The global wheelchairs market is experiencing significant growth, driven by the rising rate of disabilities and the mushrooming geriatric population. In addition, technological advancements and the increasing number of healthcare facilities have further fueled the demand for wheelchairs worldwide.
According to the World Health Organizations 2021 report, over 1 billion individuals suffer from some form of disability globally each year. Moreover, the Free Wheelchair Mission (FWM) estimates that around 70 million individuals worldwide require the support of wheelchairs. To address this need, FWM has been striving to distribute over 1 million wheelchairs since 2001 and aims to double the count by 2025, playing a crucial role in driving the growth of the wheelchairs market.
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Medical emergencies, including industrial accidents, natural calamities, fire breakouts, and outdoor accidents, have also contributed to the increased demand for wheelchairs in healthcare facilities, especially hospitals, further boosting their sales on a global scale.
The growing geriatric population has emerged as another key factor bolstering the wheelchairs market. With aging individuals being more prone to disabilities such as spinal cord injuries, muscle weakening, knee and joint problems, and other mobility challenges, the healthcare expenditure for investing in assisting devices such as wheelchairs for the elderly has risen significantly. According to the Organization for Economic Cooperation and Development Health, healthcare expenditure is projected to grow by 14% by the end of 2060.
Technological advancements have been a driving force behind the evolution of the wheelchairs market. Manufacturers are leveraging technologies like Artificial Intelligence (AI) to develop advanced wheelchairs that offer improved comfort, convenience, and mobility. For instance, the introduction of CoMoveIT Smart, a wheelchair that uses AI and sensors to recognize involuntary movements of users, demonstrates the positive disruptions technology is bringing to the market.
Among various types of wheelchairs, powered wheelchairs are anticipated to witness a substantial increase in demand, surpassing their manual counterparts. The functional benefits and operational advantages, such as ease of use and control with minimal efforts, along with lightweight, flexible design, and long service life, are driving the demand for powered wheelchairs.
North America is expected to dominate the wheelchairs market, with rising government support, superior healthcare infrastructure, and a strong technological presence facilitating the development of advanced wheelchairs in the region.
Several key players are contributing to the growth of the wheelchairs market, including Invacare Corporation, GF Health Products Inc., Carex Health Brands, Pride Mobility Products Corp, Sunrise Medical Limited, and others.
COMTEX_437809022/2840/2023-08-03T23:50:08