Electric wheelchairs market size was valued at $1,597 million in 2015, and is estimated to reach $4,846 million by 2022, growing at a CAGR of 17.1% from 2016 to 2022. North America accounted for around 47% share of the overall market revenue in 2015, owing to high purchasing power, increase in elderly population, and rise in consumer awareness. Asia-Pacific is anticipated to grow at the highest CAGR of 18.7% from 2016 to 2022.
Electric wheelchairs are power wheelchairs used for mobility of disable persons. These wheelchairs do not require any human assistance for mobility as they are operated on batteries. The market is driven by increase in government funds for medical equipment for the population aged at 60 years and above, rise in incidence of spinal disorders, necessity for automated wheelchairs for disabled people, and inclination towards more sophisticated technology. However, high cost of electric wheelchair, lack of awareness and infrastructure in the developing & the underdeveloped countries are the constraints for the market growth.
The global electric wheelchairs market is categorized based on the type of product into front-wheel drive, rear-wheel drive, center wheel drive, standing electric wheelchairs, and others. Centre wheel drive segment generated a higher revenue in 2015, and is expected to dominate the market throughout the forecast period, owing to its stability on slopes & uneven terrain, and maneuvering is more intuitive for people with perceptual and cognitive impairment.
The demand for power wheelchairs is growing at a steady pace owing to the introduction of technologically advanced products that are equipped with accessibility and control gadgets. The factors that drives the market growth globally are rise in geriatric population and growth in technological developments in design of power wheelchairs. In addition, rise in disposable income, development of medical facilities, and improvement of economic conditions fuels the market growth. North America dominated the market in 2015, in terms of highest demand. The U.S. government provides medical insurance to elderly people over 65 years, which helps them to get medical facilities and equipment at subsidized rates while, the adoption is highest in Asia-Pacific and LAMEA. The electric wheelchair manufacturers are now targeting developing nations, such as India and China, as the potential markets, owing to increase in penetration of electric wheelchairs in the global market. However, high cost of electric wheelchairs and lack of infrastructure hinders the market growth.
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According to the National Institute of Health and Ageing (NIH), the global population of elderly people (aged 65 and above) will rise to 1.6 billion by 2050. The global electric wheelchairs market is fragmented with both small and large players and other small brands and local non-branded products. Invacare Corp., Pride Mobility Products Corp., Sunrise Medical Limited, and Permobil AB are the prominent players in the global electric wheelchairs market.
North America accounted for the highest share in the global electric wheelchairs industry in 2015, and is expected to maintain its dominance throughout the forecast period, owing to growth in demand for power wheelchairs and increase in imports in the U.S. Asia-Pacific is anticipated to grow at the highest rate in the near future, owing to increase in urbanization & disposable income, rise in awareness about automated wheelchairs, and presence of high obese & elderly patient population.
Key Findings of the Electric Wheelchair Market
- The front-wheel drive segment is expected to grow at the highest CAGR of 18.6% from 2016 to 2022.
- U.S. accounted for the largest customer base in the North American electric wheelchairs market in 2015, and is anticipated to dominate the market throughout the forecast period.
- Japan is the major shareholder, accounting for almost one-fourth of the Asia-Pacific electric wheelchairs market in 2015.
The key players profiled in the report are Drive Medical Ltd., GF Health Products, Inc., Invacare Corporation., Karman Healthcare, LEVO AG, MEYRA GmbH, OttoBock Healthcare GmbH, Pride Mobility Products Corp, Permobil AB, and Sunrise Medical Limited. These market players have adopted various strategies, such as product launch, acquisition, collaboration, and partnership, to expand their foothold in the market.
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This post was originally published on Trading Herald