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The wheelchair and components market is estimated to be valued at US$ 4,097.7 Mn 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:
The wheelchair and components market comprises wheelchairs used by people with mobility limitations along with associated components such as cushions, armrests, elevating leg rests, anti-tip wheels and wheel inserts. Wheelchairs help improve mobility and independence for individuals with disabilities, injuries or chronic illnesses. They come in different styles like manual, powered and standing wheelchairs suited for both indoor and outdoor activities. With growing preference for active lifestyles, adaptive sports like wheelchair basketball, rugby, tennis are gaining popularity which is driving the demand for specialized sports wheelchairs and accessories.
Market Dynamics:
The two major drivers fueling the wheelchair and components market are:
1) Rising elderly population: Global aging population coupled with increasing incidence of chronic diseases like arthritis is propelling the need for assistive devices like wheelchairs for ambulation support. About 13% of adults aged 65 years and over use a wheelchair.
2) Growing disability prevalence: According to WHO, over 1 billion people worldwide live with some form of disability. Higher rates of disability from diseases, injuries and congenital conditions have augmented the wheelchair requirements. Furthermore, wheelchair accessories demand is being driven by customization trend as per individual needs and preferences for improved comfort, functionality and performance.
Segment Analysis
The wheelchair and components market is segmented into manual wheelchairs, powered wheelchairs, and scooters or mobility scooters. The manual wheelchairs segment dominates the market, accounting for over 60% share, due to their affordability and simplicity compared to powered wheelchairs. Manual wheelchairs are ideal for minor mobility issues and indoor usage.
PEST Analysis
Political: Regulations regarding accessibility standards for public places favor market growth. Various countries have implemented laws mandating the provision of wheelchairs in hospitals, schools, malls etc.
Economic: Rising healthcare spending coupled with growing geriatric population drives demand. Developed markets account for majority share currently.
Social: Increase in lifestyle disease incidence and road accidents resulting in physical disabilities boosts adoption. Growing disability advocacy groups spread wheelchair awareness.
Technological: Introduction of lightweight materials, customized designs, and new propulsion systems enhances user convenience and comfort. Innovation helpsaddress unmet needs of patients.
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 incidence of road accidents and lifestyle diseases.
The Asia Pacific region is projected to witness the fastest growth during the forecast period due to improving healthcare infrastructure, rising medical tourism, and increasing adaptation of active lifestyles in emerging nations like India and China.
Key players operating in the Wheelchair And Components market share are OEM Companies: 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. KGTier 1 Component Suppliers Companies: Tetra Equipment GMBH, Custom Engineered Wheels, The Wheelchair Place, LLC, Alber GmbH, and Intelli Wheels. Material Suppliers Companies: E.I. DuPont De Nemours and Company, Toray Industries, Inc., Mitsubishi Rayon Co., Ltd., Toho Tenax, and Shanghai Cedar Composites Technology Co., Ltd.
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.
