WHEELCHAIR AND COMPONENTS MARKET ANALYSIS

Market Challenges And Opportunities

Global Wheelchair and Components Market - Driver

Increasing spinal cord disorders and related disabilities

The wheelchair and components market is anticipated to grow as spinal cord injuries and associated disabilities become more common. According to National Spinal Cord Injury Statistical Center at University of Alabama at Birmingham (UAB), in 2020, there were approximately 291,000 people in the U.S. who experienced spinal cord injuries. Among them, about 39.5% were classified as paraplegic, meaning they had impaired function or paralysis in the lower extremities, while 59.9% were quadriplegic, indicating impaired function or paralysis in both the upper and lower extremities. Every year, around 17,730 new spinal cord injuries occur in the U.S. Out of these new cases, approximately 78% are males, indicating a higher incidence among men. Nearly half, or 47.6%, of all spinal cord injuries happen to individuals between the ages of 16 and 30, highlighting the higher risk during early adulthood. This is increasing the demand for wheelchairs and components, thus boosting the market growth.

Rising aging population

The aging of the world's population has increased the prevalence of chronic diseases like arthritis and cardiovascular diseases as well as mobility-related limitations. In order to help the elderly have better mobility and a higher quality of life, wheelchairs and their parts are in high demand. For instance, according to World Health Organization (WHO), in 2020, there were more people over the age of 60 than under five-year-olds. The percentage of people over 60 in the world is projected to increase from 12% to 22% between 2015 and 2050.

Global Wheelchair and Components Market: Restraint

High cost of materials used for making wheelchair components

The cost of composite materials used to manufacture lightweight wheelchair components is high, which is expected to hinder the growth of the global wheelchair and components market. Wheelchairs and components, especially those with advanced features or specialized designs, can be expensive. The high cost of these products may limit affordability, particularly for individuals with limited financial resources or inadequate insurance coverage. The price barrier can hinder market growth and restrict access to quality wheelchairs for some individuals.

Lack of awareness and accessibility

Limited awareness about the availability of wheelchair options, their features, and the benefits they offer can hinder the market growth. Additionally, physical accessibility barriers in public spaces, transportation systems, and buildings can pose challenges for wheelchair users, affecting their ability to navigate and utilize wheelchairs effectively.