May 21, 2024

Electric Wheelchair Market: Enhancing Accessibility for All

The electric wheelchair market comprises non-powered and powered wheelchairs that provide independent mobility for disabled and elderly individuals. Powered wheelchairs are preferred over non-powered variants due to their rechargeable batteries and lightweight features. These chairs offer features such as multiple speed options, active-wheel drive or front-wheel drive, obstacle detection, and tilting & elevation functions. Battery-powered electric wheelchairs help enhance the mobility of users suffering from conditions such as spinal cord injuries, multiple sclerosis, cerebral palsy, and strokes. The growing geriatric population and rising incidence of mobility-impacting diseases and injuries have increased the demand for assistive devices like electric wheelchairs over the years.

The Global electric wheelchair market is estimated to be valued at US$ 8.71 Bn in 2024 and is expected to exhibit a CAGR of 11.% over the forecast period 2024 to 2031.

Key Takeaways

Key players operating in the electric wheelchair are Invacare Corporation, Sunrise Medical (US) LLC, Permobil Inc., Pride Mobility Products Corporation, Drive Devilbiss Healthcare, Hoveround Corporation, Ottobock Healthcare, 21st Century Scientific, Inc., Meyra GmbH, LEVO AG, Merits Co. Ltd., Segway Inc., Scewo, GF Health Products Inc., Karman Healthcare, Inc., KYMCO Healthcare, SOWECARE B.V, and Nanjing Jin Bai He Medical Apparatus Co., Ltd. The major players are involved in new product launches and strategic collaborations to gain a competitive edge in the market.

The rising healthcare expenditure, increasing investments in healthcare infrastructure, and favorable reimbursement policies present significant growth opportunities. Additionally, the growing demand for home healthcare and the increasing focus on developing low-cost variants are expected to boost the adoption of electric wheelchairs globally over the forecast period.

North America dominated the global electric wheelchair market in 2020. However, the market is expected to witness lucrative growth opportunities in the Asia Pacific region due to the growing geriatric population, rising prevalence of disabilities, and improving healthcare infrastructure in emerging economies.

Market Drivers
One of the major drivers for the electric wheelchair market is the growing geriatric population globally. As per the UN, the population aged 65 years and above is projected to reach 1.5 billion by 2050 from 703 million in 2019. Older adults often suffer from limited mobility and injuries that require assistive devices like electric wheelchairs. Furthermore, the increasing incidence of chronic diseases such as diabetes, Parkinson’s, and arthritis that impact mobility are also expected to drive the demand. Also, the ability of electric wheelchairs to enhance the quality of life of users through powerful motors, battery indicator systems, and various customized features will encourage adoption rates over the forecast period.

Political: The government policies towards equal access for disabled citizens are influencing investments in this market. Regulations pertaining to healthcare financing are also affecting industry dynamics.

Economic: Rising disposable income and growing insurance coverage are expanding demand for electric wheelchairs. However, fluctuating raw material costs pose challenges.

Social: Changing attitude towards caring for the disabled community is raising acceptability of assistive devices. Growing aging population and cases of physical disabilities are fuelling need.

Technological: Advancements in lithium-ion batteries provide longer range on a single charge. Newer lightweighted designs with customizable features are improving user experience. Sensor-operated options for hands-free operation are also available.

In terms of value, the electric wheelchair market is concentrated highly in North America and Europe due to growing elderly population and well developed healthcare infrastructure in countries like the US, Germany, UK and France.

The Asia Pacific region is emerging as the fastest growing market for electric wheelchairs driven by factors like rising healthcare spending, growing medical tourism, increasing cases of paralysis and other physical disabilities in highly populated nations such as China and India.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it