The global Wheelchair And Components Market is estimated to be valued at US$ 4,097.7 Mn or Bn 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 consists of powered and manual wheelchairs, as well as various components like frames, batteries, motors, controllers, backrests, armrests, and footrests. Powered wheelchairs are becoming increasingly popular due to their easy maneuverability and remote-controlled electronics provide independence to users. These chairs are suitable for both indoor and outdoor activities.
Market key trends:
One of the key trends in the wheelchair and components market is the growing demand for customized and lightweight wheelchairs. Manufacturers are focusing on developing innovative and technologically advanced wheelchairs tailored to users’ specific medical condition and mobility needs. They are using advanced materials like carbon fiber, aluminum, and titanium alloys to create stronger yet lighter wheelchairs. This improves mobility indoors as well as outdoors. Furthermore, there is a rise in the number of active aging population globally who are more health-conscious and require assistive devices like wheelchairs for exercise and recreational activities. This drives the demand for durable, high-performance wheelchairs and accessories. The market is also witnessing new product launches catering to different disabilities with features such as reclining backrest, tilt-in-space, and standing positions.
Segment Analysis
The global wheelchair and components market is segmented by type, design, category, and end user. Based on type, wheelchairs can be segmented into manual wheelchairs and powered wheelchairs. Powered wheelchairs accounted for the largest market share in 2022 and are expected to dominate the market during the forecast period. Powered wheelchairs are preferred over manual wheelchairs for their convenience and ability to cater to severe disabilities.
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 prevalence of disabilities worldwide.
Regional Analysis
North America dominated the global market in 2022 and is expected to remain the largest market during the forecast period. This is attributed to the high healthcare expenditure and well-established disability insurance policies in the US and Canada. Asia Pacific is expected to grow at the fastest pace over the forecast period owing to aging population, improving healthcare infrastructure, and increasing healthcare spending in countries such as China and India.
Key Players
Key players operating in the wheelchair and components market growth 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. KG
Tier 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.
The global wheelchair and components market size for 2023 is US$ 4,097.7 million.
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