Wheelchairs Market - Analysis of Sales, Revenue, Share and Growth Rate Outlook 2019-2027

The Global Wheelchairs Market was valued at US$ 4,390.4 million in 2016 and is projected to expand at a CAGR of 15.0% during the forecast period (2017-2025), as highlighted in a new report published by Coherent Market Insights. Increase in demand for comfort and advance technology, in turn is projected to support growth of wheelchairs market over the forecast period.
Manufacturers are focusing on innovation to tap into emerging market. For instance Invacare Corporation supports the 37th Annual National Veterans Wheelchair Games in year 2017 and also display the company's product named kuschall, which is a custom manual wheelchair. Additionally, in year 2017 there was two day event where athletes with physical impairments participated in Olympic day at Turnstone where Paralympic sports like wheelchair basketball, table tennis, quad rugby were introduced to the individuals which is expected to increase the market of wheelchairs especially active wheelchairs segment.
Furthermore, manufacturers like WHILL are involved in combining innovation, style, advance technology and functional versatility to push the boundaries of electronic wheelchair with the products like Model M and Model A.
It is expected that the increase in aging population prevalence will favor the growth of wheelchairs market in the near future. Especially in countries such as China and India where there is a rapid increase in the population. Growth in awareness and increased expenditure on healthcare is also expected to fuel the wheelchairs market. Whereas, emerging manufacturers are focused on innovation of wheelchairs to strengthen their company in the wheelchairs market in near future. Whereas, innovation carried out by manufacture to make the wheelchairs attractive and sophisticated with advance technique along with increased level of ease and comfort is expected to favor the growth of wheelchair market in near future. Sports wheelchairs is also expected to favor the growth of the wheelchairs market. Eagle Sportchairs, LLC. provides only sport wheelchair to improve the lifestyle of the disabled people there products include wheelchair for basketball, quad rugby, tennis, racing, multi-court and field events. Whereas, in year 2017 there was two day event where athletes with physical impairments participated in Olympic day at Turnstone where Paralympic sports like wheelchair basketball, table tennis, quad rugby were introduced to the individuals which is expected to increase the market of active wheelchair which is also expected to favor the growth of wheelchairs market.
Key takeaways of the market:
• The global wheelchairs market is expected to expand at a CAGR of 15.0% during the forecast period (2017-2025). Due to rise in aging population overall the globe is expected to favor the market of wheelchairs over the forecast period.
• The Asia Pacific region in the global wheelchairs market is expected to show high growth rate during the forecast period in terms of value
• In terms of product type segment, electronic wheelchair type is expected to expand at a significant CAGR of 16.6%, in which front wheel drive electric wheelchair is expected to increase during the forecast period, owing to more preference due to its features
• The global wheelchairs market is characterized by market expansion in Asia Pacific, North America, and Europe could generate higher market revenue due to increase in prevalence of disabilities.
Some of the major companies offering wheelchairs are 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.