The global wheelchairs market is set to experience remarkable growth in the coming years, driven by several key factors. The rising rate of disabilities worldwide has emerged as a significant growth driver for the market. Factors such as industrial accidents, natural calamities, and outdoor accidents have led to an increase in medical emergencies, creating a higher demand for wheelchairs in healthcare facilities, particularly in hospitals.
For more information, please refer to the full report: https://www.fairfieldmarketresearch.com/report/wheelchairs-market
According to the World Health Organization’s 2021 report, more than 1 billion individuals suffer from some form of disability globally each year, and around 70 million individuals worldwide require the support of wheelchairs, as reported by the Free Wheelchair Mission (FWM). In response to this pressing need, the FWM has been working diligently to distribute over 1 million wheelchairs since 2001 and aims to double this count by 2025, which will undoubtedly contribute significantly to the growth of the wheelchairs market.
Additionally, the wheelchairs market is expected to benefit from the rising healthcare expenditure and an increasing number of hospitals globally. The collaboration between non-governmental organizations (NGOs) and government authorities to provide better healthcare assistance and increase reimbursements for mobility products, such as wheelchairs, is also expected to propel the market’s growth by enhancing product penetration rates.
Mushrooming Geriatric Population to Bolster Market Growth
The growing geriatric population is another major driver of the wheelchairs market. Aged individuals are more prone to various disabilities, such as spinal cord injuries, muscle weakening, knee and joint problems, and other age-related challenges. Consequently, healthcare expenditure related to investing in assisting devices like wheelchairs for the elderly is on the rise. According to the Organization for Economic Cooperation and Development Health, healthcare expenditure is projected to grow by 14% by the end of 2060.
The global count of the geriatric population is expected to significantly increase in the coming years. According to the World Health Organization, the number of individuals aged 60 years and above is predicted to surpass 1.4 billion by 2050, almost doubling the current figure. By 2030, approximately 1 in 6 individuals will be within the age range of 60 to 80 years globally. This demographic trend will undoubtedly have a substantial impact on the wheelchairs market, further driving its growth.
Rising Technological Advancements to Drive Innovation and Market Expansion
Manufacturers in the wheelchairs market have been actively incorporating advanced technologies to develop new products that provide improved comfort and convenience for users. The integration of Artificial Intelligence (AI) and sensors has resulted in the introduction of smart steering systems for wheelchairs. For instance, CoMoveIT NV, a spin-off of KU Leuven Campus Bruges, introduced the CoMoveIT Smart wheelchair in October 2021. This innovative wheelchair uses AI and sensors to recognize involuntary movements of users, exemplifying the positive disruptions occurring in the wheelchair industry.
Powered Wheelchairs Set to Witness Significant Demand
The market for powered wheelchairs is expected to outpace their manual counterparts, driven by various functional benefits and operational advantages. Powered wheelchairs offer ease of operation and control with minimal effort, making them a preferred choice for many users. Additionally, technological advances in this segment have further boosted their demand, with features like lightweight, flexible design, and extended service life contributing to their popularity.
North America to Emerge as a Leading Revenue Pocket
North America is poised to dominate the wheelchairs market due to the region’s robust healthcare infrastructure and rising government support. The presence of major players and technology providers has fostered the development of advanced wheelchairs tailored to meet patient needs effectively. Factors such as increasing healthcare expenditure, a growing GDP per capita, and a rising geriatric population are expected to further propel the growth of the wheelchairs market in North America.
Competitive Landscape
The wheelchairs market is witnessing notable activity in terms of new product launches and acquisitions. Major players in the market include Invacare Corporation, GF Health Products Inc., Carex Health Brands, Pride Mobility Products Corp, Sunrise Medical Limited, Permobil AB, Ottobock, Panthera AB, Alber GmbH, Handicare International, and Medline.
