming aging population, rising incidence of spinal cord injuries (SCIs), increasing disposable income, and surging awareness about mobility assistance products are driving wheelchair sales.
New York, Aug. 18, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Wheelchair Market" - https://www.reportlinker.com/p06129687/?utm_source=GNW
As a result, the global wheelchair market revenue is projected to reach $7,818.5 million by 2025, at a 7.9% CAGR between 2021 and 2025.
The lockdowns and other restrictions implemented to control the spread of the COVID-19 infection hurt manufacturers around the world. This is why the wheelchair market was significantly impacted for quite a while in 2020. However, as countries are now lifting these restrictions, manufacturing and trade activities are picking up, which would lead to a resurgence in the demand for wheelchairs in the short term.
Powered and manual are the bifurcations of the type segment, of which the manual bifurcation held the larger share in the wheelchair market in 2020. Since such variants are cheaper, they easily fit the budget of the masses.
Of the bifurcations of the wheelchair market based on end user — pediatric and adult — the adult bifurcation is set to grow faster in the forecast period. This would be a result of the rising geriatric population, increasing incidence of mobility disorders in adults, and surging number of road accidents. According to the World Health Organization (WHO), 2 billion people, or around 37.5% of the global population, were living with disabilities in 2019, most of whom were adults.
The wheelchair market is bifurcated into e-commerce and retail, under segmentation by distribution channel. The market was dominated by the retail bifurcation in 2020 as people prefer to try out such products first hand before buying, which is not possible with online shopping. Moreover, at retail stores, they can physically inspect and try out chairs by multiple brands.
North America generated the highest revenue in the wheelchair market in 2020, driven by the rising incidence of musculoskeletal issues and injuries, booming geriatric population, and increasing number of obese people. Moreover, the presence of a large number of market players leads to the easy availability of wheelchairs in the continent.
The fastest growth in the wheelchair market during the forecast period will be seen in Asia-Pacific (APAC). This would be a result of the expanding medical tourism industry, growing elderly population, and surging burden of chronic diseases. As per the Indian Ministry of Tourism in 2020, the country’s medical tourism sector will likely reach $9.0 billion and hold a 20% share in the global medical tourism sector.
The competition in the wheelchair market is characterized by product launches, as such moves are allowing industry players to target more customers.
For instance, in December 2020, the QUICKIE Nitrum wheelchair was launched by Sunrise Medical (US). This light, rigid, and adjustable wheelchair moves with the least amount of human effort.
In the same way, in May 2020, a multi-position power standing system wheelchair was introduced by Invacare Corporation. Named AVIVA FX – MPS Maxx, it is safe, stable, and comfortable in outdoor and indoor settings. Its small turning radius makes it ideal for indoor environments, while its 4Sure suspension system offers a less-bumpy ride outside.
Key companies in the global wheelchair market are Invacare Corporation, Permobil AB, Sunrise Medical (US) LLC, Medline Industries Inc., Ottobock SE & Co KGaA, Yuwell-Jiangsu Yuyue medical equipment & supply Co. Ltd., Pride Mobility Products Corporation, Hoveround Corporation, MEYRA GmbH, Matsunaga Manufactory Co. Ltd., Etac AB, and Ki Mobility.
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