Market Highlights:
The Global Wheelchair Market Is Expected to Register A CAGR Of 6.48% During The Forecast Period And Is Expected To Hit USD 6,022.84 Million By 2027.
A wheelchair is used to transport individuals who are unable to walk due to diseases, illnesses, or disabilities. Wheelchairs are primarily used by the differently-a bled and geriatric population worldwide. Electric wheelchairs are especially used by elderly and disabled people, as they have difficulties in operating a manual wheelchair effectively. Manual wheelchairs are light-weight and require less maintenance compared to electric wheelchairs.
The rising geriatric population and increasing use of wheelchairs in fields such as athletics are anticipated to drive the market growth of the global Wheelchair Market. According to the World Health Organization (WHO), the world population above 60 years will almost double from 12% to 22% by 2050. This increase in the geriatric population will ultimately result in an increased demand for wheelchairs. However, the cost of electric-powered wheelchairs is high as compared to their manual counterparts, which is expected to restrict the market growth.
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Segment Analysis
The global wheelchair market has been divided based on product, category, and end use.
The market, based on product, has been segregated into electric wheelchair, manual wheelchair, and accessories. The electric wheelchair segment is further sub-segmented into rear-wheel drive chair, center wheel drive chair, and front wheel drive chair. The manual wheelchair segment is further sub-segmented into standard manual wheelchairs, light and ultra-lightweight wheelchairs, bariatric wheelchairs, and sports wheelchairs. The accessories segment is further sub-segmented into wheelchair ramps, postural support accessories, armrest accessories, wheelchair trays, and batteries & chargers. The postural support accessories segment is further sub-segmented into wheelchair belts & harness accessories, and foot and lateral body support accessories.
Based on category, the wheelchair market has been divided into adults and pediatric. On the basis of end use, the market is bifurcated into home care settings, hospitals and clinics, and others.
Regional Analysis:
The global wheelchair market, based on region, has been divided into the Americas, Europe, Asia-Pacific, and Middle East & Africa. The Americas is likely to hold the largest share of the global wheelchair market during the assessment period owing to the well-developed healthcare sector and the presence of leading players. Moreover, the high popularity of Paralympics in the region further drives the growth of the wheelchair market. The Europe market is expected to register substantial growth in the market owing to the presence of a huge geriatric population and high healthcare spending. Asia-Pacific is estimated to be the fastest-growing regional market due to the large patient population and rapid development in technology. The wheelchair market in Middle East & Africa is expected to witness gradual growth owing to the developing healthcare infrastructure.
Key Findings of the Study
- The global wheelchair market was valued at USD 3,720.47 million in 2019 and is expected to register a CAGR of6.48% during the assessment period.
- The Americas accounted for the largest share of the global market due to the growing demand for beauty treatments and other anti-aging-related cosmetic procedures.
- Based on the product, the electric wheelchair segment accounted for the largest market share of 34.10% in 2019.
- Based on category, the adult segment is expected to register the fastest growth at a CAGR of 6.76% during the forecast period.
- Based on the end use, the home care settings segment accounted for the largest market share with a value of USD 1,422.2 million in 2019.
Some of the players operating in the wheelchair market are Invacare Corporation (US), Otto bock (Germany), Drive Medical (US), and Pride Mobility Products Corp.(US)
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