Wheelchair Market Overview
The market for electric wheelchairs is primarily driven by the breakthrough achieved in technology, which improves the efficacy of such devices. The demand for electric chairs is also boosted by the need to reduce the dependence of the patient on the primary caregiver and enable them to control their movements independently. Moreover, the rise in popularity of automated medical devices is expected to create promising growth prospects for the electric Wheelchair Market.
The increasing rate of disabilities and ailments that restrict individuals is expected to motivate the demand for electric wheelchairs. Reports that evaluate the medical device industry has been offered by Market Research Future, which makes reports on several industry verticals that appraise the market growth and prospects. The market is expected to observe an unmatched CAGR in the forecast period.
Wheelchairs are gaining momentum due to the immense convenience it provides and sustainability it has for both outdoor and indoor setup. The wheelchair market was valued at USD 3,720.47 million in 2019 and is expected reach USD 8.1 billion by 2027 to register a CAGR of 6.48% during the forecast period of 2020 to 2027.. Market Research Future (MRFR), in its study on the electric market, reveals high potentials it has that can help it surpass the predicted valuation by the end of 2027. This type of chair has a market traction as it reduces physical exhaustion and gives its user much freedom of movement. At the same time, high investment is providing the global market ample opportunity to prosper in the coming years. However, the high price of electric chair and complexities in maintenance could dampen the prospects for the electric market.
Regional Analysis
The Americas, Europe, Asia Pacific (APAC), and the Middle East & Africa (MEA) have been included in the regional study of the electric wheelchair market, conducted by MRFR.
The Americas is enjoying the growing uptake of electric wheelchair market as it is having strong investment in the industry. The regional market can be segmented into North America and South America. Among these, North America posts features like high expenditure capacity, increasing awareness, better facilities to have these wheelchairs on, advanced equipment, major market players, and others. The US and Canada are playing crucial roles in taking the global market ahead. The regional growth is also depending much on favorable reimbursement schemes.
Europe is thriving as it is spending much on the research and development activities. This is expected to ensure a steady growth for the regional market. The APAC market is expected to thrive on the increasing purchase power and growing awareness in the region regarding such advanced models. However, most countries in the region lack proper infrastructure for such advanced mechanism. In countries like India and China, electric wheelchairs are fast gaining popularity. The MEA market is anticipated to exhibit fast growth with the Middle East showing considerable boosting owing to their advanced healthcare structure.
Competitive Landscape:
Influential companies like Drive Medical Ltd., GF Health Products Inc., Karman Healthcare, MEYRA GmbH, Medical Depot, Inc., OttoBock Healthcare GmbH, Pride Mobility Products Corp, Quantum Rehab, Sunrise Medical Limited, Permobil AB, Invacare Corporation, LEVO Ag, Whill Inc., Hoveround Corporation, and Permobil AB are expected to improve the global electric wheelchair market Players by implementing substantial strategic moves. MRFR enlisted and profiled these companies to get a good grasp over latest trends to understand how the market is planning to chart the future course.
Market Segmentation
The global electric wheelchair market can be studied with segmentation administered by MRFR. This segmentation includes product and end use. The report is attempting to achieve a closer view of the various factors that can impact the global market by having this segmentation and this is backed by volume-wise and value-wise data.
Based on the product, the electric wheelchair market can be segmented into standing electric wheelchair, electric indoor chair, electric outdoor chair, front wheel drive chair, dual-purpose chair, rear wheel drive chair, center wheel drive chair, and others.
Based on the end-use, the electric market includes home care settings, hospitals/clinics, and others. The homecare segment is expected to grow as patients often prefer to have more personalized products for their comfort.
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