Electric Wheelchair Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 - 2020
Albany, NY -- (SBWIRE) -- 05/22/2017 -- The presence of established players with strong market hold has increased competition in the global electric wheelchair market, reports Transparency Market Research (TMR) in a new study. The top four companies in the global electric wheelchair market are Permobil Corp., Pride Mobility Products Corp., Sunrise Medical, and Invacare Corp. Together they held a share of 58% in 2013 in the global electric wheelchair market. The leading companies are striving to provide quality products that have features distinct from that of their competitors.
The global electric wheelchair market is projected to expand at a 19.2% CAGR between 2014 and 2020. In 2015, the market was worth US$1.89 bn and is estimated to rise to a valuation of US$4.40 bn by the end of 2020. On the basis of product type, center wheel drive electric wheelchairs are likely to emerge dominant by 2020 with a market worth US$1.78 bn. Center wheel drive electric wheelchairs are comparatively more popular than other types because of features such as on-spot turning facility with the probability of 90 degree knee angles. Unlike other conventional wheelchairs, center wheel drive electric wheelchairs can be used for outdoor activities as well.
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Geographically, North America held the largest share of the global market in 2013 and is expected to maintain a lead until 2020 with an overall share of 32.8%. According to a TMR analyst, "The factors driving the demand for electric wheelchair in the region are technological advancements, enhancement in Medicare repayment procedures, and the rising population." As a result of the rise in disposable incomes and strong insurance infrastructure in North America, consumers are now preferring electric wheelchairs over conventional manual wheelchairs.
Rising Geriatric Population to Augment Demand for Electric Wheelchairs
Owing to the rise in health consciousness and development in medical science in order to deal with fatal diseases, the human life expectancy has significantly increased globally. As a result of this, the elderly population has also increased over the past few years. According to a recent survey, the global geriatric population is projected to reach 714 million by 2020. Asia Pacific has emerged as the key region in terms of population. Countries such as India, Brazil, South Korea, Japan, and China are witnessing a robust growth in their elderly population annually.
"The existence of diseases related to spine and legs among the geriatric population is likely to boost the demand for electric wheelchairs in the coming years," says a TMR analyst. Moreover, the need for easy mobility in older age is another factor driving the growth of the global electric wheelchair market. With the growing geriatric population, the global electric wheelchair market is also anticipated to witness substantial growth in the future.
High Cost and Lack of Infrastructure to Inhibit Growth of Global Electric Wheelchair Market
The cost of electric wheelchairs is much higher than non-electric wheelchairs. As a result of this, many consumers who are in need of the product and have low disposable incomes, refrain from purchasing them. The lack of government subsidies also acts as a major hindrance for customers in many developing nations. Furthermore, the lack of awareness among consumers regarding the use electric wheelchairs and their benefits is also likely to affect their sales in future. The lack of proper infrastructure to use electric wheelchairs smoothly is further expected to inhibit the growth of the global electric wheelchair market. However, initiatives are being undertaken by government and non-government organizations to provide better infrastructural facilities for wheelchair operation.
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Upcoming Technological Advancements to Provide Lucrative Growth Opportunities to Manufacturers
Numerous companies operating in the global electric wheelchair market are investing on research and development activities to manufacture more versatile and advanced electric wheelchairs. Companies are targeting the consumer base with more promising products and are also initiating awareness programs. To support this initiative, countries such as the U.K. and the U.S. are providing better reimbursement facilities to their citizens in order to provide them with a solution to ease their lifestyle. With increase in research and development activities by leading companies in order to provide better products, the competitive rivalry is expected to stay high in the forecast period.