Innovation in line with digital upbringing to drive the Wheelchairs and Components Market
The global Wheelchairs and Components Market is likely to witness expedited growth In Upcoming Years. Its virtual world taking the centre-stage as of now. With end-users asking for specialized settings and solutions, the other side of the table would be fortified with reduced cost on the part of maintenance. It is expected that close to 50% of the enterprise is eying virtual mode of operation by the year 2040.
Recent developments in research areas such as computer science, robotics, artificial intelligence, and sensor technology are broadening the range of possible applications that support disabled people. Powered wheelchairs extend the capabilities of standard power wheelchairs by introducing control and navigational intelligence.
Different techniques have been proposed for permitting impaired people, including a quadriplegics, to control mechanized wheelchairs, which include eye development, hand motion, cerebrum-based controlled frameworks, EEG-based frameworks, and so on. Manufacturers are continuously working toward introducing technologically-advanced wheelchairs into the market.
Country level Covid-19 outbreaks in big economies impacted the sales of wheelchairs and components negatively owing to lockdowns and reduced healthcare center visits. Lockdowns also led to slowing down of manufacturing activities, creating a gap in demand and supply. However, the market is expected to get back to its normal growth trajectory in 2021.
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Companies covered in Wheelchair And Components Market Report
- Invacare Corporation
- Sunrise Medical Inc.
- Permobil AB
- Ottobock Healthcare GmbH
- 21st Century Scientific Inc.
- Meyra Wilhelm Meyer GmbH & Co. KG
- Pride Mobility Products Corp.
- Hoveround Corp.
- Panthera AB
- Tetra Equipment
- Custom Engineered Wheels
- The Wheelchair Place, LLC
- Alber (Frank Mobility)
- LEVO AG
- SEGWAY INC.
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As per revised analysis by Persistence Market Research due to the ongoing COVID-19 pandemic, the global wheelchair and components market is estimated to be valued at US$ 11 Bn in 2020, with the market expected to exhibit a CAGR of almost 4% over the forecast period (2020-2030).
Key Takeaways from Market Study
- In terms of product, wheelchairs dominated the market, holding a share of over 50%. However, wheelchair components will experience higher growth during the forecast period at a CAGR of over 4%.
- By modality, lightweight wheelchairs hold a prominent share, due to these being easier and convenient to use.
- While the U.S. continues to dominate the market, emerging countries such as China and India will experience significant growth, due to increasing patient pool in these countries.
- The market in the U.S. and Germany is projected to progress at a steady CAGR of close to 4% through 2030.
- The U.K. and India will exhibit a CAGR of more than 4%, while China will witness higher growth at close to 5%.
- The year 2020 saw the market growing slower at less than 3%, but 2021 will offer more opportunities to manufacturers.
“Increasing prevalence of spinal cord injuries and related disabilities, along with increased government support and funding for wheelchairs, is expected to drive market growth over the coming years,” says a Persistence Market Research analyst.
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Key Players Entering into Collaboration, Partnerships, and Acquisitions
Top players in the wheelchair and components market are focusing on acquisitions at regional levels. The key strategy adopted by these manufacturers in order to remain competitive and establish a strong position is to identify potential small players in the market and acquire them.
- For instance, In March 2020, in order to grow its sports and e-mobility offerings, Sunrise Medical acquired Oracing, a Spain-based designer and manufacturer of sports wheelchairs and e-mobility power products.
Thus, such efforts by manufacturers to sustain a powerful position in the market are expected to result in new product launches and greater regional coverage, which will lead to substantial market growth in future.
Key Participant Insights
The global wheelchair and components market is set to expand its scope during the forecast period, with rapid technological advancements and increasing prevalence of spinal cord injuries and related disabilities being factors that support market growth. Additionally, increasing market consolidation activities by key players will also have a significant positive impact on this industry. Advancements and developments in emerging countries such as China and India promise lucrative growth in these countries.
What else is in the report?
Persistence Market Research brings a comprehensive research report on forecasted revenue growth at global, regional, and country levels, and provides an analysis of the latest industry trends in each of the sub-segments from 2015 to 2030. The global wheelchair and components market is segmented in detail to cover every aspect of the market and present a complete market intelligence approach to the reader. The study provides compelling insights on the basis of product (wheelchairs and wheelchair components), modality (standard transport wheelchairs, self-propelled wheelchairs, sports wheelchairs, standing wheelchairs, recliners wheelchairs, bariatric wheelchairs, and lightweight wheelchairs), and distribution channel (institutional sales and retail sales), across seven major regions of the world.
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