July 16, 2024
Electric Wheelchair Market

Electric Wheelchair Market Estimated To Witness High Growth Owing To Rising Geriatric Population

The electric wheelchair market is estimated to be valued at US$ 7.83 Bn in 2023 and is expected to exhibit a CAGR of 11% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

The electric wheelchair market involves motorized wheelchairs that help enhance the mobility of disabled and elderly population. These wheelchairs come equipped with batteries, motors and controllers which enable the user to move independently. They help users overcome mobility challenges arising due to conditions like arthritis, spinal cord injury and others. The growing geriatric population globally has boosted the demand for assistive devices like electric wheelchairs.

Market Dynamics:

The electric wheelchair market is driven by the rapidly growing geriatric population globally and rising incidence of mobility impairment conditions. As per United Nations data, the population aged 65 years and above is projected to double from 703 million in 2019 to 1.5 billion by 2050. Also, 8.5% of men and 18.5% of women aged 65 and above experience some kind of disability. This growing disabled and elderly population base is a key factor fueling demand for mobility assistance devices like electric wheelchairs. Additionally, technological advancements have led to development of smart electric wheelchairs with features like Bluetooth connectivity, remote operation and backup battery support. These smart wheelchairs provide enhanced mobility and independence to users.

SWOT Analysis

Strength: The Electric Wheelchair market has witnessed significant technological advancements over the past few years. Electric wheelchairs offer mobility and independence to people with disabilities. They are lighter in weight and more efficient than conventional manual wheelchairs.

Weakness: High cost of advanced electric wheelchairs remains one of the major constraints impeding widespread adoption. Lack of reimbursement policies in developing nations further increases the financial burden. Electric wheelchairs also require regular maintenance and servicing.

Opportunity: Growing aging population and rising incidence of mobility impairments present lucrative growth opportunities. Increasing healthcare expenditure and favourable regulations in developing countries are expanding the customer base. There is scope for development of smart electric wheelchairs integrated with assistive technologies.

Threats: Safety issues pertaining to lithium-ion batteries pose serious threats. Substitutes such as mobility scooters also eat into the potential market size. Tighter emission norms across regions impacts manufacturing costs. Dependence on key components imported from other countries exposes to supply chain and trade barriers risks.

Key Takeaways

The Global Electric Wheelchair Market Growth is expected to witness high, exhibiting CAGR of 11% over the forecast period, due to increasing global aging population and rising incidence of mobility disabilities.

Regional analysis: North America currently dominates the global market owing to availability of advanced healthcare facilities and supportive reimbursement framework. Asia Pacific is anticipated to be the fastest growing regional market by 2030 supported by rising healthcare investments, growing medical device industry and large consumer base in China and India.

Key players analysis: 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 expansion in emerging markets through partnerships.

 

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it