The market size for powered wheelchair was valued at $2.9 billion as of 2019, but it is likely to increase to 5.8 billion during 2027.
The register of 9.7% of Compound Annual Growth Rate (CAGR) was recorded from 2021 to 2027. The segment of the center wheel drive led the market growth, based on the market share of a powered wheelchair, in the year 2019 and it is projected to maintain the range through the projected period.
The increase in the population of old-people contributes to the growth of an electric wheelchair. The powered wheelchair has become common among people that are above the age of 50 years.
Based on the projection by the United Nations, the population of global aging is expected to increase at a continuous rate within the projected period. Also, injuries and weaknesses are known to be associated with elderly individuals.
The United nations forecasted in 2019 that around 9.0% of the population falls within 65 years and above worldwide.
Furthermore, the U.S. Census Bureau reported that about 17% of the population worldwide is estimated to fall in the elderly age range by 2050.
Therefore, it is expected that the use and demand of powered wheelchairs to grow in the elderly care-home and hospitals.
Also, the increase in accident rates contributes to the powered wheelchair market. However, the WHO reported that a population of about 50 million across the world suffer from road accidental injuries.
Therefore, the powered wheelchair assists to comfortably and safely move the patients from one point to another.
Furthermore, the powered wheelchair is expensive because of the use of some automated and specialized controls.
The requirement for high-quality items for the producing the end products involves an extra cost that can retrain the equipment adoption.
So, the obtaining of the equipment by healthcare and other consumers is hindered by factors like low income, lack of government funding, and budgetary limitation.
Therefore, the high cost of a powered wheelchair contributes to the limitation of the global market for a powered wheelchair.
Notwithstanding, the growth in demand for electric wheelchairs from electric wheelchair suppliers and manufacturers has made the need for advancement in technology inevitable.
The reason has been that the instrument requires more strength and durability to withstand the weight of individuals with obesity. Also, advancement in technology has made automated movement controls to be developed.
This system limits manual assistant from caregivers. Therefore, the patients can adjust the wheelchair seat with ease, and the instrument is controlled using automated control or remote control.
Also, with market growth, an artificial intelligence wheelchair is been introduced to allow people with limited mobility to control the wheelchair through different facial expressions.
Furthermore, the worldwide medical assistance instrument has been impacted deeply by the coronavirus outbreak. The outbreak that first occurs in China has affected production.
Meanwhile, the demand worldwide may be affected as well because of the demand and supply chain disruption.
Electric Wheelchair Market sectors based on the type of product;
· Standing Electric Wheelchair drive
· Back Wheel Drive
· Front-Wheel Drive
· Center Wheel Drive
Electric Wheelchair Market By Product Type
The Front Wheel Drive compartment is likely to have the most CAGR of about 11.0% between 2021-2027.
· Asia Pacific
o South Korea
o And other parts of Asia Pacific
· North America
o The U.S.
o And other parts of Europe
o Middle East
o Latin America
Electric Wheelchair Market By Region
Asia-Pacific region would exhibit the highest CAGR of 11.5% during 2021-2027.
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