Published: Jun, 2017
The global electric wheelchair market is fragmented with regards to competition, notes Transparency Market Research (TMR). The leading market players have been deploying product development as the chief business strategy to expand their presence on an international scale. Several others are focusing on leveling up their market shares via collaborating, partnering, and merging with other leading market participants.
The competitive landscape has been welcoming a plethora of innovations. For instance, a new kind of electric wheelchair has been developed by a group of students studying at the Swiss federal Institute of Technology, Zurich. Featuring latest self-balancing technology, the new electric wheelchair can not only cross uneven ground, but can also descend staircases. The Scewo prototype is currently seeking funds.
Another group of researchers in Japan have created an electronic wheelchair which enables users to use their tongue to operate it, via a silicon sheet that is attached to their chins. This innovative wheelchair is specially designed for patients suffering from severe disabilities such as spinal cord injury, who cannot move their feet or hands, but can easily move their suprahyoid muscles forming the floor of the mouth.
The global electric wheelchair market is expected to gain a revenue worth US4.48 bn by the end of 2020, observes the report by TMR. The market has been prognosticated to witness a remarkable CAGR of 19.2% between 2014 and 2020.
Enhanced Accessibility & Control Responsible for Growth of Front Wheel Drive Electric Wheelchairs Segment
In 2014, North America held the dominant share in the global electric wheelchair market, by geography. High awareness among the consumers and affinity for novel technology are some basic catalysts of the global electric wheelchair market. By product type, the front wheel drive electric wheelchairs are likely to account for the largest part of the global electric wheelchair market, progressing at a promising CAGR of 25.3% during the forecast period 2014-2020. Greater control and accessibility offered by these electric wheelchairs has been driving the growth of this segment.
Improved Healthcare Facilities Aid Growth
The global electric wheelchair market is primarily being driven by the alarming growth in the number of disabled populace across the world. The number of accidents worldwide have also been augmenting, leading to long-term disabilities. As the healthcare expenditure of the developing nations has been expanding rapidly in order to provide high quality healthcare services, the demand for electric wheelchairs is slated to multiply.
Moreover, the increase in the percentage of aging population is numerous parts of the globe is also garnering more demand for electric wheelchairs. Governments of several developing and developed nations are increasingly investing in infrastructure as well as affordability of electric wheelchairs. Technological advancements, coupled with considerable number of research and development initiatives, have been contributing towards the expansion of the electric wheelchair market worldwide.
On the contrary, the global electric wheelchair market might face obstructions due to the high costs of these products. The impact of this restraint can, however, be negated via the growth of regional markets such as South Korea, India, China, and Japan. These regions are hubs of vast growth opportunities and are therefore likely to further the expansion of the global electric wheelchair markets.
The information presented in this review is based on a Transparency Market Research report titled, “Electric Wheelchair Market (Product - Front Wheel Drive, Center Wheel Drive, Rear Wheel Drive, and Standing) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020.”
Key Segments of the Global Electric Wheelchair Market
Global Electric Wheelchair Market, by type
- Front Wheel Drive
- Center Wheel Drive
- Rear Wheel Drive
Global Electric Wheelchair Market, by geography
- North America
- Asia Pacific
- Rest of the World
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