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Wheelchairs Market to Surpass a Value of US$ 6,253.6 Million by 2026, Says TMR
ALBANY, New York, March 4, 2019 /PRNewswire/ -- Transparency Market Research (TMR) has published a new report titled 'Wheelchairs Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026.' According to the report, the global wheelchairs market was valued at US$ 3,708.7 Mn in 2017. The market is anticipated to reach a value of US$ 6,253.6 Mn by 2026, expanding at a CAGR of 5.9% during the forecast period. Rise in osteoporosis, rheumatoid arthritis and other lifestyle diseases, increase in disabled population, and rise in geriatric population are expected to augment the global market from 2018 to 2026. The global wheelchairs market is projected to expand, owing to acceptance and rise in the demand for technological advanced products and better reimbursement policies.
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Rise in disabled population worldwide is propelling the global wheelchairs market
The global wheelchairs market is expanding at a high growth rate, driven by an increase in the disabled population coupled with a rise in the demand for mobility devices. According to the Wheelchair Foundation data of 2017, in 34 developing countries around 10,000,000 people, which is 1% of the total population, were in need of wheelchairs, while there were 121,800,000 people, about 2% of the total population in developed countries were in need of wheelchairs. Moreover, around 131,800,000 people, which is 1.85% of the global population, require wheelchairs. These statistics indicate that the rising disabled population is at utmost need of mobility aids and wheelchair products, which help them performing their daily activities.
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Increase in the global geriatric population is driving the need for assistive devices like wheelchairs
Rising geriatric population globally is driving the demand for wheelchairs in order to carry out their daily routine. The geriatric population often suffers from walking or movement difficulties and sometimes, certain chronic diseases affect their mobility so their dependency on wheelchairs helps improve the quality of their life. Rise in the geriatric population demands better treatment options, which in turn, is likely to provide opportunities to companies that operate in the global wheelchairs market. According to the United Nations, the geriatric population or people above the age of 60, is expected to double by 2050, and triple by 2100. It is projected to rise from 962 million in 2017 to 2.1 billion by 2050 and reach 3.1 billion by 2100. Globally, the geriatric population is the rising at a rapid pace than the population growth rate of the younger age group.
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North America dominates the global wheelchairs market owing to rise in awareness, technological advancements, and aging baby boomers
North America dominates the global wheelchairs market, owing to the availability of advanced wheelchairs, awareness of different powered wheelchairs, and high spending capacity in the region. Demand for wheelchairs is rising at a steady pace owing to their long lifespan, as these product aren't perishable. Moreover, aging baby boomers create a demand for personal mobility aids including wheelchairs to help them lead a comfortable life. According to the, U.S. Census Bureau, in September 2018, all baby boomers are expected to be older than the age of 65 by the year 2030.
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Development of Self-driving wheelchairs is an innovative approach, and pneumatic waterproof powered wheelchair offers significant opportunities to boost the market
Development of wheelchairs that feature innovative technologies is a boon for the disabled population that would help lead a quality life. Development of self-driving wheelchair is a beneficial technology for people with mobility challenges. It is expected offer significant opportunities to several companies investing into this new technology. These wheelchairs are also beneficial for the geriatric people residing in old age homes, where self-driving wheelchairs would help improve their mobility. The development of pneumatic powered wheelchairs also offers an opportunity to improve the life of patients, thus helps in reduction in the prices of wheelchairs for manufacturers as well as customers. Integration of pneumatic technology with the powered wheelchairs enables patients to utilize a lighter and safe wheelchair.
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Investments and mergers & acquisitions by key players are driving the wheelchairs market
Key players dominating the global wheelchairs market are Invacare Corporation, Sunrise Medical LLC, Ottobock, Permobil, Pride Mobility Products Corp, Drive Medical, GF Health Products Inc., 21st century Scientific Inc., Karman Healthcare, and Hoveround. Major players are focusing on mergers and acquisitions and are investing the development of advanced wheelchairs that are cost-effective for users.
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