Electric Wheelchair Market is Expected to Grow at a Healthy CAGR During Forecast 2018-2023
Market Overview:
Electric wheelchairs are of immense benefit to
wheelchair users in terms of convenience and suitability for outdoor as well as
indoor movement. The global electric wheelchair market is expected advance with
an impressive CAGR and achieve high growth revenues in the coming years,
projects Market Research Future (MRFR) in an exhaustive study. Electric
wheelchairs have gained widespread adoption due to the superior advantages it provides
over manual wheelchairs.
The growth of the global electric wheelchairs
market is sustained by the rise in geriatric population. Equipped with sensors
and other assistive technology, electric wheelchairs help to alleviate the
problems of mobility in the elderly populace. In addition, they are also
beneficial to those who are unable to use manual wheelchairs.
The need for smart wheelchairs for disabled people
is a significant factor boosting the growth of the market. People with motor,
sensory, or cognitive impairment are unable to use manual wheelchairs or
joysticks and find it extremely advantageous to use smart electric wheelchairs.
The superior advantage of convenience acts as a
motivating force for the growth of the market. Being user-friendly, they can be
easily operated by aged people or consumers with disabilities. Other than
patients with mobility issues, they can also be of use to accident patients and
patients suffering from other chronic conditions.
The sophistication of technology and ready
availability, and the development of prototypes have influenced the growth of
the market to a great extent. To accommodate the pool of users who are unable
to operate wheelchairs, massive efforts have been made by researchers to
develop assistive technologies and make improved electrical wheelchairs which
have further helped the global electric wheelchairs market progress. Other
driving factors include the rise in incidences of road accidents, a growing
number of patients with spinal deformities and rising purchasing power of
consumers. However, the growth of the market might be hindered by the high cost
of electric wheelchairs, and lack of awareness in the developing regions.
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Competitive Landscape:
GF Health
Products Inc., Drive Medical Ltd., MEYRA GmbH, Karman Healthcare, OttoBock
Healthcare GmbH, Medical Depot, Inc., Sunrise Medical Limited, Pride Mobility
Products Corp, Quantum Rehab, Invacare Corporation, Permobil AB, Hoveround
Corporation, LEVO Ag, Whill Inc., and Permobil AB are the eminent players
operating in the global electric wheelchair market.
Segmentation:
The global electric wheelchair market has been
segmented based on product and end use. By product, the market has been
segmented into an electric indoor chair, electric outdoor chair, dual-purpose
chair, rear wheel drive chair, front wheel drive chair, center wheel drive
chair, standing electric wheelchair, and others. By end use, the market has
been segmented into home care settings, hospitals/clinics, and others.
Regional Analysis
The Americas, Europe, Asia Pacific, and the Middle
East & Africa are the key markets for an electric wheelchair. The Americas
is an established market and has been posting continuous growth owing to the inflated
demand for electric wheelchairs due to higher affordability, high awareness
regarding the product and greater inclination towards technologically advanced
equipment. Favorable reimbursement scenario and government support for the aged
population in the form of subsidies for medical equipment and medical
facilities also support the growth of the market. Europe too is a strong market
and has been exhibiting steady growth due to high investment in research &
development activities. Asia Pacific is expected to grow at a rapid pace on
account of rising purchasing power and awareness in the region. In addition,
the rise in geriatric population, increasing penetration of electric
wheelchairs, and increasing interest from manufacturers in investing in the developing
economies of China, and India also create a conducive environment for the
growth of the market in Asia Pacific. The Middle East & Africa market is
anticipated to exhibit fast growth due to the development of the medical
facilities in the region.
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