The global electric wheelchair market is estimated to grow with a moderate CAGR during the forecast period, i.e., 2022-2030. Electric wheelchairs are motorized wheelchairs that work using an electric motor rather than manual work. They are primarily used by the geriatric and differently-abled population globally. The growing number of physically challenged and senior people is estimated to drive the market growth. For instance, in arthritis, joint pain causes reduced leg and lower body movement, leading to locomotion restriction, hence the use of electric wheelchair can help with the movement of people suffering from arthritis. According to the data by the Center of Disease Control and Prevention (CDC), an estimated 54.4 million adults were diagnosed with arthritis, and 23.7 million individuals suffered from physical limitations caused by arthritis. These factors are expected to boost the electric wheelchair market. Furthermore, product launches and expansions in emerging markets along with the adoption of new technologies such as artificial intelligence to manufacture self-driving electric wheelchairs is projected to support the growth of the electric wheelchair market. CLICK TO DOWNLOAD SAMPLE REPORT
The market is segmented on the basis of type into centre wheel drive chair, front wheel drive chair, rear wheel drive chair, and others, out of which, centre wheel drive chair segment is anticipated to grab the largest share by the end of 2021 on account of more advantages of centre wheel chair over other such as, helping in improving postural positioning, the minimalized effort for mobilization, and making users independent to carry out daily activities.
On the basis of end-user, the homecare segment in the electric wheelchair market is projected to grow with a significant CAGR over the forecast period. The growth of the segment can be attributed to the adoption of electric wheel chairs in home applications owing to high usage by disable people and elderly population to bring physical independence at home. Moreover, the home care settings segment is gaining remarkable coverage as many patients are looking for recovery under such setups.
According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5355.79, which grew from USD 3515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centres for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, the National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.
The market is segmented by region into North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa region. The market in the North America region is estimated to witness substantial market growth on the back of better availability of technological support, variety in the product, high investment capacity, and other reasons. Moreover, growing awareness among people about the product and favourable reimbursement policies, along with various other facilities are expected to boost the regional market growth.
The market in the Asia Pacific region is expected to grow with highest CAGR in the forecast period. Market in countries such as India, Japan, and China, display a surge in the demand for electric wheelchair on the back of the increasing geriatric population in the region. As per the data provided by World Data Bank, in Japan, the geriatric population accounts for 28% of the total population, in 2019. Moreover, the vast patient pool of physically disabled people is another factor foreseen to boost the market growth.
The global electric wheelchair market is further classified on the basis of region as follows:
Our in-depth analysis of the global electric wheelchair market includes the following segments:
FREQUENTLY ASKED QUESTIONS
Increase in cases of accidents which lead to temporary or permanent disabilities and increase in geriatric population are the key factors driving market growth.
The market is anticipated to attain a moderate CAGR over the forecast period, i.e., 2022-2030.
Factors such as budget restrictions and low disposable income are estimated to hamper market growth.
The market in Asia Pacific region will provide ample growth opportunities owing to the increasing geriatric population along with high cases of accidents in the region.
The major players dominating the electric wheelchair market are GF Health Products, Inc., Sunrise Medical Inc., Quantum Rehab, Permobil AB, and Pride Mobility Products Corp among others.
The company profiles are selected on the basis of revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by type, end-user, and by region.
With respect to end-user, the home settings segment is anticipated to hold the largest market share as many patients are looking for recovery at home using such setups.
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