The global electric wheelchair market is poised for impressive growth, with a projected Compound Annual Growth Rate (CAGR) of 10% between 2023 and 2030, reaching a valuation of US$7.5 billion by the end of the decade, according to a comprehensive market analysis.
Driving Forces
- Growing Burden of Disabilities: The rising prevalence of neurological disorders and an aging population, which is more susceptible to orthopedic ailments, are among the primary drivers fueling the expansion of the electric wheelchair market. The World Health Organization's research indicates that approximately 16% of the global population, or 1.3 billion people, have major disabilities, a figure expected to increase. Trauma, accidents, hereditary disorders, and injuries are all contributing factors to the rising demand for wheelchairs.
- Increasing Life Expectancy: With the global elderly population on the rise, the demand for electric wheelchairs is growing due to co-morbid conditions, chronic illnesses, and disabilities associated with aging. By 2030, the world's population of elderly people is expected to reach 1.4 billion, further driving market growth.
Challenges
- High Price Point: While electric wheelchairs offer significant advantages, their cost can be a barrier to access in developing nations with lower healthcare expenditures. Additionally, ongoing maintenance costs, including battery upkeep and servicing, can present challenges for users.
Key Segments
- Mid-Wheel Drive Type Dominant: The mid/centre-wheel drive type leads the electric wheelchair market due to its small turning radius, ease of maneuverability in tight spaces, and improved stability. Center-wheel drive ensures good balance and stability and is favored by users.
- Hospitals Create Ample Opportunity: Hospitals dominate the market, as they are often the first point of recommendation for wheelchairs following accidents or disabilities. Electric wheelchairs are used for patient transportation, and stringent standards in healthcare facilities have boosted demand.
Growth Opportunities Across Regions
North America Spearheads: The United States, in particular, has a well-developed healthcare system and significant manufacturers, contributing to the high market share. The government's investment in modern healthcare facilities and the prevalence of accidents further drive demand.
Asia Pacific to Grow Stronger: The Asia-Pacific region is expected to experience the fastest growth, driven by population growth, advancements in medical facilities, and government initiatives. China, as a major player in the electric wheelchair market, produces approximately 75% of the world's electric wheelchairs. India, with its large population and increasing traffic accidents, is also expected to contribute significantly to market growth.
Competitive Landscape
Prominent 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.
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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