The global wheelchair market generated $5,386.0 million revenue in 2020, and it is predicted to progress at a CAGR of 7.9% from 2021 to 2025. According to the estimates of the market research company, P&S Intelligence, the market value will rise to $7,818.5 million by 2025. The factors fueling the expansion of the market are the surging geriatric population, improving healthcare infrastructure, rising incidence of obesity, soaring prevalence of spinal cord injuries (SCIs), and improving post-treatment services across the world.
As per the World Population Ageing 2019 report published by the United Nations (UN), there were 703 million people in the age bracket- 65 years and above- in 2019 and this number will rise to 997.4 million by 2030. Furthermore, the growing incidence of chronic diseases among older individuals is propelling the occurrence of disabilities, thereby driving the demand for wheelchairs. Depending on type, the market is divided into powered and manual categories.
Access Report Summary - Wheelchair Market Global Industry Analysis and Demand Forecast
For example, as per the World Health Organization (WHO), nearly 2 billion people were diagnosed with disability in 2019. Moreover, disabled people accounted for 37.5% of the global population in 2019. The organization also found that a majority of disabled people were adults. The wheelchair market is also categorized, on the basis of distribution channel, into e-commerce and retail. Between these, the retail category dominated the market in 2020, primarily because of the high customer preference for reviewing the product before buying them and choosing from a plethora of products in retail outlets.
On the other hand, in the upcoming years, the wheelchair market is expected to exhibit the fastest growth in the Asia-Pacific (APAC) region. This is attributed to several factors such as the increasing population of geriatric people, thriving medical tourism industry, and the rising prevalence of chronic disorders in the region. For example, as per the Ministry of Tourism, India, the medical tourism industry in the country surpassed the $9.0 billion mark in 2020 and accounted for as much as 20% of the global industry share.
Hence, it can be safely said that the market will grow rapidly in the coming years, mainly because of the rising incidence of chronic diseases, surging geriatric population, and increasing cases of disability all over the world.
