According to FutureWise analysis the market for wheelchairs in 2023 is US$ 5.89 billion, and is expected to reach US$ 7.71 billion by 2031 at a CAGR of 3.4%.
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.