The Wheelchairs and Components Market is slated to witness exponentiation going forward. The IoMT (Internet-of-Medical-Things) is already transforming every walk of life, including healthcare. Healthcare IT has let both – patients and doctors carry/download information about each other anywhere and anytime through their smartphones/tabs. In other words, more connectivity translates to better access to data, thereby rendering better healthcare for patients. This would be the future of the healthcare vertical in the upcoming period.
Recent developments in research areas such as
computer science, robotics, artificial intelligence, and sensor technology are
broadening the range of possible applications that support disabled people.
Powered wheelchairs extend the capabilities of standard power wheelchairs by
introducing control and navigational intelligence.
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Different techniques have been proposed for
permitting impaired people, including a quadriplegics, to control mechanized
wheelchairs, which include eye development, hand motion, cerebrum-based
controlled frameworks, EEG-based frameworks, and so on. Manufacturers are
continuously working toward introducing technologically-advanced wheelchairs
into the market.
Country level Covid-19 outbreaks in big
economies impacted the sales of wheelchairs and components negatively owing to
lockdowns and reduced healthcare center visits. Lockdowns also led to slowing
down of manufacturing activities, creating a gap in demand and supply. However,
the market is expected to get back to its normal growth trajectory in 2021.
As per revised analysis by Persistence Market
Research due to the ongoing COVID-19 pandemic, the global wheelchair and
components market is estimated to be valued at US$ 11 Bn in 2020, with the
market expected to exhibit a CAGR of almost 4% over the forecast period
(2020-2030).
Key Takeaways from
Market Study
·
In terms of product,
wheelchairs dominated the market, holding a share of over 50%. However,
wheelchair components will experience higher growth during the forecast period
at a CAGR of over 4%.
·
By modality,
lightweight wheelchairs hold a prominent share, due to these being easier and
convenient to use.
·
While the U.S.
continues to dominate the market, emerging countries such as China and India
will experience significant growth, due to increasing patient pool in these
countries.
·
The market in the U.S.
and Germany is projected to progress at a steady CAGR of close to 4% through
2030.
·
The U.K. and India
will exhibit a CAGR of more than 4%, while China will witness higher growth at
close to 5%.
·
The year 2020 saw the
market growing slower at less than 3%, but 2021 will offer more opportunities
to manufacturers.
“Increasing prevalence
of spinal cord injuries and related disabilities, along with increased
government support and funding for wheelchairs, is expected to drive market
growth over the coming years,” says a Persistence Market Research analyst.
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Key Players Entering
into Collaboration, Partnerships, and Acquisitions
Top players in the wheelchair and components
market are focusing on acquisitions at regional levels. The key strategy
adopted by these manufacturers in order to remain competitive and establish a
strong position is to identify potential small players in the market and
acquire them.
·
For instance, In March
2020, in order to grow its sports and e-mobility offerings, Sunrise Medical
acquired Oracing, a Spain-based designer and manufacturer of sports wheelchairs
and e-mobility power products.
Thus, such efforts by manufacturers to sustain
a powerful position in the market are expected to result in new product
launches and greater regional coverage, which will lead to substantial market
growth in future.
Key Participant
Insights
The global wheelchair and components market is
set to expand its scope during the forecast period, with rapid technological
advancements and increasing prevalence of spinal cord injuries and related
disabilities being factors that support market growth. Additionally, increasing
market consolidation activities by key players will also have a significant
positive impact on this industry. Advancements and developments in emerging
countries such as China and India promise lucrative growth in these countries.
What else is in the
report?
Persistence Market Research brings a
comprehensive research report on forecasted revenue growth at global, regional,
and country levels, and provides an analysis of the latest industry trends in
each of the sub-segments from 2015 to 2030. The global wheelchair and
components market is segmented in detail to cover every aspect of the market
and present a complete market intelligence approach to the reader. The study
provides compelling insights on the basis of product (wheelchairs and
wheelchair components), modality (standard transport wheelchairs, self-propelled
wheelchairs, sports wheelchairs, standing wheelchairs, recliners wheelchairs,
bariatric wheelchairs, and lightweight wheelchairs), and distribution channel
(institutional sales and retail sales), across seven major regions of the
world.
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