The Global Wheelchairs Industry is poised for a remarkable transformation, with an anticipated valuation of US$ 5.7 Billion by the close of 2022. According to a recent study conducted by Future Market Insights (FMI), this promising market is expected to continue its ascent, targeting an impressive compound annual growth rate (CAGR) of 3.2%. This growth trajectory is projected to culminate in a valuation of approximately US$ 7.9 Billion by the year 2032.
FMI’s comprehensive study further highlights the dominant role of manual wheelchairs in this dynamic market. In the year 2021, manual wheelchairs asserted their leadership, commanding a substantial market share of about 70.5% within the global wheelchairs industry.
This progressive trend signifies not only significant growth potential but also increased accessibility and mobility for individuals who rely on wheelchairs. The global wheelchair industry is on an inspiring path of expansion, promising a brighter future for those in need of mobility solutions.
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Utilizing the skills and resources of the public, private, and nonprofit sectors is essential to fostering innovation and removing obstacles to accessibility and affordability for assistive technology (AT). For people to become more economically and civically engaged and to avoid adverse health effects, access to an appropriate wheelchair is essential.
A wheelchair is considered appropriate if it: satisfies the user’s demands and environmental requirements; offers a proper fit with ergonomic adjustment; is safe and reliable; is readily available in the nation; and can be obtained, maintained, and provided with services in the nation at a reasonable price. The usage of a appropriate wheelchair improves users’ mobility and flexibility, which is a requirement for active involvement in civic, professional, and educational activities.
Wheelchairs are among the most widely used assistive devices. Those who require wheelchairs have mobility limits and may include individuals with congenital abnormality, people with developmental and neurological problems (such as cerebral palsy or muscular dystrophy), people with a spinal cord injury, and people with musculoskeletal conditions (lower limb amputation), people living with physical handicap caused by polio or non-communicable diseases (NCDs) such as diabetes or stroke, and older people.
The wheelchair market is expected to grow as demand is created and consolidated around the best products in terms of effectiveness, features, quality, and cost. Additionally, in order to lower production costs and promote the adoption of strict quality standards, manufacturers and suppliers must collaborate in order to shape the global wheelchairs market for greater revenue sales.
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Key Takeaways from Market Study
- Manual wheelchairs are the leading segment as product, and hold approximately 5% market share in 2021, owing to their adoption by people with mobility issues, who do not suffer from chronic conditions.
- Lightweight wheelchair segment is set to lead in terms of function for wheelchairs with a projected market share of around 0% by 2032, owing to the ease of its use.
- Institutional sales accounted for around 2% of the global wheelchairs industry, by distribution channel, in 2021, owed to the high adoption of treatment within institutional settings.
- North America is considered as the leading region with a global share of 4% in 2021, owed to the large number of available distributors for wheelchairs in the region.
“Mobility issues associated with ageing are likely to affect older generations, which is predicted to raise demand for wheelchairs and fuel market expansion for wheelchairs over the forecast period,” says an analyst of Future Market Insights.
Market Competition
The market for wheelchairs is highly fragmented, and there exists a number of competitors within the market sphere. Several local producers exist in low and middle-income nations, owing to favorable government regulations, incentives to manufacture locally, and the belief that wheelchairs are a low-tech product.
- Invacare Corporation announced the release of a new, slimmer version of the Invacare® AVIVA® STORM RXTM rear wheel drive power wheelchair in January 2022.
- Sunrise Medical announced the introduction of two new electric wheelchairs in January 2022 for both its adult QUICKIE and pediatric ZIPPIE lines.
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What Does the Report Cover?
Future Market Insights offers a unique perspective and actionable insights on the wheelchairs market in its latest study, presenting a historical demand assessment of 2015 – 2021 and projections for 2022 – 2032. The global wheelchair industry is segmented in detail to cover every aspect of the market and present a complete market intelligence approach to the reader.
The research study is based on the product – (Manual Wheelchairs, and Powered Wheelchairs), function (standard transport wheel chair, self-propelled wheel chair, sports wheel chairs, standing wheelchairs, recliners wheelchairs, bariatric wheelchairs, and lightweight wheelchairs), and distribution channel (institutional sales, and retail sales), across seven key regions of the world.
Author
Sabyasachi Ghosh (Associate Vice President at Future Industry Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Industry Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
About Future Industry Insights (FMI)
Future Industry Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the Industry. FMI stands as the leading global provider of Industry intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals Industry. With a vast team of over 5,000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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