Overview

Wheelchairs market is estimated to value over USD 8.3 billion by 2027 end and register a CAGR of 6.7% during the forecast period 2020-2027.

An increase in disabled population alongside increasing geriatric population are the key factors burgeoning the wheelchairs market size. Technological advancements have led to rapid adoption of advanced wheelchairs thus resulting in expansion of the market. Improving healthcare infrastructure coupled with favorable reimbursement policies is bolstering the market. For instance, Medicare Part B covers wheelchairs like DME, where user or patient is required to pay 20% of the Medicare-approved amount and the remaining amount is paid by Medicare, alongside the submission of a written order from the doctor stating the need for a wheelchair at home.

The market is bifurcated into by category, by end-users, and by region. On the basis of product, standing wheelchair holds a major market share. Standing wheelchair is affordable, lightweight and offers non-dependability on charging. It offers comfort to the user as well. All these features have resulted in a rapid demand for standing wheelchair thus inflating the market share. Increasing awareness about initiatives taken by governments to promote games such as Paralympics is expected to increase the demand the sports wheelchairs.

Based on end-users, the homecare segment is expected to control the growth of the market. Wheelchairs at home offer convenience and complete freedom of movement to the patient. It also improves daily quality of life of the users. Owing to these features the segment is expected to see notable growth over the coming years.

In terms of region, North America is the front runner of the market. Factors such as the increase in the prevalence of osteoporosis, lifestyle diseases, and the geriatric population are bolstering the presence of the market in the region. Baby boomers are one of the major factors promoting the growth of the market in the region. As per the U.S Census Bureau, all baby boomers are expected to age more than 65 by 2030, thus resulting in inflation of wheelchairs market size.

The Asia-Pacific region represents a lucrative opportunity for the manufacturers owing to the increasing disposable and rapid adoption of advanced wheelchairs in the region. Increasing geriatric population in nations like Japan and China alongside the increasing presence of developed healthcare infrastructure in nations like India and China is expected to fuel the wheelchairs market growth in the region.

Prominent players of the market are:
Ottobock, GF Health Products, Inc., Invacare Corporation, Pride Mobility Products Corp., Carex Health Brands, Drive Medical Design & Manufacturing, Sunrise Medical Limited, Quantum Rehab, Karman Healthcare.

Competitive Landscape:

Pride Mobility Products Corp. in 2018 launched a Q6 Edge 2.0 powered wheelchair. It is expected to meet the performance needs of active users

Wheelchairs Market Segmentation :

By Type

Manual
Powered

By Application

Standard Wheelchair
Bariatric Wheelchair
Sports Wheelchair
Others

By End User

Personal User
Institutional User

By Region

North America
Europe
Asia Pacific
Latin America
Rest of the World

FutureWise Key Takeaways:

Growth Prospects
SWOT Analysis
Key Trends
Key data-points affecting market growth

Objectives of the Study:

To provide with an exhaustive analysis on the market by type, by application by end-user and by region.
To cater comprehensive information on factors impacting market growth (drivers, restraints, opportunities, and industry-specific restraints)
Evaluate and forecast micro-markets and the overall market
To predict the market size, in key regions (along with countries)—North America, Europe, Asia Pacific, Latin America and the rest of the world
To record evaluate and competitive landscape mapping- product launches, technological advancements, mergers and expansions
Profiling of companies to evaluate their market shares, strategies, financial and core competencies

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