- The wheelchair market will approach $7.53 Bn, demonstrating a CAGR of 3.5% over 2016-2026.
- The wheelchair COMPONENTS market is expected to reach $6.68 Bn in 2026, expanding at a CAGR of 3.9%.
- An aging population with increasing susceptibility to severe injuries will remain the primary driving force for the global wheelchair and components market.
Valued at $5,236.5 Mn in 2015, the global wheelchair and components market is expected to attain a value of $7,535.7 Mn by 2026-end. Over a 10-year forecast period, the market will witness a CAGR of 3.5%.
In a recently published report titled “Global Wheelchair and Components Market 2016-2026,” Persistence Market Research offers vital insights into various factors impacting the global wheelchairs and components market during the period 2016 – 2026.
The wheelchair market will approach $7.53 Bn, demonstrating a CAGR of 3.5% over 2016-2026. This market will reach 10,690,700 units by 2026-end.
By application, manual wheelchairs are anticipated to monopolize the market with around 70% revenue sales, whereas powered wheelchairs will capture around 18% share in 2026.
By geography, North America’s revenue share will reportedly drop from 33.6% to 32.0% in 2026. APAC will also lose its share from 28.3% to 27.2% in 2026. Europe will however showcase significant growth, accounting for over 20% share by 2026-end.
The wheelchair components market is expected to reach $6.68 Bn in 2026, expanding at a CAGR of 3.9%.
On the basis of technology, continuous fiber composites will dominate over discontinuous fiber composites and metal. While continuous fiber composites will remain dominant with over 42% share, metal will account for over 36% value share by 2026-end.
In terms of wheelchair components by application, hand rims and wheel rims sub-segment is likely to account for over 36% share, closely followed by frames with over 35% share in 2026.
Key market drivers
An aging population with increasing susceptibility to severe injuries will remain the primary driving force for the global wheelchair and components market. Rising incidences of road accidents leading to severe injuries are expected to further fuel the demand for wheelchairs and components.
Growing instances of spinal cord injuries resulting in physical disability is also anticipated to sustain the demand globally. Favorable government initiatives and funding programs for wheelchairs will support the market.
As the wheelchair industry is undergoing several developments and innovations, the market for wheelchair and components is anticipated to gain a boost in near future. Immense advancements in composites production technology will also positively influence market growth.
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A few trends and opportunities will shape-up the market by 2026 end:
Emergence of electronic control drive trains, artificial intelligence, improved power capacities, and multistage gearboxes will continue to play a crucial role in meeting differentiating needs of disabled patients.
Attributed to introduction of composite materials and engineering plastics, the market is witnessing a growing trend of demand for lightweight and ultra-lightweight wheelchairs.
Use of sensors, motor control software, wireless devices, and other technologies in
wheelchairs are some of the trending developments in the global wheelchair and components market.
OEMs are increasingly partnering with recognized composite materials manufacturers. Developing cost-effective products for penetrating the expanding Asian market can be lucrative in terms of tapping into the significant growth potential in emerging economies.
APAC is identified to have the most lucrative revenue potential; China, India, and ANZ will prominently underpin the demand for wheelchairs and components in APAC market. The $1,453.3 Mn APAC market is likely to register a relatively higher CAGR of 4.0%, primarily driven by Australia and New Zealand. China and India will also generate significant demand, collectively accounting for over 28% share of the APAC in the global market by 2026-end.
Investments by leading wheelchair and components manufacturers are ramping up in developing Asian and BRIC countries. Domestic demand is growing at a rapid pace, which is likely to bring in a new wave of opportunities for manufacturers in these regions.
Over the assessed period, North America will showcase a decent growth rate. This region will maintain a dominant share in terms of value as well as volume sales throughout the forecast period. The growth of North American market will be primarily driven by the strong presence of a majority of manufacturers in this region.
Key market players targeting product innovation and positioning include Invacare Corp., Panthera X, 21st Century Scientific Inc., OttBock Healthcare GmbH, Pride Mobility Products Corp., Permobil AB, Handicare, Sunrise Medical, Hoveround Corp., Meyra Wilhelm Meyer GmbH & Co. KG and Others. Company Components Suppliers include Tetra Equipment, Custom Engineered Wheels, The Wheelchair Place, LLC, Alber (Frank Mobility), Intelliwheels and Others.