Market Synopsis:
Market Research Future (MRFR)’s latest analysis reveals that the global electric Wheelchair Market is projected to grow significantly during the forecast period. The rise in the geriatric population is expected to drive the expansion of the market. The growth trajectory of the market is dictated by the developments in the assistive technologies integrated into these wheelchairs for the aging population.
The technology is likely to gain traction among the physically disabled population owing to the adoption of smart technologies that offer them mobility. Furthermore, the rising purchasing power is another major factor that is anticipated to favor the expansion of the electric wheelchair market over 2023.
The key focus of the market participants is the user-friendliness of these wheelchairs. Investments are predicted to flow towards the developments of novel technologies in the market, thus, augmenting the electric wheelchair market in the foreseeable future.
Road accidents lead to a million injuries every year. Many of such cases result in permanent disability, which is forecasted to boost demand for electric wheelchairs. However, the expensiveness of the electric wheelchairs is poised to hold the expansion of the global market during the projection period.
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Market Segmentation:
By product, the global electric wheelchair market has been segmented into electric indoor chair, electric outdoor chair, dual-purpose chair, rear wheel drive chair, front wheel drive chair, center wheel drive chair, standing electric wheelchair, and others.
By end use, the electric wheelchair market has been segmented into home care settings, hospitals/clinics, and others.
Regional Analysis:
The global electric wheelchair market, by region, has been segmented into Americas, Europe, Asia Pacific, and the Middle East & Africa. Americas is a highly lucrative market for electric wheelchairs owing to the affinity developed in the region towards novel technologies. The region is likely to witness inflated demand for electric wheelchairs due to the availability of subsidies and favorable reimbursement policies. Furthermore, the higher affordability and increasing awareness about the convenience offered are likely to drive the growth of the electric wheelchair market in the upcoming years.
Europe is an important growth pocket and is prognosticated to expand at a moderate pace throughout the forecast period. The rising healthcare expenditure, increasing customer base, and availability of funds for research & development are expected to favor the proliferation of the electric wheelchair market over the assessment period in the region.
Asia Pacific is anticipated to flourish in the forthcoming years. The factors that are responsible for the exponential growth of the electric wheelchair market in the region are increasing geriatric population, rising purchasing power, growing awareness among population, etc. The presence of fast-developing economies such as India and China, which are witnessing evolvements in the healthcare sector is poised to favor the expansion of the electric wheelchair market in the region.
Competitive Dashboard:
Some of the key players operating in the electric wheelchair market are GF Health Products Inc., MEYRA GmbH, Karman Healthcare, OttoBock Healthcare GmbH, Drive Medical Ltd., Medical Depot, Inc., Pride Mobility Products Corp, Quantum Rehab, Sunrise Medical Limited, Invacare Corporation, Hoveround Corporation, LEVO Ag, Permobil AB, Whill Inc., and Permobil AB.
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Industry News:
In January 2018, Whill, a power mobility device maker, showcased its stylish new Model Ci electric wheelchair in the 2018 Consumer Electronics Show (CES). The new electric wheelchair is claimed to be a newer, lighter, more versatile model.
In March 2018, Yamaha Motor Corp., a leader in motor vehicles, has ventured into the U.S. power assist wheelchair market with the launch of its NAVIONE power assist wheelchair system.
In June 2018, the wheelchair, called GOBEE, which can be operated through a smartphone has won Best Consumer Product Design Award (2018) in Pakistan.
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