The global electric wheelchair market is on a trajectory of remarkable growth, with a projected Compound Annual Growth Rate (CAGR) of 10% anticipated between 2023 and 2030. This surge is expected to drive the markets valuation to a substantial US$7.5 billion by the end of 2030, according to a comprehensive market analysis.
Electric wheelchairs, also known as power chairs or motorized wheelchairs, are gaining increasing importance due to technological advancements and a rising demand for mobility solutions for individuals with disabilities. These wheelchairs are powered by electric motors and batteries, offering users greater independence and ease of movement.
Key Findings:
- Rising Prevalence of Disabilities: The market is being propelled by a growing prevalence of neurological disorders and an aging population susceptible to orthopedic ailments.
- Preference for Centre/Mid-Wheel Drive: Centre/mid-wheel drive electric wheelchairs continue to dominate the market, thanks to their small turning radius and superior maneuverability.
- Hospitals Lead in Market Share: Hospitals hold the highest market revenue share, as electric wheelchairs are commonly used for patient transportation and rehabilitation.
- North America Leads, Asia Pacific Growing Rapidly: North America is at the forefront of the market, driven by advanced healthcare infrastructure and increasing demand. Meanwhile, the Asia Pacific region is expected to witness significant growth, supported by a large population and expanding healthcare initiatives.
Growth Drivers:
- Growing Burden of Disabilities: The global burden of disabilities is rising due to factors such as non-communicable diseases, injuries, and increased life expectancy. Electric wheelchairs are in demand to meet the mobility needs of individuals with disabilities.
- Increasing Life Expectancy: As the global elderly population continues to grow, the demand for electric wheelchairs is expected to increase due to age-related health issues and disabilities.
Challenges:
- High Price Point: The wide range of electric wheelchair models, coupled with additional maintenance costs, can pose challenges, particularly in developing nations with lower healthcare budgets.
Key Segments:
- Mid-Wheel Drive Type Dominant: Mid-wheel drive electric wheelchairs are the most popular due to their maneuverability and stability.
- Hospitals Create Ample Opportunity: Hospitals play a pivotal role in the market, being the first point of recommendation for wheelchair usage after accidents or disabilities.
Growth Opportunities Across Regions:
- North America Spearheads: North America leads the market due to advanced healthcare systems and high patient awareness.
- Asia Pacific to Grow Stronger: The Asia Pacific region is poised for rapid growth, driven by a large population, improved medical facilities, and government initiatives.
Competitive Landscape:
Key players in the electric wheelchair market include Sunrise Medical Limited, Invacare Corporation, Permobil AB, OttoBock Healthcare, Pride Mobility Products Corp., Drive Medical Ltd, LEVO Ag, MEYRA GmbH, Karman Healthcare, GF Health Products, and Golden Technologies.
As the global population continues to age and the prevalence of disabilities rises, the electric wheelchair market is expected to witness significant expansion. Technological advancements and innovative solutions are likely to further enhance the accessibility and mobility options available to individuals with disabilities, fostering growth in the market.
Global Electric Wheelchair Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2023-2030 (By Type Coverage, By End User Coverage, By Geographic Coverage and By Company) https://www.fairfieldmarketresearch.com/report/electric-wheelchair-market
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This press release first seen on Brilad
COMTEX_440910116/2840/2023-09-25T13:12:30
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