The global wheelchair market is expected to grow at a CAGR of above 4% during the next four years, according to new research from analyst firm Technavio.
It said that trends would vary across the globe due to differences in increased disposable income, suitable reimbursement policies and the availability of affordable healthcare facilities affecting overall healthcare expenditure.
But it noted that people in developed countries such as the US, Canada, the UK, Germany, and France are capable of spending more on treatment which enables them to avail the sophisticated patient care as well as home-care services.
Technavio said: “There has been an increase in sale of sophisticated mobility products like manual and powered wheelchairs due to the increased number of patient care services supported by the high disposable income of people. However, in markets of APAC and MEA, owing to low healthcare expenditure, the trend of rapid adoption of mobility products is absent. Factors such as low disposable income, limited access to healthcare services, and unstructured healthcare reimbursement policies are limiting sales in such regions.”
According to the report, which assessed both the manual and powered wheelchair segments, most markets are served by a mixture of local and global suppliers.
It cited “key vendors” in the market as Invacare, Medical Depot, Pride Mobility Products and Sunrise Medical.
Technavio added: “The global wheelchair market is highly competitive and is characterised by rapid technological transformation. It consists of well-diversified global and regional players. The competition in the market is expected to intensify due to the increase in product extensions, technological innovations, and mergers and acquisitions.”