For transportation, those who are incapable to walk owing to diseases, illnesses, or impairments use wheelchairs with tires. Most people who utilize wheelchairs are elderly and those with special needs. Aged and handicapped persons use motorized wheelchairs because they have trouble properly using a conventional chair. In comparison to electrical wheelchairs, manual wheelchair users are lighter and need lesser maintenance.
The industry for wheelchairs market was valued at 3,720.47 million USD in 2019 and is anticipated to grow to 8.1 billion USD by 2027, with a CAGR of 6.48% from 2020- 2027.
The growing elderly generation is the primary driver of the worldwide wheelchair marketplace, and the growing usage of wheelchairs in activities like sports is predicted to fuel industry expansion. The World Health Organization (WHO) predicts that by 2050, the percentage of people over 60 in the international would nearly double, from 12% – 22%. The number of elderly people will rise which will eventually raise the desire for wheelchairs. However, the price difference between mechanical and electronic wheelchairs is significant, which is expected to restrain industry expansion.
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Over the course of the projection timeframe, COVID-19’s increasing incidence is anticipated to have an impact on industry development. The bulk of medical equipment businesses suffered large losses as a result of the ongoing coronavirus epidemic, which hurt the wheelchair industry. The epidemic has also had an impact on the availability and manufacture of wheelchairs. As a result, it is anticipated that over the projected timeframe, the growth rate of the worldwide wheelchair industry would somewhat decline. Additionally, additional procedures, particularly those involving the legs, might be delayed because of the greater emphasis given to COVID-19 therapy. As a result, it is anticipated that during the epidemic, the demand for wheelchairs that are needed for these patients following surgery would lessen somewhat.
The wheelchair industry is lucrative for both current participants and future newcomers. All competitors in the industry are vying to gain a larger piece of the industry, which is a very competitive environment. Industry expansion is hampered by environmental constraints and fierce competition. The providers are competing based on price, dependability, and performance. To live and flourish in a fiercely competitive and expanding economic climate, suppliers must offer affordable and elevated items. Business circumstances, governmental assistance, and industrialization all influence competitive supplier expansion. Companies should concentrate on developing their goods and regionally growing. They concentrate mostly on the creation of novel items.
This market is segmented into three major categories that are based on products, based on the category, and lastly based on the end user.
Based on the product this is again divided into the electric wheelchair, manual wheelchair, and accessories. Based on the categories it is divided into adults and pediatrics. In last based on the end-user, this is divided into home care settings, hospitals, and clinics.
This market is classified into five major regions that are North America, South America, Asia-Pacific, Europe, And the Middle East & Africa.
List of Key Companies Covered in this report:
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