The market value of global wheelchair and components market in 2015 was worth the US $5,236.5 million and it is estimated to reach the US $7,535.7 million by 2026 end witnessing 3.5% CAGR during the forecast period, 2016 to 2026. Increasing prevalence of physical disability due to spinal cord injuries, favorable government initiatives as well as funding wheelchair programs are expected to fuel the demand for wheelchair and components market.
Vulnerability to severe injuries of augmenting aging population and increasing road accidents incidences are other factors fuelling the growth of the global market for wheelchair and components. Immense composite production technology advancements and developments & innovations in wheelchair industry are factors due to which the global wheelchair and components market is estimated to gain an uptick in the near future.
Manual Wheelchairs to Remain Lucrative During 2016 to 2026 With 62% Market Share
Based on application, manual wheelchairs segment is estimated to remain dominant during the forecast period accounting for more than 62% market share by 2026 end. This segment is estimated to account for around 70% market share by 2026 end. Whereas, powered wheelchairs segment is estimated to account for 18% market share by 2026 end. On the other hand, wheel rims & hand rims application sub-segment of wheelchair components is estimated to account for more than 36% market share and following this sub-segment is frames which is expected to account for over 35% market share by 2026 end.
Continuous Fiber Components to Dominate the Overall Market With 42% Market Share by 2026 end
Based on technology, the global market for wheelchair and components is categorized into metal, continuous fiber composites and discontinuous fiber composites. Continuous fiber composites is estimated to dominate the overall market with more than 42% market share by 2026 end. Whereas, metal is expected to account for more than 36% market value share by 2026 end.
Artificial intelligence, multistage gearboxes, electronic control drivetrains emergence and improved power capacities are expected to play an indispensable role in catering to diverse needs of disabled patients. Use of wireless devices, motor control software, sensors and other technologies are some of the developments trending in the global market for wheelchair and components. Increasing demand for ultra-lightweight and lightweight wheelchairs is attributed to engineering plastics and composite materials introduction. Increasing partnerships between recognized manufacturers of composite materials and OEMs, and developing cost-effective products is estimated to be fruitful for OEMs in order to absorb emerging economies’ significant growth potential.
Asia Pacific to be the Most Lucrative Market for Wheelchair and Components During 2016 to 2026
Region-wise, Asia-Pacific is estimated to be the most lucrative market for wheelchair and components in terms of revenue during the forecast period. Currently, the value of Asia Pacific wheelchair and components market is estimated to be US $1,453.3 million and this region is estimated to register an above average CAGR of 4%. The market growth of Asia-Pacific is driven mainly by New Zealand and Australia. India and China are expected to witness significant demand generation, collectively accounting for more than 28% share of Asia Pacific wheelchair and components market by 2026 end. North America is expected to register a decent growth rate during the forecast period. This region is estimated to be dominant in terms of both value and volume sales share during the forecast period. The growth of North American wheelchair and components market is mainly attributed to presence of major manufacturers.
Rapid Domestic Demand Growth in BRIC and Asian Countries Expected to Create New Opportunities for Manufacturers
Leading manufacturers of wheelchair and components are focusing on investments in developing BRIC and Asian countries. In addition, there is a rapid growth of domestic demand for wheelchair and components in these regions which will result in new set of opportunities for manufacturers. In addition to cost-effective products introduction, key players are concentrating on product innovation. These players participating in the global wheelchair and components market include Invacare Corp., Permobil AB, Products Corp., Sunrise Medical, Panthera, Meyra Wilhelm Meyer GmBH and Co. KG, Ottobock Healthcare GmBH, Pride Mobility, Handicare, Hoveround and 21st Century Scientific Inc.
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