The global Wheelchair And Components Market is estimated to be valued at US$ 4,097.7 Bn in 2023 and is expected to exhibit a CAGR of 3.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Wheelchairs and their components are medical devices used to provide mobility assistance for individuals with disabilities or mobility limitations. They allow for increased independence and improved quality of life. Advancements in technology have led to lightweight yet durable designs along with additional features like rear-wheel drive and anti-tip protection.
Market key trends:
One of the key trends in the wheelchair and components market is the increasing demand for powered wheelchairs. Powered wheelchairs provide more independence and mobility compared to manual wheelchairs. Technological advancements have made powered wheelchairs more user-friendly, compact, and affordable. Features such as joystick controls, programmed driving modes, and rechargeable batteries have increased their popularity. Furthermore, customization options for seating, positioning, and drive components allow for personalized care. The growing elderly population and rising prevalence of disabilities are also expected to boost the need for powered mobility devices over the forecast period.
Market key trends:
One of the major trends in the wheelchair and components market is the growing demand for lightweight and durable wheelchairs. With advances in materials science and engineering, manufacturers are developing wheelchairs made from lightweight and high strength materials like carbon fiber, aluminum and titanium which are much lighter than traditional steel models. Lighter wheelchairs help improve mobility and maneuverability for users. Moreover, lightweight wheelchairs can also be folded and stored more easily.
SWOT Analysis
Strength: Wheelchair and components have widespread application across healthcare, sports and daily use. Growing health awareness and mobility issues boost the market.
Weakness: High costs of technologically advanced wheelchairs limit broader acceptance. Lack of after-sales service in some regions.
Opportunity: Rise of e-commerce channels facilitate improved accessibility. Developing regions with growing disability populations present new markets.
Threats: Threat from counterfeit and low-quality products. Stringent regulatory norms prolonged product approval timelines.
Key Takeaways
The global Wheelchair And Components Market is expected to witness high growth, exhibiting CAGR of 3.4% over the forecast period, due to increasing prevalence of mobility impairments disorders across the globe. North America currently dominates the market owing to high healthcare spending and presence of key players.
The global wheelchair and components market size was valued at US$ 4,097.7 million in 2023. The market is driven by rapidly growing geriatric population, rising incidence of road accidents and sporting injuries. In terms of components, wheelchairs accounted for the largest revenue share owing to high usage of wheelchairs in healthcare and daily living applications.
Key players operating in the wheelchair and components market are Invacare Corp., Ottobock, Permobil AB, Pride Mobility Products Corp., Handicare, Sunrise Medical, Hoveround, Panthera X, 21st Century Scientific, Inc., and Meyra Wilhelm Meyer GmbH & Co. KG. Material suppliers including E.I. DuPont De Nemours and Company, Toray Industries, Inc., Mitsubishi Rayon Co., Ltd., Toho Tenax are also major players in this market.
