WHEELCHAIRS MARKET ANALYSIS

Market Concentration and Competitive Landscape

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Increasing healthcare expenditure

Rising income levels and greater priority on healthcare have led to a surge in national expenditure on medical and assistive devices globally. Developed economies already spend a substantial share of their GDP on healthcare whereas developing countries are also incrementally elevating budget allocation for citizen wellness. This expansion in healthcare budgets benefits patient assistive devices manufacturers as countries aim to provide aids and equipment to support disabilities. The World Health Organization has further brought the medical device sector into strategic focus with guidelines on universal healthcare coverage. Nations are keen to provide critical assistive products like wheelchairs, walkers, hospital beds to the needy through public health programs. Private insurance inclusion of such devices and medical reimbursements have also improved access tremendously. Citizens can now avail mobility aids with partial or full coverage support whereas earlier the financial burden lay entirely with patients. However, what is driving this increased allocation in healthcare spend is the growing disease burden faced by populations. Non-communicable chronic diseases like diabetes, cancers, cardiac ailments requiring long-term care are rising sharply. Accidents and injuries due to rapid motorization in developing countries have also elevated total disability cases. All such pathological conditions may necessitate prolonged or permanent assistive device support like wheeled mobility over the patient lifetime. Hence, higher healthcare budgets are a necessity to address this growing needs-based requirement for assistive technologies. With such expenditure set to rise further worldwide, wheelchair manufacturers can expect expanded market opportunities.