June 28, 2022 08:53 ET | Source: Vantage Market Research Vantage Market Research
WASHINGTON, June 28, 2022 (GLOBE NEWSWIRE) -- Vantage Market Research's recent analysis of the Global Electric Wheelchair Market finds that the increasing accidents are expediting market growth. In addition, the growing geriatric population, technological advancements, and increasing government initiatives are captivating to augment the development of the Global Electric Wheelchair Market.
The Global Electric Wheelchair Market revenue is expected to reach a value USD 4.3 Billion in the year 2028.
The Global Market revenue stood at a value USD 2.7 Billion in the year 2021, and the market is expected to grow to exhibit a Compound Annual Growth Rate (CAGR) of 8.1% in the forecast period; states Vantage Market Research, in a report, titled " Electric Wheelchair Market Size, Share & Trends Analysis Report by Drive Type (Center Wheel Drive Chair, Front Wheel Drive Chair, Rear Wheel Drive Chair), By End-User (Home Care Settings, Hospitals & Clinics), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)".
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Rising Geriatric population Along with Technological Advancements
The senior population is rapidly increasing in every country across the globe. Over the forecast period, the worldwide Electric Wheelchair Market is expected to grow due to the significant increase in the elderly population with chronic illness, co-morbidity, and other disabilities. In addition, a substantial rise in spinal cord injuries among the elderly is expected to drive market sales rapidly throughout the projection period. Demand for wheelchairs is expected to increase during the forecast period, owing to the prevalence of walking difficulties among all age groups and the frequency of lower extremity injuries. In the coming years, rapid technological advancements in wheelchairs and the development of new goods by numerous companies, such as motorized wheelchairs, are projected to boost wheelchair sales. Furthermore, the government's rising measures to provide advanced wheelchair accessibility in low-resource nations will likely promote market growth throughout the forecasting period.
Increasing Number of Accidents to Stimulate Market Growth
The increasing number of accidents is driven by strong demand in the healthcare industry. Accidents might cause temporary or permanent incapacity, which explains why this is the case. Caregivers find it challenging to transport patients to the bathroom and hence are in continuous need of such wheelchairs. As a result, as the number of accidents rises, the market is also expected to grow shortly. The lack of access to quality healthcare and infrastructure in developing countries, on the other hand, is expected to hinder the market's growth. The bulk of bariatric and geriatric patients live in poverty or underdeveloped countries. As a result, demand for Electric Wheelchair Markets is likely to rise steeply in these areas. However, the market's progress is hampered by a lack of supporting infrastructure, poor purchasing power, and consumer awareness. However, the quality of healthcare services in low-income nations is a serious concern for this market segment. The lack of access to high-quality healthcare facilities and supply networks is anticipated to hamper the purchase of this equipment, limiting the market's growth.
Key Insights & Findings from the Report:
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Segmentation of Electric Wheelchair Market:
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The COVID-19 outbreak has affected various industries worldwide. Governments worldwide implemented strict lockdown measures and social distancing norms to restrict the swift spread of the pandemic. Manufacturing facilities worldwide were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the healthcare industry. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:
e. Middle East & Africa
The report on Electric Wheelchair Market highlights:
Browse market data Tables and Figures spread through 141 Pages and in-depth TOC on "Electric Wheelchair Market Size, Share & Trends Analysis Report by Drive Type (Center Wheel Drive Chair, Front Wheel Drive Chair, Rear Wheel Drive Chair), By End-User (Home Care Settings, Hospitals & Clinics), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)".
North America Dominated the Global Electric Wheelchair Market
North America dominated the Global Electric Wheelchair Market in 2021 and is likely to continue the same trend during the forecast period. This domination is attributable to the increase in older people, with nearly half of those aged 75 and having some disability in the region. Furthermore, the increasing technological advancements are also likely to support the regional growth of the market. Additionally, the increase in mobility impairment disorder cases is expected to fuel the market's growth in the region.
List of Prominent Players in Electric Wheelchair Market:
April 2021: Permobil, a mobility producer, agreed to buy Progeo to boost its Italian market and expand its manual wheelchair line in Europe.
June 2020: The main product, "LUCI," was launched by LUCI, a firm rethinking modern mobility. The LUCI platform is a high-tech hardware and software platform that attaches to a power wheelchair and provides stability, security, and communication.
March 2020: The Invacare AVIVA FX Power Wheelchair was introduced by Invacare Corporation, setting a new benchmark in the front-wheel-drive power mobility market.
Key questions answered in the report:
This market, titled "Electric Wheelchair Market" will cover complete information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others, as mentioned below:
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