Wheelchair Market Size Worth USD 8.09 Billion by 2026 | Report by Fortune Business Insights
According to Fortune Business Insights, The Wheelchair Market size is anticipated to reach USD 8.09 Billion by 2026, the market size was 9.52 Billion in 2020 and is anticipated to rise at a CAGR of 7.0%.
Pune, India, Jan. 19, 2023 (GLOBE NEWSWIRE) — The global wheelchair market size is slated for considerable expansion from USD 4.73 billion in 2018 to USD 8.09 billion in 2026 owing to the growing aging population across the world, finds Fortune Business Insights in its report, titled “Wheelchair Market, 2019-2026”, the wheelchair market stood at USD 9.52 billion in 2020. It is set to exhibit a CAGR of 7.0% during the forecast period.
The wheelchair is one of the most widely used medical devices which possesses the ability to move and makes it comfortable for the people who have walking disabilities. The wheelchair can be of two types – manual and powered. The rising prevalence of walking disabilities among all age groups across the world is one of the major driving factors responsible for this market’s growth. Further, there have been an increasing number of accidents or injuries among the elderly population worldwide which lead to walking disabilities or any other physical disability that can be permanent or temporary. This has resulted in fuelling the growth of this market. For instance, as per the data released by the World Health Organization (WHO) in 2018, approximately 15% of the total population of the world is suffering from various forms of disabilities.
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Key Industry Development:
December 2018: Intel signed a strategic partnership with Hotbox Robotics to launch Wheelie 7, a kit that can be installed onto wheelchairs to enable the users to control the wheelchair with their facial expressions.
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2019 to 2026 |
| Forecast Period 2019 to 2026 CAGR | 7.0% |
| 2020 Value Projection | USD 9.52 Billion |
| Base Year | 2018 |
| Wheelchair Market Size in 2026 | USD 8.09 Billion |
| Historical Data for | 2015 to 2017 |
| No. of Pages | 145 |
Key Takeaways
- Technological innovation in wheelchairs has progressed rapidly, and many products have been introduced.
- Due to the increasing incidence of lower extremity injuries, the demand for wheelchairs is increasing.
- The standard wheelchair segment captured the largest market share i.e. 44.3%.
- The North America region is expected to expand at a considerable pace in the wheelchair market.
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Drivers and Restraints:
Increasing Usage of Wheelchair for Household Purposes to Boost the Market
There is a high demand for wheelchair among disabled and injured people, mainly the aged population who are suffering from different disabilities or other diseases. This has resulted in the growth of this market. Further, the leading companies in this market are concentrating on introducing advanced wheelchairs for household purposes. For instance, the bariatric wheelchair is specifically designed for the users who will be able to use this wheelchair at home or go for shopping or visit their friends without any risk of safety. This type of wheelchair provides enhanced mobility and greater comfort.
Segments:
On the basis of type, this market is divided into manual and powered. By application, the market is classified into standard wheelchair, bariatric wheelchair, sports wheelchair, and others. Based on end-user, the market is categorized into personal user and institutional user. In terms of geography, the market is clubbed into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
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Regional Insights:
Increasing Number of Physically Disabled People to Fuel the North America Market Growth
North America region is projected to expand at a considerable pace in the wheelchair market share on account of the rising number of physically disabled people and surge in the number of aging population in this region.
Europe is projected to show a rapid growth in this market due to the growing number of patients with physical disorders and increasing number of sportspersons who are injured or physically disabled.
Asia Pacific region is anticipated to grow speedily in this market on account of the rising number of accidental injuries resulting in the loss in mobility.
Competitive Landscape:
Increasing Adoption of Advanced Technologies by Key Players to Feed Competition
The prominent companies in the wheelchair market are focusing on adopting latest technologies in the manufacturing of wheelchairs to meet the rising consumer demands across several regions in the market. This has resulted in the increasing competition among key players to develop innovative wheelchairs which will help to expand their business operations and widen their market presence.
List of Key Players Mentioned in the Report:
- Invacare Corporation
- Carex Health Brands
- Ottobock
- Sunrise Medical Limited
- Drive Medical Design & Manufacturing
- Pride Mobility Products Corp.
- GF HEALTH PRODUCTS, INC.
- Others
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Major Table of Contents:
- 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
- North America Wheelchairs Market Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Analysis – By Type
- Manual
- Powered
- Market Analysis – By Application
- Standard Wheelchair
- Bariatric Wheelchair
- Sports Wheelchair
- Others
- Market Analysis – By End User
- Personal User
- Institutional User
- Market Analysis – By Country
- U.S.
- Canada
- Europe Wheelchairs Market Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Analysis – By Type
- Manual
- Powered
- Market Analysis – By Application
- Standard Wheelchair
- Bariatric Wheelchair
- Sports Wheelchair
- Others
- Market Analysis – By End User
- Personal User
- Institutional User
- Market Analysis – By Country/ Sub-region
- U.K.
- Germany
- France
- Spain
- Italy
- Scandinavia
- Rest of Europe
TOC Continued…!
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