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At a CAGR of 10.7%, Electric Wheelchair Market to Surpass US$ 13,036.4 Million globally by 2028, Says Coherent Market Insights (CMI)

/EIN News/ -- SEATTLE, July 23, 2021 (GLOBE NEWSWIRE) -- According to Coherent Market Insights, the global electric wheelchair market is estimated to be valued at US$ 6,387.3 million in 2021 and is expected to exhibit a CAGR of 10.7% during the forecast period (2021-2028).

Key Trends and Analysis of the Global Electric Wheelchair Market:

Key trends in the market include increasing geriatric population, rising healthcare investments focused on geriatric population and unmet needs, increasing product launches and approvals, increasing research and development activities, and inorganic activities such as collaborations and others.

The rising prevalence of geriatric population is expected to increase demand for electric wheelchairs to support the geriatric population with disabilities, which is expected to drive growth of the global electric wheelchair market in the near future. For instance, according to the report of World Population Ageing 2017, the global population aged 60 years or over numbered 962 million in 2017, and the number of older people is expected to double again by 2050 and is projected to reach around 2.1 billion.

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The global electric wheelchair market is expected to witness significant growth over the forecast period, owing to increasing prevalence of comorbidities such as cancer, diabetes, hypertension, and disability among geriatric population. For instance, according to a study named Chronic Diseases and Quality of Life among Elderly People published in International Journal of Contemporary Medical Research in August 2018, it states that the prevalence of musculoskeletal problem, hypertension, cataract, diabetes, stroke, and cancer was 56%, 34.1%, 25.4%, 6.7%, 2%, and 0.7%, respectively among geriatric population in India in 2018.

Increasing geriatric population is leading to increasing need for investments in healthcare to meet the unmet needs and enhance the quality of life for elder age people. Healthcare expenses is one of the biggest expenses for seniors. According to the Organization for Economic Cooperation and Development, healthcare spending by its 35 member countries could rise to 14% of gross domestic product by 2060 (up from 9.5% in 2010).

Market players are focusing on expanding their product portfolio by launching new products in the market, which is expected to augment the market growth over the forecast period. For instance, in May 2021, Quantum Rehab, a global innovator of consumer-inspired complex rehab mobility technologies, launched J4 HD Power Chair offering a 400-pound weight capacity and optional Q4 HD Power Tilt. The J4 HD is engineered for tight-quarter maneuverability and has a narrow base width of 24.25 inches.

Key Market Takeaways:

Rising product launches and approvals, increasing research and development activities, and inorganic activities such as collaborations and others are expected to drive growth of the global electric wheelchair market over the forecast period. For instance, in June 2021, Quantum Rehab, announced that launch of 4Front 2, next generation of 4Front Power Chair. 4Front 2 is designed with new Smart Traction Control (STC), along with Smooth Ride Suspension (SRS), provides stability for smooth obstacle transitions and unmatched driving performance.

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Key Market Players Analysis covered in this Report:

Key players operating in the global electric wheelchair market include 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.

Market Segmentation:

  • Global Electric Wheelchair Market, By Modality:
    • Rear Wheel Drive Electric Wheelchair
    • 4 Wheel Drive Electric Wheelchair
    • Front Wheel Drive Electric Wheelchair
    • Self-Balancing Wheelchair
    • Standing Electric Wheelchair
    • Remote Control
  • Global Electric Wheelchair Market, By Age Group:
    • 60 years
    • 21 to <60 years
    • < 20 years
  • Global Electric Wheelchair Market, By End User:
    • Consumer
    • Care
      • Hospital
      • Clinics
      • Care Homes
  • Global Electric Wheelchair Market, By Region:
    • North America
      • By Country:
        • U.S.
        • Canada
    • Latin America
      • By Country:
        • Brazil
        • Mexico
        • Argentina
        • Rest of Latin America
    • Europe
      • By Country:
        • U.K.
        • Germany
        • Italy
        • Spain
        • France
        • Russia
        • Rest of Europe
    • Asia Pacific
      • By Country
        • China
        • India
        • Japan
        • Australia
        • South Korea
        • ASEAN
        • Rest of Asia Pacific
    • Middle East
      • By Country:
        • GCC
        • Israel
        • Rest of Middle East
    • Africa
      • By Country/Region:
        • South Africa
        • Central Africa
        • North Africa

Related Market Intelligence Reports:

Personal Mobility Devices Market - Global Forecast to 2026, by Product Type (Wheelchair, Scooters, Handbikes, Walkers, Stair-lifts, Power Add On Products, and Others), by End User (Hospitals & Clinics, Ambulatory Surgical Centers, Urgent Care Center, Home Care Setting, and Others), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) - Size, Share, Trends, and Forecast 2018 - 2026

Read more:

Wheelchair and Components Market, By Technology (Continuous Fiber Composites, Discontinuous Fiber Composites, Metal), By Components (Hand Rims & Wheel Rims, Frames, Other Components), By Application (Manual Wheelchairs, Powered Wheelchairs, Powered Scooters), and By Regions (North America, Latin America, Europe, Asia Pacific, Middle East and Africa) - Size, Share, Outlook, and Opportunity Analysis, 2019 – 2027

Read more:

About Us:

Coherent Market Insights is a global market intelligence and consulting organization focused on assisting our plethora of clients achieve transformational growth by helping them make critical business decisions. We are headquartered in India, having sales office at global financial capital in the U.S. and sales consultants in United Kingdom and Japan. Our client base includes players from across various business verticals in over 57 countries worldwide.

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                    Mr. Shah
                    Senior Client Partner – Business Development
                    Coherent Market Insights
                    US: +1-206-701-6702
                    UK: +44-020-8133-4027
                    Japan: +81-050-5539-1737
                    India: +91-848-285-0837

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