Pune, Feb. 03, 2020 (GLOBE NEWSWIRE) -- The global Wheelchair Market is set to gain impetus from the rising prevalence of physical disabilities amongst adults and children. According to the World Report on Disability (WRD), published in 2011 by the World Bank and World Health Organization (WHO), around 15% of the world’s population lives with some form of disability and approximately 110-190 million people possess difficulties in functioning. Fortune Business Insights™ recently published a report, titled, “Wheelchair Market Size, Share & Industry Analysis, By Type (Manual & Powered), By Application (Standard Wheelchair, Bariatric Wheelchair, Sports Wheelchair, and Others) End-user (Personal User and Institutional User) and Regional Forecast, 2019-2026.” In the report, the company mentions that the Wheelchair Market size is projected to reach USD 8.09 billion by 2026, thereby exhibiting a CAGR of 7.0% during the forecast period. However, the market stood at USD 4.73 billion in 2018.
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What Does This Report Contain?
- Outline of the current Wheelchair Market trends and future scenarios to determine the overall potential for achieving robust foothold in the market.
- Extensive information about the growth drivers, restraints, opportunities, and challenges.
- Regional analysis to help our clients in understanding the key investment areas.
Rising Geriatric Population Worldwide to Boost Growth
The number of aging population is increasing rapidly across the world. In January 2018, WHO stated in a study that the number of people between the age group of 60 years and older is anticipated to outnumber children younger than 5 years by 2020. In addition to that, the proportion of the world’s population above 60 years will double from 12% to 22% between 2015 and 2050. It proves that the aging populaces are likely to be affected the most by mobility disorders. This, in turn, would propel the Wheelchair Market growth during the forecast period.
North America to Dominate Stoked by Presence of Key Manufacturers
In terms of region, the market is fragmented into Latin America, North America, Europe, Asia Pacific, and the Middle East and Africa. Out of these, North America is set to lead the market in the coming years. The region acquired USD 1.98 billion Wheelchair Market revenue in 2018. This growth is attributable to the upsurging geriatric population, as well as the rising number of people affected by various mobility impairment disorders. Besides, in the U.S., several pre-existing major mobility devices manufacturers are expected to contribute to the market growth.
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Asia Pacific, on the other hand, would experience a speedy growth owing to the increasing cases of accidental injuries. Combined with this, the surging incidence of developmental disabilities in children would also augment growth in this region. As per the ‘World Population Ageing 2017’ report by the United Nations (UN), the number of people above the age of 60 years in this region, is estimated to upsurge to nearly 1.3 billion in 2050 from 549 million in 2017. It would also affect the market positively in Asia Pacific.
IIT Madras & Phoenix Launch Standing Wheelchair; Intel & Hoobox Unveil Wheelie 7 Kit
Industry giants present in the market are persistently striving to create new products and launch them to gain more Wheelchair Market share during the forthcoming years. They are also focusing on collaborating with other prominent companies to expand their product portfolio. Below are two of the key industry developments:
- November 2019: Phoenix Medical Systems, a medical device manufacturer based in Tamil Nadu, collaborated with the Indian Institute of Technology Madras, to design a ‘standing wheelchair.’ It allows a differently able person to incline between sitting and standing positions independently. The wheelchair is named ‘Arise’ and it costs Rs 15,000. It is available in the market in four sizes, namely, extra-large, large, medium, and small.
- December 2018: Hoobox Robotics, a provider of artificial intelligence (AI)-based technology, teamed up with Intel, an American multinational corporation, to develop the latest Wheelie 7 kit. It is an AI-based technology that aids the disabled users in controlling a motorized wheelchair by facial expressions. It produces real-time data to evaluate the movement of the wheelchair with the help of a special machine learning algorithm.
Fortune Business Insights™ lists out all the reputed companies present in the Wheelchair Market. They are as follows:
- Ottobock
- GF Health Products, Inc.
- Invacare Corporation
- Pride Mobility Products Corp.
- Carex Health Brands
- Drive Medical Design & Manufacturing
- Sunrise Medical Limited
- Other key market players
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Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Technological Development in Wheelchairs
- Key Industry Developments (Mergers, Acquisitions, Partnerships, New Product Launches, etc.
- The Regulatory Scenario For Key Countries/Regions
- Global Wheelchairs Market Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Type
- Manual
- Powered
- Market Analysis, Insights and Forecast – By Application
- Standard Wheelchair
- Bariatric Wheelchair
- Sports Wheelchair
- Others
- Market Analysis, Insights and Forecast – By End User
- Personal User
- Institutional User
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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