The wheelchair and components market is estimated to be valued at US$4,097.7 Mn in 2023 and is expected to exhibit a CAGR of 3.4% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Wheelchair and components are assistive medical devices utilized to enhance the mobility of individuals suffering from mobility disabilities and impairments. Wheelchairs provide independent mobility to individuals suffering from arthritis, spinal cord injuries, multiple sclerosis, cerebral palsy, and other mobility impairments. Wheelchairs come in various designs to facilitate mobility need of patients indoor as well as outdoor. Components such as footrests, armrests, wheel attachments, seating systems are used in wheelchairs to provide comfort and convenience.

Market Dynamics:
Rising number of mobility impairment cases associated with spinal cord injuries, multiple sclerosis, musculoskeletal conditions etc. is expected to drive the demand for wheelchairs over the forecast period. According to the World Health Organization, around 15% of the global population live with some form of disability. Rapid increase in geriatric population also contributes to the rising prevalence of mobility impairments leading to increased adoption of wheelchairs. Furthermore, rise in healthcare expenditure and growing acceptance of medical devices for independent mobility support the market growth. Product innovations and availability of specialized wheelchairs suitable for outdoor activities further boost the market. However, cheaper alternatives available in developing regions may hamper the sales of branded wheelchair products.

SWOT Analysis

Strength: Wheelchair and components market has strong growth opportunities in Asia Pacific due to growing ageing population. Growing disability rate and increasing healthcare expenditure also supports the market growth. Technological advancements in lightweight materials used in wheelchair manufacturing helps improve mobility.

Weakness: High costs associated with technologically advanced wheelchairs limits the adoption. Lack of reimbursement policies in developing nations pose challenges.

Opportunity: Increasing investments by market players to develop innovative products expands growth avenues. Rising preference for battery-powered wheelchairs and standing wheelchairs present lucrative opportunities.

Threats: Stagnant economic conditions during COVID-19 pandemic negatively impacted the market. Stringent regulatory approvals for new products delays product launches.

Key Takeaways

The global wheelchair and components market Size is expected to witness high growth, exhibiting CAGR of 3.4% over the forecast period, due to increasing geriatric population and rising cases of road accidents.

Regional analysis: Asia Pacific dominates the global market and is expected to grow at the fastest rate due to rising healthcare infrastructure and increasing disability rates in China and India. North America holds major market share due to favorable reimbursement scenarios and advanced healthcare facilities in the US and Canada.

Key players: Key players operating in the wheelchair and components market are 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. These players are focusing on new product launches and acquisitions to strengthen their market presence.