Wheelchair Market Size Worth US$ 6,388 Million by 2026

LOS ANGELES, Sept. 30, 2019 (GLOBE NEWSWIRE) — The global wheelchair market is expected to grow at a CAGR of around 5.6% from forecast period 2019 to 2026 and reach the market value of over 6,388 million by 2026.

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The global wheelchair market is studied across the region of North America, Europe, Asia Pacific, Latin America and Middle East and Africa. North America accounts for the largest market share in the year 2018. The region is likely to maintain the dominance over the forecast period owing to rising incidences of chronic diseases due to changing lifestyle in terms of long working hours, high consumption of junk food and sedentary lifestyle. Along with this, the strong presence of major manufacturers in the regional market is further propelling the market value. The wheelchair market is experiencing positive growth, owing to the increasing number of individuals suffering from disability diseases, which are enabling them to opt another mode for mobility. Also, the rising number of obese people due to the increasing consumption of unhealthy and packaged food coupled with the changing lifestyle trends are further accelerating the demand for a wheelchair in the global market.

On the basis of product, the wheelchair market is segmented into manual and powered wheelchair. The powered wheelchair is dominating the product segment with a maximum market share in the year 2018, and the segment is also expected to maintain the dominance over the forecast period. The benefits associated with the electric or motorized wheelchair include lightweight, easy operation and customized features that are contributing to the segment growth.

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On the basis of function, the market is segmented into basic, standard, bariatric, and sports among others. From the aforementioned entities standard type of functionality is holding the major share in the year 2018, and the segment is also anticipated to continue with the same pace over the forecast period. The standard wheelchairs are mainly gaining positive growth owing to the benefit of convenient operation in daily life events.

In terms of end-user, the market is segmented into institutional use, and personal use among others. The personal use segment accounted for the largest market share in the year 2018. The segment is also anticipated to augment demand over the forecast period owing to increasing geriatric population suffering from diseases including spine injury, osteoporosis, and rheumatoid arthritis, where the use of a wheelchair on daily basis can improve the quality of life. The use of a wheelchair in old age population can reduce the dependency on others, and can increase the ability to move and operate on their own.

Some of the key players operating in the wheelchair market include 21st century Scientific Inc., Drive Medical, GF Health Products Inc., Hoveround, Invacare Corporation, Karman Healthcare, Ottobock, Permobil, Pride Mobility Products Corp and Sunrise Medical LLC. The major manufacturers are involved in R&D activities for developing more convenient mobility devices.

Some key observations regarding the wheelchair industry include:

  • A flexible brain-machine interface or BMIs is developed by researchers for controlling powered wheelchairs. The major target for the new technology product is the people suffering from spinal injuries
  • The Thirdi group and GoGet announced a partnership in Sep. 2019, where Thirdi Group is investing in two wheelchair-accessible people movers
  • Abu Dhabi international airport, UAE has started the trial of autonomous wheelchairs for the travelers who require assistance in moving on the airport. It’s the first regional airport, which has started trial of such technology
  • The rising government initiative for various mobility diseases to drive the demand for wheelchair. For instance, in September 2019, Indian Spinal Injuries Centre (ISIC) organized a rally on the 4th spinal cord Injury day in association with the Indian Spinal Injuries Centre (ISIC). The motive of the rally was to spread awareness among people about the spinal cord injury; this initiative created a demand for more than 200 wheelchairs.
  • The researchers of biomechanics and rehabilitation engineering from Technische Universität Wien, Vienna have developed a new wheelchair with an advanced drive system. The wheelchair can move through a newly designed hand gear instead of the hand rim on the wheel.

Full Article Here:

https://www.globenewswire.com/news-release/2019/09/30/1922631/0/en/Wheelchair-Market-Size-Worth-US-6-388-Million-by-2026.html

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