Wheelchair Market Growth Analysis Forecast (2022-2028)
The latest report by Precision Business Insights, titled “Wheelchair Market” covers complete information on market size, share, growth, trends, segment analysis, key players, drivers, and restraints.
The Wheelchair market size is estimated to be valued at USD 6.27 billion in 2021 and is poised to grow at a significant CAGR of 4.5% during the forecast year 2022-2028. A wheelchair is used when walking is difficult or impossible due to illness, injury, or disability. Based on product type manual wheelchairs are in high demand due to their low cost, weight, and lack of need for charging. They also come in several configurations and weights, ranging from normal to ultra-lightweight, and many of the product types are folding, so they take up little room. Moreover, the players are focusing on strategic alliances to enhance their revenue in the wheelchair market. For instance, in April 2021, mobility manufacturer Permobil entered into an agreement to acquire Prego with an aim to strengthen its Italian market and improve its portfolio wheelchair in Europe. The Rising population of geriatrics and the rise in several disorders such as spinal cord injuries, and accidents, fractures are some of the key factors driving the market. Moreover, growing chronic disorders as compared to other diseases are majorly increasing disability, creating demand for wheelchairs.
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The market is expected to offer lucrative opportunities due to the rise in the older population and the prevalence of chronic diseases are both contributing to the rise in disability. Electrical wheelchairs are therefore used in hospitals and healthcare institutions to increase the well-being of patients and healthcare personnel. Electrical wheelchairs are also utilized in homecare settings to move patients securely and comfortably from one location to another.
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North America held the largest share in the global wheelchairs market and the market is expected to grow at a significant CAGR over the forecast years owing to a surge in the geriatric population in the USA, technological advancements in power wheelchairs, a surge in prevalence of road accidents and chronic diseases such as Orthopedic and neurological disorders. During the projection period, Asia Pacific is expected to have the highest CAGR owing to of advancements in healthcare facilities and expanding government attempts to provide superior mobility equipment, the area is backed by a big population base in nations like India and China.
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