WHEELCHAIRS MARKET ANALYSIS

Wheelchairs Market Size and Trends

The Global Wheelchairs Market is estimated to be valued at USD 6.91 Billion in 2024 and is expected to reach USD 11.20 Billion by 2031, exhibiting a compound annual growth rate (CAGR) of 7.1% from 2024 to 2031.

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The wheelchairs market is expected to witness significant growth over the forecast period. The growing geriatric population globally and rising cases of road accidents and sports injuries are expected to drive the demand for wheelchairs. According to estimates, more than 50 million people in the world require a wheelchair. Hence, with rising aging population and disabling conditions, the need for wheelchairs is anticipated to increase substantially. Additionally, advancements in wheelchair designs aimed at improving mobility and comfort are also contributing to the growth of this market. Lightweight foldable wheelchairs and power-assisted wheelchairs are some examples of innovative products gaining traction. However, high costs associated with specialized and power wheelchairs may limit their adoption to some extent during the forecast period. On the whole, increased accessibility awareness and demand for locally-made products are projected to present lucrative opportunities for players in the global wheelchairs market.

Growing geriatric population

As life expectancy increases globally due to advancements in healthcare and improved living standards, the geriatric population is expanding at an unprecedented rate. Old age brings along several mobility issues and diseases that make it difficult for senior citizens to carry out their daily activities independently without assistance. The number of people aged 65 years and above is projected to grow from about 524 million in 2010 to nearly 1.5 billion in 2050, according to UN population projections. Advanced countries in western Europe and North America already have a major chunk of their population in the geriatric bracket whereas developing regions of Asia and Latin America are witnessing a massive growth in the senior demographic.

Mobility issues arise amongst the elderly due to arthritis, joint pains, weak bones and muscles from age-related degeneration. Diseases like paralysis, stroke and other neuropathic disorders also greatly hinder independent movement. With advance in age, even minor illnesses and injuries take a longer time to heal and recovery becomes difficult without support. Wheelchairs provide the perfect low impact solution to enable independent mobility even for those suffering from severe joint stiffness or impaired locomotion abilities. They allow senior citizens to freely navigate inside homes, hospitals and other indoor environments without relying on caregivers for assistance with every small movement. Furthermore, wheelchairs have opened up the opportunity for the elderly to actively participate in social and community events where extensive walking may not be possible. This has led to improved quality of life and overall well-being for many in their silver years. The growing geriatric population worldwide is thus a major driver bolstering the demand for wheelchairs to support independent living and mobility of seniors. With life expectancy projected to rise further, this consumer segment will continue expanding rapidly thereby acting as a sustained growth driver for the global wheelchair market in the coming decades.

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.