Press Release / Health and Fitness / Global Wheelchairs Market Positive Long-Term Growth Outlook 2018-2026

Global Wheelchairs Market Positive Long-Term Growth Outlook 2018-2026

The Global Wheelchairs Market was valued at US$ 4,390.4 million in 2016 and is expected to witness a robust CAGR of 15% during the forecast period (2017-2025).

Wheelchairs are primarily designed for disable individuals for the ease of indoor and outdoor locomotion purpose. Various types of wheelchairs are available in the market, such as recliner wheelchairs, active wheelchairs (sports wheelchairs), transport wheelchairs, and standing wheelchairs. Two major types of wheelchairs are manual wheelchairs and electric wheelchair. Manual wheelchair is cost effective than electric wheelchairs as it requires less maintenance. The recent past has witnessed a rising trend of consumers opting for highly customized wheelchairs, which in turn creates a highly conducive environment for growth of the global wheelchairs market. Major players in the market are inclined towards inorganic growth strategies in order to enhance their product portfolio. For example, Permobil AB acquired five companies during 2013-2017 in order to significantly strengthen its global footprint.

As per Disabled World Journal Report 2013, around 6.8 million people in the U.S. required assistive device for mobility, out of which around 1.7 million people used wheelchairs for mobility purposes. Furthermore, as per Centers for Disease Control and Prevention (CDC), national public health institute of the United States reports 2015, 1.9 million people in the U.S. were living with limb loss due to diabetes, vascular diseases, infection, trauma, and cancer. These factors in turn create a highly conducive environment for growth of the wheelchairs market.

Market Dynamics

The wheelchair market growth is expected to gain traction in the near future, as a result of rise in geriatric population and lower limb amputation cases due to various impairment such as diabetes and vascular diseases at constant rate. According to Centers of Disease Control and Prevention 2014 report (CDC), in the U.S., around 30.0 million people were diagnosed with diabetes and around 8.0 million people are living with undiagnosed diabetes.

Additionally, according to European Journal Aerzteblatt-international.de 2017 report, there were around 100,000 lower limb amputation caused by trauma, intoxication, musculoskeletal disease, diseases of the skin, and subcutaneous tissue or neoplasia that leads to the disability, which in turn is also expected to favor the wheelchair market in the near future.

Rise in aging population is expected to favor the growth of wheelchair market

North America accounts for the largest share in the global wheelchair market, followed by Europe and Asia Pacific. Mostly wheelchairs are used by elder people who are near to the age of 60’s and above. As per Population Reference Bureau 2016 report, in the U.S. around 46 million people of age 60 and above are estimated to use wheel chair, the number is expected to reach around 98 million by 2060 supporting the share of North America for the wheelchairs market. Asia Pacific region is expected to show growth in wheel chair market, owing to increasing population in economies like China and India. Major investments in healthcare fuels the growth of wheelchairs market in this region. The wheelchairs market is expected to show high growth rate in Asia-Pacific region over the forecast period as Asia consist of 60% of the world’s current population.

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Competitive Analysis

Key players operating the Wheelchair market includes Invacare Corporation, Sunrise Medical LLC, Ottobock Healthcare, 21st Century Scientific, Inc., Permobil AB, Pride Mobility Products Corporation, LEVO AG, GF Health Products, Inc., MEYRA GmbH, Hoveround Corporation, Aquila Corporation, Aspen Seating, Drive Medical, Eagle Sportschairs LLC., EASE Seating System, and Medical Depot Incorporation.

Increase in disability is expected to fuel the Wheelchairs market in near future

According to Center for Disease Control and Prevention (CDC), which is the leading national public health institute of the United States, 18.2 million adults in the U.S. have disability in walking in present year 2017 which expected to favor the growth of wheelchair market in the U.S. Additionally, CDC had estimated that, 54.4 million U.S. adults are annually diagnosed with some form of arthritis, which increases the risk of fall and injury, in turn fueling the growth of wheelchairs market. Spinal injury resulting into disability also favors the market for wheelchairs. According to National Spinal Cord Injury Statistical Center report 2016, in the U.S. around 314 million people suffer from spinal cord injury, leading to disability with increasing the demand for wheelchairs.

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