Published Date : 25 Apr 2024
The global wheelchair market size exceeded USD 7.79 billion in 2023 and is expected to surge around USD 14.7 billion by 2030, expanding at a CAGR of 9.49% from 2022 to 2030. The market is growing due to the increased elderly generation globally, the rising incidence of accidents among youngsters, and the increasing handicapped population.
The wheelchair market deals with the production of wheelchairs. The need for wheelchairs is increasing due to the increasing aging population, the number of disorders that lead to physical inability, and increasing accidents in the younger population and handicapped people. Advanced technologies are used to build wheelchairs that have smart functions for monitoring and navigating. These functions enhance patient satisfaction. Apart from this, there are electric wheelchairs that run on batteries and do not require physical work. By adopting more technologies, the user experience can be enhanced, which will boost the growth of the market.
The increasing elderly population and neurological disorders fuel the market’s growth
The globally increasing elderly population is the driver for the wheelchair market because the elderly are the primary users of wheelchairs in the market. Due to health conditions and physical inability, they need a wheelchair to move from one place to the other. Manufacturers are responding by creating wheelchairs that cater to the unique needs of older users, such as lightweight models, ergonomic designs, and ease of use. Also, neurological disorders such as brain tumors, acute spinal cord injury, stroke (brain attack), and others are increasing, and the demand for wheelchairs is growing. Wheelchairs provide independence, which allows people to go anywhere without someone else's help.
However, the cost of manufacturing can be a restraint for the market. Producing wheelchairs with advanced features and technology can be a bit costly, and manufacturing design and technology require high investment for better production. As the manufacturing cost is high, the wheelchair cost is also high, and because of that, people who need wheelchairs may struggle because of the high cost, which will impact the market negatively.
| Report Coverage | Details |
| Market Revenue in 2023 | USD 7.79 Billion |
| Projected Forecast Revenue by 2033 | USD 14.7 Billion |
| Growth Rate from 2023 to 2030 | CAGR of 9.49% |
| Largest Market | North America |
| Base Year | 2022 |
| Forecast Period | 2023 to 2030 |
| Regions Covered | North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa |
Recent Development by NeoStand
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Recent Development by QVC:
Asia Pacific is expected to grow at the fastest rate during the forecast period due to several factors, such as the rising elderly population and increasing physical disabilities among the elderly. Also, there is an increasing number of handicapped patients who need wheelchairs for physical support. In the Asia Pacific, India is growing due to advancements in wheelchairs and the rising prevalence of disease among old people. India also has top wheelchair manufacturing companies such as EvoxMedical, Visso, PEAAR Healthcare LLP, Arcatron Mobility, Kosmochem Home Healthcare, and more.
North America dominated the wheelchair market due to the increasing number of disabled people, the rising old age population, and increasing accidents, and the demand for wheelchairs is growing. North America has amazing advanced technology supporters who help in the production of new wheelchairs with features; they have market players who develop smart wheelchairs and raise the market growth. In the U.S., there are approximately 3.3 million people who use wheelchairs.
Integration of advanced technology and AI
The advancement of new wheelchairs in the market for different types of user demand is an opportunity for the wheelchair market. Smart or electric wheelchairs with sensors and connection features are also a great opportunity. Companies in the market have a great opportunity to manufacture wheelchairs with advanced technology in light material weight. These technological advances can enhance the functionality and user experience of wheelchairs, making them more accessible and beneficial for individuals. AI can be used in smart wheelchairs, such as sensors and cameras, which can be integrated into wheelchairs to improve safety and efficiency; the development of cost-effective smart wheelchairs can be a significant opportunity for companies that manufacture these wheelchairs. As the number of elderly people and disorders increases, the demand for wheelchairs also increases in the market.
Market Segmentation
By Product
By Category
By Application
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