Wheelchairs Market Is Estimated to Witness High Growth Owing to Rapid Advancement in Technology Along with Rising Elderly Population
The Global Wheelchairs Market is estimated to be valued at USD 6.91 Bn in 2024 and exhibit a CAGR of 7.1% over the forecast period 2023-2031. Rapid advancements in technology have led to the development of lightweight and comfortable wheelchairs that can cater well to the mobility needs of users. Furthermore, the rising elderly population prone to mobility issues will augment the demand for assistive devices such as wheelchairs in the coming years.
Market Dynamics:
The growth of the global wheelchairs market is driven by various factors such as rising geriatric population and increasing incidence of road accidents. As per the WHO estimates, the global elderly population is expected to reach 2 billion by 2050 which will significantly bolster the demand for mobility devices like wheelchairs. Road accidents can also lead to spinal cord injuries or limb paralysis requiring long term use of wheelchairs. According to the World Health Organization, around 20-50 million people worldwide sustain injuries due to road accidents each year. Additionally, increasing government initiatives for better healthcare infrastructure and provision of medical reimbursement are encouraging the adoption of wheelchairs. However, complexity in manufacturing ergonomic and lightweight wheelchairs remains a challenge for market players.
Increasing prevalence of disabilities and accidents driving the market growth
The prevalence of disabilities and injuries that require mobility assistance is on the rise globally. Road accidents, age-related disabilities like arthritis, and chronic diseases like multiple sclerosis are some of the major causes of disabilities. As per the WHO, over 1 billion people globally experience some form of disability. Road accidents alone accounted for over 1.35 million deaths globally in 2016. With increasing life expectancy and aging population, the number of people affected by age-related disabilities is projected to grow significantly in the coming decades. The growing disabled population is fueling the demand for wheelchairs for independent mobility and assistance. Moreover, supportive government policies for disabled assisted devices also help improve the accessibility and affordability of wheelchairs.
Growing awareness and acceptance of wheelchair usage boosting market sales
Lack of accessibility and social stigma have traditionally limited the adoption of wheelchairs in some parts of the world. However, growing disability advocacy and assistive technology awareness campaigns are helping normalize wheelchair usage and break stereotypes. Public places and infrastructure are also gradually becoming more accessible with wheelchair ramps and lifts in compliance with accessibility laws. This is encouraging more people who need mobility assistance to opt for wheelchairs. Manufacturers are also innovating design and features to make wheelchairs more user-friendly and socially acceptable. The growing social acceptance and improving infrastructure are thus expected to further drive the wheelchair market growth going forward.
High cost of advanced wheelchairs hindering market potential in low-income regions
While basic and manually operated wheelchairs are affordable to some extent, powered and technologically advanced wheelchairs come at a considerably high price that limits their adoption in low and middle-income countries. Powered wheelchairs with customized features can cost thousands of dollars, restricting their usage to only high-income consumers in underdeveloped regions with limited public funding support. The high costs become a major restraint for the wheelchair market especially in African and Asian countries where healthcare access and funds remain limited for a large population. Insurance coverage is also limited for such devices in poorer nations limiting market potential there.
Limited availability and long replacement cycles affecting repeat sales
Even for consumers who can afford wheelchairs, limited availability of suitable products and authorized dealers remain a challenge especially in remote and rural areas across global markets. While basic manual chairs are stocked, specialized sizes and features take time to procure. Similarly, replacement cycles for wheelchairs are quite long, typically 5-10 years on average. This means repeat sales for the market remain sporadic. These factors thus limit the consistent recurrent demand and stable sales cycles for wheelchair manufacturers worldwide. Ensuring wider distribution networks and fostering consistent aftermarket demand can help address this restraint.
Innovation in lightweight and portable models opening new opportunities
Manufacturers are innovating new lightweight and foldable/portable wheelchair models driven by the growing demand for independent mobility among younger users and in outdoor recreation applications. Lightweight chairs weighing under 15 pounds are becoming popular for ease of transport in vehicles and storage in small living spaces. Similarly, foldable designs allow for compact storage and portability during travel. These highly portable models are gaining traction and open new revenue opportunities beyond traditional healthcare settings. Players offering affordable, customizable and portable wheelchair options can leverage this growing product segment.
Aging-in-place and home healthcare trends present ample opportunities
With majority of elderly preferring to age within the comforts of their home, the demand for home health assistive devices like lightweight wheelchairs is on the rise. Wheelchair manufacturers are innovating easy-to-use chairs suitable for indoor navigation and customized for small home environments. Meanwhile, growing home healthcare industry and insurer coverage for in-home medical supplies also promote wheelchair adoption. Those introducing rental and subscription business models as well as tailoring products for independent in-home usage can capitalize on the burgeoning aging-in-place and home healthcare markets worldwide. In conclusion, while the increasing disease burden and disabilities are driving global wheelchair market demand, affordability remains a challenge in lower income regions. However, factors like growing awareness, innovative portable products and the expanding home healthcare sector present lucrative opportunities for market players. With an aging global population, the wheelchair industry has ample potential for long term sustained growth if accessibility and availability barriers are properly addressed.
Link: https://www.coherentmarketinsights.com/market-insight/wheelchairs-market-457
Key Developments:
- On March 2024, Sunrise Medical unveiled the QUICKIE Q50 R Carbon, the lightest foldable power wheelchair in the QUICKIE line at just 32 pounds. This innovative design promotes independence and activity while minimizing effort and time.
- On March 2024, IIT Madras has unveiled the 'NeoStand,' an innovative electric standing wheelchair that allows users to transition from sitting to standing with the push of a button. Launched on March 20, 2024, at the IIT-Madras campus, the NeoStand offers enhanced usability for engaging in eye-level conversations, reaching for objects, and other daily activities.
- In October 2023, Permobil introduced the CR1 (Carbon Rigid 1), an ultra-lightweight, highly configurable wheelchair with a durable design that revolutionizes mobility.
- In October 2023, G Square, South India's largest plot promoter, has launched the 'G Square - Wheels of Hope' initiative. This program includes a website for differently-abled individuals to register and receive motorized wheelchairs. In its initial phase, the initiative has already distributed over 100 wheelchairs to individuals at an event held at G Square Dynasty in Mahabalipuram.
Key Players:
Invacare Corporation, Sunrise Medical, Ottobock, 21st Century Scientific, Inc., Permobil, Pride Mobility Products Corp, GF Health Products, Inc., MEYRA GmbH, Drive DeVilbiss Healthcare, Hoveround Corporation, Karma Medical Products, RehaCare GmbH, Chinesport Srl, Medline Industries, Inc., and Apex Medical Corp
