Wheelchair Industry, Share Analysis, Growth Dynamics and Global Forecast to 2024

Posted by Shrikant Gadewar on January 23rd, 2020

Market Highlights:

A wheelchair is a chair fitted with wheels that are used as a means of transport by individuals who are unable to walk due to illnesses, diseases, or disabilities. Wheelchairs are primarily used by the differently-abled and geriatric population worldwide. Hence the increasing geriatric population ultimately has a positive impact on global wheelchair market growth.

The global Wheelchair Industry is estimated to be valued at USD 9,554.07 million by 2024 and is projected to register a CAGR of 2.80% during the forecast period.

The rising geriatric population and the increasing popularity of Paralympic games are anticipated to drive the market growth. However, the high cost of electric wheelchair products is projected to hamper market growth.

Competitive Landscape:

•          Drive Medical
•          Ottobock
•          Quantum Rehab
•          GF Health Products
•          Karman Healthcare
•          Pride Mobility Products Corp
•          Levo AG
•          Sunrise Medical
•          Medline Industries

Segment Analysis:

•          The global wheelchair market has been segmented on the basis of product type, end user, and region.
•          Wheelchair market, by product type, has been segmented into electric wheelchair, manual wheelchair, and accessories.
•          Wheelchair market, by end user has been segmented into home care settings; and hospitals and clinics.

Regional Analysis:

The global wheelchair market, based on region, is separated into the Americas, Europe, Asia-Pacific, and the Middle East and Africa.

The Americas is anticipated to hold the largest share of the global wheelchair market. This is owing to the presence of key market players, high prevalence of the chronic disease, and rising geriatric population.

Europe has significant growth in the wheelchair market. This due to the growing elderly population and increasing usage of wheelchair products. According to the United Nations (UN), in Europe, 183.0 million people were aged over 60 in 2017, and this figure is estimated to reach 247.2 million by 2050. These factors are expected to have a positive impact on the wheelchair market in Europe.