Wheelchairs market will be USD 5 billion in 2023 and grow at a CAGR of 7.50% from 2023-2030: Cognitive Market Research
Introduction of Wheel Chair Market
The increase in the aged population globally, rising prevalence of disabilities, ongoing advancements in wheelchair technology, growing awareness about mobility solutions, increasing emphasis on creating accessible environments, government initiatives and regulations, development of healthcare infrastructure, rising incidence of chronic diseases, rising trend toward customizable and personalized wheelchairs and growth of e-commerce facilitates easier access to a wide range of wheelchair products are the major factors bolstering the growth of the Wheel Chairs market.
For instance, in July 2021, Sunrise Medical propounded the QUICKIE Nitrum ultra-light wheelchair, which gives the highest rigidity and strength.
Key Insights from Wheel Chair Market Report
The Global Wheelchairs market will be USD 5 billion in 2023 and grow at a CAGR of 7.50% from 2023 to 2030.
Increasing Number of Spinal Cord Injuries to Provide Viable Market Output
The increasing number of spinal cord injuries bolsters the growth of the market. Factors contributing to this trend include higher instances of accidents, sports-related injuries, and a growing ageing population prone to spinal issues. As awareness about the importance of accessibility and mobility for individuals with disabilities grows, there is a corresponding surge in the adoption of wheelchairs, driving market expansion. It underscores the critical role wheelchairs play in enhancing the quality of life for those affected by spinal cord injuries, fostering market growth.
For instance, according to the National Spinal Cord Injury Statistical Center, nearly 17,730 new spinal cord injuries happen in the U.S. every year, with vehicular crashes being the major cause of injury.
Evolving technological advancements have significantly impacted the wheelchair market. Innovations like smart wheelchairs with IoT connectivity, lightweight materials, and advanced power-assist features are revolutionizing the industry. These technologies improve user experience, promote independence, and address specific mobility challenges. Additionally, developments in battery technology contribute to longer-lasting and more efficient power sources for electric wheelchairs. As the market embraces cutting-edge solutions, individuals with mobility impairments benefit from improved accessibility and a higher quality of life.
For instance, in March 2020, Invacare Corporation introduced the AVIVA FX Power Wheelchair, which combines new technologies to provide better comfort and be used indoors and outdoors.
Market Dynamics of Wheel Chair
The high cost of wheelchairs constrains market growth. Affordability issues pose challenges for individuals seeking mobility solutions, especially in developing regions with prominent financial constraints. The elevated prices of advanced features and specialized designs contribute to the overall expense, making it difficult for many users to acquire suitable wheelchairs. This cost barrier impedes the widespread adoption of mobility aids, hindering market growth and restricting the ability of individuals with mobility impairments to attain necessary assistive devices.
Impact of COVID–19 on the Wheel Chair Market
Reduced healthcare access affected production and distribution, and the increased focus on healthcare resources for COVID-19 impacted the procurement of mobility aids. However, the pandemic also highlighted the importance of mobility devices for vulnerable populations, leading to a potential post-pandemic demand surge. Manufacturers adapted to the changing landscape by implementing safety measures and exploring online distribution channels. The market's recovery is contingent on the ongoing pandemic dynamics and the industry's ability to address evolving healthcare needs while navigating the economic aftermath of the crisis.
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Competitive Landscape of the Wheel Chair Market
The major players focus on product innovation, strategic collaborations, and geographic expansion to strengthen their market presence. Rising demand for advanced mobility solutions, increasing awareness about accessibility, and a growing ageing population are driving the market growth.
Top Companies Market Share in Wheel Chair Industry:
Wheel Chair Market Analysis
Product Type Segment Analysis:
According to Cognitive Market Research, manual wheelchairs held the major market share over the forecast period. They are propelled by the user or an attendant and are characterized by their simplicity and cost-effectiveness. These wheelchairs are suitable for individuals with sufficient upper body strength and mobility.
Electronic wheelchairs, or power wheelchairs, are the fastest-growing category over the forecast period. They are motorized and provide users with electric propulsion, offering greater independence to those with limited physical strength or skill. Electronic wheelchairs often have advanced features such as joystick controls and customizable settings.
Weight Segment Analysis:
Modality Segment Analysis:
End-User Segment Analysis:
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North America dominated the market in 2023. It accounted for around 35% of the global revenue
According to Cognitive Market Research, North America dominated the market in 2023. It accounted for around 35% of the global revenue, owing to the increasing awareness of accessibility, a rising ageing population, and advanced healthcare infrastructure. The region's market is characterized by a high adoption of technologically advanced and customizable wheelchairs. The United States and Canada lead the market, with key players focusing on product innovation and partnerships. Government initiatives promoting inclusivity and mobility contribute to market expansion. Additionally, a growing emphasis on ergonomic design and lightweight materials enhances user comfort. As the demand for mobility solutions rises, North America remains a key player in the global wheelchairs market, fostering innovation and accessibility.
Europe is the fastest-growing category due to the region's increasing awareness about accessibility, rising geriatric population, and government initiatives promoting inclusive mobility solutions. Countries like Germany, the U.K., and France are prominent contributors to the market, with high healthcare expenditure and advanced assistive technology adoption. Technological advancements, such as smart wheelchair features, further fuel market expansion. Additionally, supportive reimbursement policies and a growing emphasis on enhancing the quality of life for individuals with mobility challenges contribute to the market's positive trajectory in the region. The European wheelchair market is characterized by a competitive landscape with key players targeting product innovation and collaborations to strengthen their market presence.
Frequently Asked Questions (FAQs)
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