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HEALTHCARE & PHARMACEUTICAL

Wheelchair Market Analysis by Product (Manual, and Electronic); by Weight (Lightweight, and Heavyweight); by Modality (Pediatric Powered, and Adults Powered Wheelchair); and by End-Users (Hospitals, Clinics, Ambulatory Surgical, and Home Care Settings) – Global Supply & Demand Analysis & Opportunity Outlook 2023-2033

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Inflation And Looming Recession to Haunt Businesses:

In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022.

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Purchasing power in the couPurchasing power in the country is expected to fell nearly by 2.5%. On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.                                                         Request Insights

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IN THE NEWS

  • Medline has invested an additional USD 500 million in incremental medical supply inventory to ensure product availability and timely delivery to healthcare providers it serves.
  • Invacare Corporation introduces the next generation of Invacare power mobility products with the AVIVA STORM RX power wheelchair, setting a new standard for a rear-wheel drive power mobility.

Global Wheelchair Market Highlights Over 2023 - 2033

Base Year

2022

Forecast Year

2023-2033

CAGR

~7%

Base Year Market Size (2022)

 ~ USD 4.8 Million

Forecast Year Market Size (2033)

~ USD 13 Million

The global wheelchair market is estimated to garner a revenue of USD 13 Million by the end of 2033 by growing at a CAGR of ~7% over the forecast period, i.e., 2023 – 2033. Further, the market generated a revenue of USD 4.8 Million in the year 2022. According to the National Spinal Cord Injury Statistical Centre, every year in US around 17,700 new spinal cord injuries occur, with vehicular crashes being the leading cause of injury. The wheelchair is one of the most widely used assistive devices for enhancing and facilitating personal mobility. It satisfies the lifestyle and physical needs of the people who have difficulty in walking.

Temperature-Monitoring-System-Market-Analysis

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The technological advancements in wheelchair designs are a key factors expected to drive future sales for the market. The wheelchairs are ideal for users having no upper body strength. A wheelchair is a medical equipment that provides mobility among people with limited or no ambulatory ability. The older generations are likely to suffer from mobility disorders with the growing age, which is anticipated to increase the demand for wheelchair. According to World Health Organization (WHO) and the United Nations, Globally, around 131 million of the total population requires a wheelchair, while only around 21.8 million individuals get access.

Global Wheelchair Market: Growth Drivers and Challenges

Growth Drivers

  • Increasing Adoption of Advanced Technologies in Wheelchairs –The rapid growth of technological innovations in wheelchairs and introduction of many advanced products is likely to expand the sales of wheelchairs during the forecast period. As per the data by the World Bank, 2.33% of the global GDP was spent on research and development activities in 2019, which increased to 2.63% in 2020.
  • Rapid Increase in the Number of Chronic Injuries Among the Older Population – The demand for wheelchairs is expected to increase in hospitals and elderly care homes.  According to World Health Organization (WHO), the number of people aged 65 and above are estimated to grow to 16% of the global population by 2050.
  • Post- COVID-19 Physical Weakness and Disabilities– COVID-19 pandemic has favored the wheelchairs market, as the infection caused acute physical weakness and movement inability, especially amongst the elderly. As per the WHO database, 623,470,447 confirmed cases of COVID-19 have been reported globally till October 2022.
  • Rising Number of Medical Emergencies, such as, Industrial Accidents, Fire Breakouts, and Others- International Labor Organization (ILO) reported that there are around 340 million occupational accidents annually worldwide.

Challenges

  • Facing Inconsistent Technical Glitches and Faults
  • Lack of access to Assistive Medical Equipment

The global wheelchair market is segmented and analyzed for demand and supply by product into manual and electronic wheelchairs. Out of these, the electronic wheelchair segment is estimated to gain the larger market share over the forecast period. This can be attributed to the easy use of electronic wheelchairs, especially for older people. Manual wheelchairs are not equipped with batteries and are needed to be operated manually. Opposed to manual wheelchairs, electricity powered wheelchairs run on a power source and can be operated by the patients themselves.

Major Macro-Economic Indicators Impacting the Market Growth

Healthcare-Expenditure-Per-Capita

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 Centers 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.

Global Wheelchair Market Regional Synopsis

Regionally, the global wheelchair market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these markets, the market in North America is projected to hold the largest market share by the end of 2033. Growing geriatric population in developed countries, such as, US, and Canada, is speculated to drive the market growth. 17% of the total population of North America was aged 64 years and above, in 2021, up from 13% in 2011.  Europe is likely to hold the second largest market share after North America owing to the rising number of geriatric patient.

Temperature-Monitoring-System-Market-Scope

The global wheelchair market is further classified on the basis of region as follows:

  • North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook

Market Segmentation

Our in-depth analysis of the global wheelchair market includes the following segments:

By Product

  • Manual
  • Electronic

By Weight

  • Lightweight Wheelchair
  • Heavyweight Wheelchair

By Modality

  • Pediatric Powered Wheelchair
  • Adults Powered Wheelchair

By End-Users

  • Hospitals
  • Clinics
  • Ambulatory Surgical
  • Home Care Settings

Top Featured Companies Dominating the Global Wheelchair Market

  • Medline plc
    • Company Overview
    • Business Strategy
    • Key Product Offerings
    • Financial Performance
    • Key Performance Indicators
    • Risk Analysis
    • Recent Development
    • Regional Presence
    • SWOT Analysis
  • Drive Medical Design & Manufacturing
  • Numotion LLC
  • Seating Matters Global Ltd
  • Karman Healthcare
  • Sunrise Medical LLC
  • Invacare Corporation
  • Carex Health Brands, Inc.
  • Quantum Rehab
  • Graham – Field Health Products Inc.

 

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