Wheelchairs Market Report: Analysis of Effective Business Strategies 2018 To 202
Posted by rushikesh on May 3rd, 2019
Wheelchairs are primarily designed for disable individuals for the ease of indoor and outdoor locomotion purpose. Various types of wheelchairs are available in the market, such as recliner wheelchairs, active wheelchairs (sports wheelchairs), transport wheelchairs, and standing wheelchairs. Two major types of wheelchairs are manual wheelchairs and electric wheelchair. Manual wheelchair is cost effective than electric wheelchairs as it requires less maintenance. The recent past has witnessed a rising trend of consumers opting for highly customized wheelchairs, which in turn creates a highly conducive environment for growth of the global wheelchairs market. Major players in the market are inclined towards inorganic growth strategies in order to enhance their product portfolio. For example, Permobil AB acquired five companies during 2013-2017 in order to significantly strengthen its global footprint.
Rise in aging population is expected to favor the growth of wheelchair market
North America accounts for the largest share in the global wheelchair market, followed by Europe and Asia Pacific. Mostly wheelchairs are used by elder people who are near to the age of 60’s and above. As per Population Reference Bureau 2016 report, in the U.S. around 46 million people of age 60 and above are estimated to use wheel chair, the number is expected to reach around 98 million by 2060 supporting the share of North America for the wheelchairs market. Asia Pacific region is expected to show growth in wheel chair market, owing to increasing population in economies like China and India. Major investments in healthcare fuels the growth of wheelchairs market in this region. The wheelchairs market is expected to show high growth rate in Asia-Pacific region over the forecast period as Asia consist of 60% of the world’s current population.
According to National Institute on Aging in 2010, 524 million people were estimated to be of age 65 or older, which is 8% of the world's population. The number is expected to be nearly triple to 1.5 billion, representing 16% of the world's population by 2050. The above mentioned statistics is expected favor the growth of Wheelchairs market globally.
The report segments the global wheelchairs market on basis of product type, weight, modality end-user, and geography. On the basis of product type, the wheelchair market is categorized into manual wheelchairs and electronic wheelchair, where manual wheelchairs are sub-categorized into active wheelchairs, transport wheelchairs, and others. Whereas, electronic wheelchairs are sub-categorized into center wheel drive electric wheelchair, front wheel drive electric wheelchair, standing electric wheelchair, and rear wheel drive electric wheelchairs. Electronic wheelchair segment dominates the wheelchair market throughout the forecast period. On the basis of weight, the wheelchair market is divided into two segment, which are light weight and heavy weight wheelchairs. Furthermore, market is segmented on basis of modality that include pediatric powered wheelchairs and adult powered wheelchairs. On basis of end-user, the wheelchair market is segmented into hospitals, clinics, ambulatory surgical centers, home care settings, and others. The last segment of wheelchairs market is on the basis of geography, which is divided into North America, Latin America, Europe, Asia Pacific, Middle East, and Africa. Among all regions, North America contributes major market share supported by increased incidence rate of disabilities.
Key Players: Invacare Corporation, Sunrise Medical LLC, Ottobock Healthcare, 21st Century Scientific, Inc., Permobil AB, Pride Mobility Products Corporation, LEVO AG, GF Health Products, Inc., MEYRA GmbH, Hoveround Corporation, Aquila Corporation, Aspen Seating, Drive Medical, Eagle Sportschairs LLC., EASE Seating System, and Medical Depot Incorporation.
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