Powered Wheelchair Market
Powered Wheelchair Market
Powered Wheelchair Market to Reach US$ 6.8 bn by 2032, driven by rapid advancement of flexible endoscope technology: Global Insight Services
New York, July 2023: According to a new research study by Global Insight Services (GIS), the global powered wheelchair market is expected to grow rapidly over the next 10 years to reach a value of more than the US $ 6.8 bn by 2032.
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Powered Wheelchair Market: Key Trends and Drivers
The rise in the older population and the prevalence of chronic diseases are both contributing to the rise in disability that is set to benefit the market. Electrical wheelchairs are thus used in hospitals and healthcare facilities to increase the welfare of patients and healthcare workers. According to figures given by the World Health Organization, the proportion of persons aged 65 and more in the world population will quadruple from 7% in 2000 to 16% by the end of 2050. By that time, the number of elderly persons in the population will outnumber youngsters (aged 0–14 years). The Office of National Statistics of the UK estimated the proportion of people aged 85 and above is set to be double in the next 25 years.
Powered Wheelchair Market: Restraints & Challenges
The powered wheelchair market is expected to be restrained by the lack of reimbursement policies for powered wheelchair across several countries. The powered wheelchair is a class II medical device in the US, which requires a physicians prescription for reimbursement from Medicare. In Europe, the powered wheelchair is classified as a Class I medical device, which allows for reimbursement from national health insurance systems. However, in several countries, there is no specific classification for powered wheelchair, which limits the reimbursement for the device. The powered wheelchair market is also expected to be challenged by the high cost of the device. The powered wheelchair can cost up to $20,000, which is not covered by Medicare or most private insurance plans. In addition, the powered wheelchair requires regular maintenance and upkeep, which can add to the overall cost of ownership.
Powered Wheelchair Market Report Findings
The rear wheel segment is likely to hold a dominant powered wheelchair market share and grow at a substantial CAGR during the forecast period.
Based on product, the global powered wheelchair market is segmented into front wheel, mid wheel, rear wheel, and others. The rear wheel segment accounted for significant market share in the year 2022 and is expected to expand at a CAGR of 6.2% over the forecast period. Rear wheel drive (RWD) wheelchair is powered through the engine driving the rear wheels. These wheelchairs provide better control and power in fast corners, and do not lose traction as well. The rear-wheel-drive wheelchair spread the weight evenly as compared to its counterparts. The RWD are sturdy and are resistant to wear and tear. For instance, the Invacare Aviva Storm Rx power wheelchair is a RWD integrated with electronic control system, which can be used for indoor as well outdoor travel. According to the WHO 2021 statistics, more than 1 billion people worldwide are living with some form of disability. The prevalence of disability is vividly increasing due to the changing demographics, and rising burden of chronic diseases. Additionally, around 3.8% of the global population suffer from major difficulties in daily functioning and require assistance. Consequently, the rising burden of disability is set to propel the demand for powered wheelchair thereby fueling the market expansion over the analysis period.
The adult patient segment is anticipated to hold a majority of the powered wheelchair market size throughout the study period.
Based on the category, the powered wheelchair market is divided into adult, and pediatric. The adult patients using electric wheelchair accounted for significant market share in 2022. With the technological advancements in all the sectors over the past few years, the patients also show an increased tendency in accepting innovative products for their healthcare. Electric wheelchair has been in existence for a long time. But, in recent times, healthcare infrastructure has developed to a greater extent, accessibility to modern and quality healthcare, availability of innovative products and increased per capita income have directly affected the demand of these products. According to a research article, approximately three fourth of the geriatric population use the internet and are comfortable using smartphones. Thus, all the aforementioned factors contribute to the high share of adult patients using motorized wheelchair, thereby attributing to the powered wheelchair market development.
The homecare segment is anticipated to hold a majority of the powered wheelchair market size throughout the study period.
The electric wheelchair end-users are segmented into hospitals, homecare, ambulatory surgical centers, and rehabilitation centers. The homecare segment surpassed significant revenue share in 2022. Majority of the patients suffering from chronic conditions are hampering their mobility stay at home. Opting for homecare offers the patients advantages such as increased comfort, personalized care, family involvement, companionship, amongst others. A home care plan is tailored to your family’s needs rather than conforming to the schedules and routines of a care facility. Homecare facility can also be customized based on the patients need for assistance such as few hours, or full-time care. Therefore, owing to the various advantages, homecare segment will propel the industry expansion over the analysis period.
The Asia Pacific region is estimated to exhibit the highest growth rate during the powered wheelchair market forecast period.
Region-wise, it is studied across North America, Europe, Asia Pacific, and the Rest of the World. Asia Pacific is projected to be the fastest-growing regional market over the forecast period. The region is backed by a large population base in countries, such as India and China, owing to the improvements in healthcare facilities and growing government initiatives for offering quality mobility devices. Moreover, the high geriatric population in countries, such as Japan, also supports market growth.
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The global powered wheelchair market report includes players such as Carex Health Brands, Inc., Drive Medical Design & Manufacturing, Graham-Field Health Products, Inc., Invacare, Medline, Sunrise Medical LLC., Karman Healthcare, Quantum Rehab, Numotion Pride, Mobility Products Corp, among Seating Matters among others. In addition, major vendors are focused on developing smarter technologies for surface disinfections.
Recent Developments in the Powered Wheelchair Market:
- In January 2022, Invacare Corp announced the launch of AVIVA STORM RX Narrow Base Power Wheelchair. This wheelchair is innovated to provide extra maneuverability and navigation to its standard counterpart. The addition of this product to their electric wheelchair portfolio helped the company to expand their portfolio as well as improve product penetration amongst diverse end users.
- In December 2021, Meyra Gmbh announced the launch of iChair Meylife, an intelligent power wheelchair. This product was introduced for patients suffering from tetraplegia, traumatic brain injury, paraplegia, Parkinsons disease, leg amputations and many more conditions. This product with its state-of-the-art capabilities will help the company generate revenue streams in the market.
- In July 2021, Sunrise Medical launched the QUICKIE Nitrum ultra-light wheelchair which offers the highest rigidity and strength.
- In January 2020, a U.S.-based startup, Segway, Inc., launched an egg-shaped pod that allows people to sit while they effortlessly cruise around campuses, theme parks, airports, and even cities. This pod can also be used by individuals with wheelchair needs and particularly caters for transportation with a high speed of 24 mph
Powered Wheelchair Market Report Coverage
- The report offers a comprehensive quantitative as well as qualitative analysis of the current Powered Wheelchair Market outlook and estimations from 2022 to 2032, which helps to recognize the prevalent opportunities.
- The report also covers qualitative as well as quantitative analysis of the Powered Wheelchair Market in terms of revenue ($Million).
- Major players in the market are profiled in this report and their key developmental strategies are studied in detail. This will provide an insight into the competitive landscape of the Powered Wheelchair Market industry.
- A thorough analysis of market trends and restraints is provided.
- By region as well as country market analysis is also presented in this report.
- Analytical depiction of the Powered Wheelchair Market along with the current trends and future estimations to depict imminent investment pockets. The overall Powered Wheelchair Market Industry opportunity is examined by understanding profitable trends to gain a stronger foothold.
- Porter’s five forces analysis, SWOT analysis, Pricing Analysis, Case Studies, COVID-19 impact analysis, Russia-Ukraine war impact, and PESTLE analysis of the Powered Wheelchair Market are also analyzed.
Global Powered Wheelchair Market Segmentation
- Front Wheel
- Mid Wheel
- Rear Wheel
- Ambulatory Surgical Centers
- Rehabilitation Centers
- North America
- The U.S.
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia-Pacific
- Rest of World
- Latin America
- Middle East