SEATTLE, May 24, 2018 (GLOBE NEWSWIRE) -- The global wheelchairs market is estimated to be valued at US$ 4,390.4 million in 2017 and is projected to exhibit a CAGR of 15.0% over the forecast period (2017 – 2025).
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Key Trends and Analysis of the Wheelchairs Market:
Currently potential market players majorly from emerging economies are focused on developing sports wheelchair to cater increasing number of population suffering from disability. For instance, in May 2018, the National Paralympics Committee (NPC) of Rwanda launched a new sports wheelchair basketball for disabled, which is expected to foster growth of the market. Furthermore, few manufacturers and research institutes are engaged in developing wheelchairs with robotic arm to make users independent. The robotic wheelchairs are expected to be a standout product in the wheelchairs market and is projected to gain major market share over the forecast period. Moreover, manufacturers are focused on merger and acquisition for market penetration to gain competitive advantage. For instance, in August 2016, Permobil AB, a Sweden-based company, announced acquisition of Advanced Health Care Company to expand its geographic reach in Canada.
Increasing number of government initiatives are expected to spread awareness regarding importance of wheelchair for mobility purpose, which is expected to foster growth of the global wheelchairs market. One of the organization, The Wheelchair Foundation, aims to spread awareness regarding needs and abilities of people with physical disabilities by donating wheelchair to every poor disable patient, who cannot afford one.
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Key Market Takeaways:
- The wheelchair market is expected to exhibit a CAGR of 15.0% during the forecast period (2017 – 2025), which is attributed to increasing incidence of disabilities across the world.
- Market growth is also attributed to increasing development of innovative technologies by established market players and new entrants in the global wheelchairs market.
- Some of the major players operating in the wheelchairs market include Invacare Corporation, Sunrise Medical LLC, Ottobock Healthcare, 21st Century Scientific, Inc., Permobil AB, Pride Mobility Products Corporation, LEVO AG, GF Health Products, Inc., MEYRA GmbH, Hoveround Corporation, Aquila Corporation, Aspen Seating, Drive Medical, Eagle Sportschairs LLC., EASE Seating System, and Medical Depot Incorporation.
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