Wilmington, Delaware, United States, Nov. 21, 2022 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global wheelchairs market is expected to be driven by an increase in the geriatric population. People with mobility issues have benefitted from the development of self-driving wheelchairs. From 2022 to 2031, the global wheelchairs is expected to increase at a CAGR of 6.3%.
Evolving technology developments in designs through research and development activities are crucial trends that will boost future market sales. The introduction of battery-powered electric wheelchairs is projected to benefit users significantly. Furthermore, with advancements in design, wheelchairs are now capable of storing and connecting the device to the patient's medical history, as well as monitoring the health of the users. Products created with a combination of new technology to improve comfort and can be used both indoors and outdoors, which may ultimately promote the growth of the global wheelchair market.
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Wheelchairs Market: Key Findings of the Report
- Wheelchairs are in high demand in nursing homes. Several companies investing in self-driving wheelchairs are anticipated to benefit significantly from this new technology. In the near future, new breakthroughs and improvements such as sports wheelchairs, stair climbing wheelchairs, and smart wheelchairs are projected to fuel the global wheelchairs market size
- People with impairments are likely to require more mobility equipment to carry out their daily tasks, as diseases among geriatric population frequently co-occur with obesity and disability. Obesity and lifestyle-related disabilities among the elderly are predicted to drive demand in the wheelchairs market.
- The powered wheelchair segment is being driven by an increase in demand for portable chairs with long battery life. Furthermore, technological developments and increased awareness of different types of powered wheelchairs are expected to boost the segment throughout the forecast period.
- The pediatric segment is predicted to rise significantly as the incidence of childhood illnesses such as cerebral palsy increases. Cerebral palsy is one of the highest occurring mobility diseases that necessitates the use of a wheelchair. It is the highest disability in children across the globe. As a result, wheelchair producers expect the pediatric market to be an important income driver in the coming years.
- The Manual wheelchairs market size is expected to expand at the fastest CAGR over the forecast period due to the strong demand for manual wheelchairs. They are also available in a number of configurations and weights, ranging from standard to ultra-lightweight, and take up the minimal room due to the fact that many of the product models are folding.
Wheelchairs Market: Key Players
Key businesses are engaged in mergers and acquisitions, strategic collaborations, and new product launches to expand their worldwide reach. The wheelchair market research report by TMR provides deep insights to the players regarding the growth trajectory. These inputs help them to formulate strategies to meet customer demand and expand their clientele. Stridently, companies use techniques such as partnerships and collaborations, new product releases, acquisitions, mergers, and partnerships to add value to the market.
The leading companies in the global wheelchairs industry include Sunrise Medical LLC, Karman Healthcare, Invacare Corporation, Drive Medical, Permobil, and Pride Mobility Products Corp.
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Wheelchairs Market: Regional Growth Dynamics
- North America is estimated to dominate the global wheelchairs market. The region's market is being driven by an increase in the prevalence of lifestyle illnesses, osteoporosis, and other autoimmune diseases, which leads to reliance on wheelchairs. Other factors driving the market in North America include technological developments in powered wheelchairs, a growth in the number of baby boomers, an increase in the geriatric population, and an increase in the disabled patient population.
- Currently, Europe has a sizable geriatric population. Aging is related with a decrease in family support for long-term care and the high cost of professional long-term care services. These societal structural changes are projected to increase demand for mobility aid equipment such as powered wheelchairs, and thus, fuel the powered wheelchair and foldable powered wheelchair markets.
- Asia Pacific is expected to be the fastest-expanding market for wheelchairs. This can be attributed to improvements in healthcare infrastructure, increased acceptance of sophisticated wheelchairs, increased disposable money, increased awareness of powered and new wheelchair types, and increased investment by corporations in developing personal mobility aids.
Wheelchair Market Segmentation:
- By Product
- Manual
- Powered
- By Function
- Standard
- Bariatric
- Sports
- Others
- By End-user
- Institutional Use
- Personal Use
- By Regions
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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