The electric wheelchair market has seen high demand owing to the increase in life expectancy and the growing geriatric population worldwide. Electric wheelchairs provide independent mobility to users who cannot walk or have limited mobility. They are equipped with rechargeable batteries, joystick or other alternative controls, and are suitable for both indoor and outdoor use. The growing awareness regarding benefits of electric wheelchairs such as increasing mobility and convenience has further driven their adoption.
The Global electric wheelchair market is estimated to be valued at US$ 8.71 Bn in 2024 and is expected to exhibit a CAGR of 11% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the electric wheelchair market are Invacare Corporation, Sunrise Medical (US) LLC, Permobil Inc., Pride Mobility Products Corporation, Drive Devilbiss Healthcare, Hoveround Corporation, Ottobock Healthcare, 21st Century Scientific, Inc., Meyra GmbH, LEVO AG, Merits Co. Ltd., Segway Inc., Scewo, GF Health Products Inc., Karman Healthcare, Inc., KYMCO Healthcare, SOWECARE B.V, and Nanjing Jin Bai He Medical Apparatus Co., Ltd. These players are focusing on new product launches and strategic collaborations to gain a competitive edge in the market.
The growing online sales of electric wheelchairs along with increasing e-commerce penetration globally present significant growth opportunities. Additionally, favorable reimbursement policies for electric wheelchairs in developed nations is further expected to boost the market growth.
North America dominates the global electric wheelchair market. However, Asia Pacific is expected to witness highest growth owing to rapidly growing geriatric population and improving healthcare infrastructure in the region. Key players are expanding their manufacturing facilities and distribution networks in emerging Asian countries to tap into the growth opportunities.
Market Drivers
Increasing incidence of mobility disabilities - The rising prevalence of conditions causing mobility impairment such as spinal cord injuries, multiple sclerosis, etc. has increased the demand for assistive devices such as electric wheelchairs. Also, growing road accidents and trauma injuries are a major driver.
Growing healthcare expenditure- Improving economic conditions and increasing spending on healthcare globally, especially in developing nations, has boosted the demand for assistive devices and home medical equipment such as electric wheelchairs.
Market Restraints
High cost - Electric wheelchairs with advanced features and customizations are highly priced which limits their adoption in price sensitive developing markets. Also, unfavorable reimbursement policies in these regions pose challenges.
Lack of standardization - Absence of global standards for electric wheelchair design, testing and manufacturing leads to variability in product quality. This acts as a restraint for market growth.
Segment Analysis
The electric wheelchair market is dominated by the rear-wheel drive segment. Rear-wheel drive wheelchairs are more maneuverable and easy to use for indoor purposes. Their compact design allows navigation in tight spaces within homes and institutions. Due to aging populations and higher disability rates among the elderly, there is growing demand for assistive devices for indoor use, which drives the rear-wheel drive segment.
The center-wheel drive segment is expected to witness high growth. Center-wheel drive electric wheelchairs offer greater stability on uneven outdoor terrains such as ramps, gravel paths. This makes them suitable for both indoor and outdoor activities such as shopping malls, parks. Additionally, center-wheel drive configuration provides more support to the user's trunk and prevents falls and tipping over. Rising concerns over safety are increasing adoption of center-wheel drive among outdoor users.
Global Analysis
The North America region currently dominates the electric wheelchair market due to strong demand from the US. Presence of favorable reimbursement policies for long-term disability care and technological advancements are driving the market in North America. The Asia Pacific region is expected to be the fastest growing market during the forecast period. Factors such as the large geriatric population, increasing prevalence of disabilities, and growing health awareness are supplementing the regional growth. Additionally, China has a large patient pool suffering from bone and joint disorders which will augment domestic demand.
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