Powered Wheelchair Market Is At A CAGR of 4.9% During 2022-2032 | Invacare, Medline, SunrIse Medical LLC

The global powered wheelchair market was valued at USD 4.2 billion in 2022 and it is anticipated to grow up to USD 6.8 billion by 2032, at a CAGR of 4.9% during the forecast period.

Powered wheelchair is useful for patients suffering from severe mobility disorders, and neurological conditions hampering their daily lives. Electric wheelchairs are gaining popularity because of their benefits such as ease of use, more convenience, and unproblematic usage. They are often used by those patients that are unable to use manual wheelchairs or the user that want to cover longer distances in wheelchairs.

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Market Trends and Drivers

Technogical advancements have resulted in the creation of automated movement systems, which eliminate any caregivers assistance. These wheelchairs have easy maneuverability and can also be remote controlled. As a result, the demand for technical advancements in this equipment to improve comfort and safety is likely to create profitable opportunities for companies, resulting in the growth of the powered wheelchair market. Increasing burden of motor disabilities due to trauma, congenital diseases, and injuries is another leading cause for the demand of intelligent wheelchairs globally. Increasing life expectancy due to increased access to healthcare has led to an increased number of geriatric population. Elderly people have an increased risk of suffering from mobility issues. This can also be attributed to the rising demand for motorized wheelchair, especially in the developed countries.

Market Restraints and Challenges

The powered wheelchair market is expected to be restrained by the lack of reimbursement policies for powered wheelchair across several countries. The powered wheelchair is a class II medical device in the US, which requires a physicians prescription for reimbursement from Medicare. In Europe, the powered wheelchair is classified as a Class I medical device, which allows for reimbursement from national health insurance systems. However, in several countries, there is no specific classification for powered wheelchair, which limits the reimbursement for the device. The powered wheelchair market is also expected to be challenged by the high cost of the device. The powered wheelchair can cost up to $20,000, which is not covered by Medicare or most private insurance plans. In addition, the powered wheelchair requires regular maintenance and upkeep, which can add to the overall cost of ownership.

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Major Players in the Global Powered Wheelchair Market

The key players in the powered wheelchair market are Carex Health Brands, Inc., Drive Medical Design & Manufacturing, Graham-Field Health Products, Inc., Invacare, Medline, Sunrise Medical LLC., Karman Healthcare, Quantum Rehab, Numotion Pride, Mobility Products Corp, among Seating Matters among others.

COVID-19 Impact

The COVID-19 pandemic negatively impacted the health of elderly in the UK. According to a survey conducted by the Age UK, it was observed that around 1.5 million people aged 65 and more suffered from difficulty in walking, which did not exist before the restrictions imposed for the pandemic. Additionally, around 23% of the geriatric population suffered from decrease in their abilities to perform daily activities since the lockdown. Old age brings its own array of diseases to a person such as motor disabilities, debilitating diseases, and decreased mental capacity and tends to hamper the quality of life amongst elderly. Powered wheelchair allows the elderly to move around indoors as well as outdoors easily, thereby improving the quality of their lives. As a result, the global market for electric wheelchairs is expected to grow due to a growth in the older population, further proving conducive for the market.

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Global Powered Wheelchair Market Segmentation

By Product

Front Wheel
Mid Wheel
Rear Wheel
Others

By Application

Adults
Pediatric

By End-user

Homecare
Hospitals
Ambulatory Surgical Centers
Rehabilitation Centers

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About Global Insight Services:

Global Insight Services (GIS) is a leading multi-industry market research firm headquartered in Delaware, US. We are committed to providing our clients with highest quality data, analysis, and tools to meet all their market research needs. With GIS, you can be assured of the quality of the deliverables, robust & transparent research methodology, and superior service.

This release was published on openPR.