- The global wheelchairs market has witnessed growing adoption in the recent years due to a number of factors.
- Professional care institutions are the largest revenue generating segments in the global market.
- The global market for wheelchairs is highly fragmented and competitive.
The latest market report published by Credence Research, Inc. “Wheelchairs Market – Growth, Future Prospects, Competitive Analysis, 2018 – 2026,” the global wheelchairs market was valued at $4.88 billion in 2017 and expected to reach $15.43 billion by 2026, expanding at a CAGR of 13.5% from 2018 to 2026.
The development in post treatment methods and services is a prime factor shaping the trends in the global wheelchairs market. Post-treatment regimens in neonatal and pediatric care, critical care, geriatric care and intensive care require continuous monitoring of patients that are unable to move themselves. Such patients therefore are ideal groups for assistive movement aids, thus driving the demand for mobility products such as wheelchairs and mobility scooters. Corresponding to the patient needs the opted wheelchairs may be manual, electric/powered or mobility scooters. Growing senescent population, increased life expectancy and growing awareness among the patient population towards wellbeing and not losing out on the conventional life are the other prime factors supporting the market growth.
The global wheelchairs market has witnessed growing adoption in the recent years due to factors such as increasing need from patients to reinstate their independence and mobility, growing senescent population, increasing automation in mobility products and demand from specialized wheelchairs from the sports fraternity. Perpetual innovations and development in the field of wheelchairs making them automatic, lightweight and even for purposes such as climbing stairs is making this market increasingly lucrative for manufacturers and other stakeholders alike. Growing awareness in the patients and consumers is making their requirements more prominent and the prevalent fragmented nature of the market is in turn creating cut throat competition among the market players. Hence for sustaining the competitive front, the players are more and more involved in product innovation providing the patients with added convenience, safety, efficiency and comfort at competitive prices.
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Based on product types, the global wheelchairs market is segmented into general purpose wheelchairs, power wheelchairs, manual sports wheelchairs and mobility scooters. Among these, the manual variants, i.e., the general purpose wheelchairs and manual sports wheelchairs occupy larger market share with a significant traction coming from power wheelchairs. Among the applications such as standard transport, pediatric application, sports utility and others, the sports utility segment shall be progressing at a rapid CAGR surpassing the global benchmark during the forecast period. Wheelchairs have major usage areas in hospitals and clinics, ambulatory centers, home care and others. Professional care institutions, particularly hospitals and clinics, and ambulatory centers are the largest revenue generating segments in the global market. The demand for manual wheelchairs is the highest in these segments. Where the power variants and mobility scooters are gaining demand from home segment.
The wheelchairs market report provides quantitative assessment of the industry terms of current and forecasted market size, while also presenting the market dynamics. This market is segmented based on types, and geography.
This report also includes company profiles section that gives insights on the company overview, product portfolio, financial information and key developments of major market players. The major players profiled in this report include Ottobock SE & Co. KGaA, Permobil AB, Sunrise Medical LLC, Medline Industries Inc., 21st Century Scientific Inc., LEVO AG, Karma Medical Products Co. Ltd., Invacare Corporation, Quantum Rehab, TGA Mobility, Panthera AB, Hoveround (Healthcare Products Holdings Inc.) and Pride Mobility Products Corporation.
Key questions answered in this report
- What is the global market size for wheelchairs at the base year 2017, and where the market is anticipated to reach at 2026?
- At what CAGR will the market progress during the forecast period 2018 to 2026?
- Is the dominance of general purpose wheelchairs be challenged by the progress of power wheelchairs?
- What are the prime factors that support the swift growth of Asia Pacific market?
- What are the major strategies employed by the market players, given the fragmented nature of the market?