Electric Wheelchair Market Anticipated to Witness High Growth Owing to Rising Geriatric Population
Electric wheelchairs help elderly and disabled individuals achieve independent mobility and accessibility. Powered by rechargeable lithium-ion batteries, electric wheelchairs come equipped with various features such as adjustable armrests, leg positioners, anti-tip wheels, and ergonomic controls to provide comfort and convenience. The growing geriatric population prone to age-related mobility issues and the rising prevalence of disabilities worldwide are driving the demand for electric wheelchairs. 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 of 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 partnerships to cater to the unmet needs and gain a competitive edge in the market.
The growing demand for home healthcare devices and the increasing investment by key players in developing advanced and easy-to-use electric wheelchairs present significant opportunities for market growth. Many players are expanding their manufacturing facilities and distribution networks globally to serve the rising need for electric wheelchairs across all major regions.
Key drivers operating in the electric wheelchair market are growing geriatric population worldwide and rise in chronic diseases and mobility issues. As per the United Nations (UN), the number of people aged 60 or above is projected to grow from 900 million globally in 2015 to nearly 2.1 billion by 2050. Mobility issues increase sharply with age, driving the demand for assistive devices like electric wheelchairs. Furthermore, conditions like paralysis, arthritis, and obesity leading to limited mobility are on the rise, propelling the electric wheelchair market.
However, high cost of electric wheelchairs is a major factor restraining the market growth. Standard electric wheelchairs cost between $1,000 to $10,000, depending on weight capacity and additional features. Complex insurance procedures and lack of awareness also limit the adoption of electric wheelchairs to some extent. Safety issues pertaining to battery explosions present another challenge for market players and users.
Segment Analysis
The electric wheelchair market comprises of front wheel drive wheelchairs, center wheel drive wheelchairs, rear wheel drive wheelchairs, standing electric wheelchair sub segments. The center wheel drive wheelchairs sub segment dominates the electric wheelchair market owing to benefits such as better stability and maneuverability for users as it prevents users from tipping over sideways. It also ensures safety of transfer and movement.
Global Analysis
The Asia Pacific electric wheelchair market is projected to be the fastest growing regional market from 2024 to 2031 owing to increasing healthcare infrastructure, rising disposable income, growing geriatric population with limited mobility and disabilities in countries such as India and China. North America currently dominates the electric wheelchair market owing to presence of major players, high disposable income, growing elderly population, increasing cases of accidents and presence of advanced healthcare infrastructure in the US and Canada. Europe is also a significant regional market for electric wheelchairs driven by growing medical devices industry, rising chronic diseases, increasing R&D investments and government support for people with disabilities in countries like Germany, UK and France.
Priya Pandey is a dynamic and passionate editor with over three years of expertise in content editing and proofreading. Holding a bachelor's degree in biotechnology, Priya has a knack for making the content engaging. Her diverse portfolio includes editing documents across different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. Priya's meticulous attention to detail and commitment to excellence make her an invaluable asset in the world of content creation and refinement.
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