Electric Wheelchair Market Is Estimated To Witness High Growth Owing To Increasing Adoption of Assistive Devices for Mobility Impaired Individuals

 

Electric Wheelchair Market


The global Electric Wheelchair Market is estimated to be valued at US$ 6,387.3 Mn in 2023 and is expected to exhibit a CAGR of 10.7% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.



Market Overview:


Electric wheelchairs are powered mobility devices designed for individuals with limited or no ability to walk. These wheelchairs provide enhanced mobility, independence, and convenience to people with disabilities or injuries. They are equipped with advanced technological features such as power seating, tilt-in-space, and optional power elevating leg rests, among others. Electric wheelchairs offer several advantages such as improved maneuverability, increased comfort, and reduced physical strain on caregivers. The growing elderly population, rising prevalence of mobility impairments, and increasing awareness about assistive devices for disabled individuals are driving the demand for electric wheelchairs globally.


Market Key Trends:


One key trend in the electric wheelchair market is the adoption of advanced technologies and innovative features in wheelchair designs. Manufacturers are incorporating concepts such as power seating, adjustable backrests, and customizable options to enhance user comfort and convenience. Additionally, the integration of IoT (Internet of Things) and AI (Artificial Intelligence) technologies in electric wheelchairs is enabling remote monitoring, predictive maintenance, and personalized user experiences. These technological advancements are revolutionizing the electric wheelchair industry, making the devices more user-friendly and efficient.

The Electric Wheelchair Market is witnessing a shift towards lightweight and portable designs. Lightweight electric wheelchairs offer increased maneuverability and ease of transportation, making them suitable for both indoor and outdoor use. This trend is particularly beneficial for individuals who lead an active lifestyle or require frequent transportation. Furthermore, the development of foldable and compact electric wheelchairs is gaining traction, as they allow for easy storage and transportation,


PEST Analysis:



Political: The political stability of a country plays a crucial role in influencing the electric wheelchair market. Policies related to healthcare and medical devices, as well as regulations for the manufacturing and distribution of mobility aids, can impact the growth of the market.

Economic: The economic factors that can affect the electric wheelchair market include GDP growth, disposable income of individuals, healthcare expenditure, and government funding for healthcare facilities. A strong economy with higher purchasing power can lead to increased demand for electric wheelchairs.

Social: The social factors influencing the market include the aging population, increasing prevalence of disabilities, and changing lifestyles. The rising geriatric population globally and the growing awareness about mobility aids among people with mobility impairments are driving the demand for electric wheelchairs.

Technological: Advancements in technology, such as the introduction of smart electric wheelchairs with features like remote control, automatic navigation, and integrated sensors, are driving market growth. Technological innovations like lightweight and foldable electric wheelchairs are also gaining traction.


Key Takeaways:



The Global Electric Wheelchair Market Size is expected to witness high growth, exhibiting a CAGR of 10.7% over the forecast period. This growth is primarily driven by the increasing prevalence of mobility impairments, the aging population, and advancements in technology. For example, the development of smart electric wheelchairs with advanced features has enhanced the independence and mobility of individuals with disabilities.

In terms of regional analysis, North America is projected to be the fastest-growing and dominating region in the electric wheelchair market. This can be attributed to the presence of key players, favorable reimbursement policies, increasing healthcare expenditure, and a high prevalence of disabilities in the region.

Key players operating in the electric wheelchair market include Invacare Corporation, Sunrise Medical (US) LLC, Permobil Inc., Pride Mobility Products Corporation, Drive Devilbiss Healthcare, Hoveround Corporation, Ottobock Healthcare, 21st Century Scientific, Inc., Meyra GmbH, LEVO AG, Merits Co. Ltd., Segway Inc., Scewo, GF Health Products Inc., Karman Healthcare, Inc., KYMCO Healthcare, SOWECARE B.V, and Nanjing Jin Bai He Medical Apparatus Co., Ltd. These key players are actively involved in product development, mergers and acquisitions, and collaborations to expand their market presence and gain a competitive edge.



Read more - https://www.marketwebjournal.com/electric-wheelchair-market-growth-trends-and-forecasts-size-share-analysis/

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