The booming aging population, rising incidence of spinal cord injuries (SCIs), increasing disposable income, and surging awareness about mobility assistance products are set to drive significant wheelchair sales growth in the coming years.
Global wheelchair market revenue is projected to reach $7.8 billion (£5.5 billion) by 2025, at a 7.9% CAGR between 2021 and 2025, according to a new report available via PS Market Research.
The lockdowns and other restrictions implemented to control the spread of the Covid-19 infection hurt manufacturers around the world, impacting the wheelchair market over the past 12 months.
However, as countries are now lifting these restrictions, manufacturing and trade activities are picking up, which is expected to lead to a resurgence in the demand for wheelchairs in the short term.
Powered and manual are the bifurcations of the type segment, of which the manual bifurcation held the larger share in the wheelchair market in 2020. Since such variants are cheaper, they easily fit the budget of the masses.
Of the bifurcations of the wheelchair market based on end-user — pediatric and adult — the adult bifurcation is set to grow faster in the forecast period.
According to the World Health Organization (WHO), two billion people, or around 37.5% of the global population, were living with disabilities in 2019, most of whom were adults.
North America generated the highest revenue in the wheelchair market in 2020, driven by the rising incidence of musculoskeletal issues and injuries, booming geriatric population, and increasing number of obese people.
Moreover, the presence of a large number of market players leads to the easy availability of wheelchairs in the continent.
The fastest growth in the wheelchair market during the forecast period will be seen in Asia-Pacific (APAC). This would be a result of the expanding medical tourism industry, growing elderly population, and surging burden of chronic diseases.