Robotic Wheelchairs Market: On The Edge of Path breaking Innovation
Robotic wheelchairs market is expected to register a robust growth in the near future and reach of US$ 6,073.9 mn by 2026. Robotic wheelchairs are an advanced version of conventionally used electric wheelchairs, also known as power wheelchairs. The robotic wheelchairs are laden with artificial intelligence and sensors. These chairs can automatically detect obstacles in path, navigate accordingly, and enhance the user experience multifold by allowing them to experience life without having to worry about the burden of the chair.
The robotic wheelchair market is expected to register robust growth as artificial intelligence has already made forays through automatic driving capabilities and inspires confidence in consumers today. Additionally, growing big data analytics provide users an edge that is simply too difficult to obtain on their own. For example, Google recently introduced a receptionist AI which can have conversations in real time and book appointments, hotel reservations on behalf of people easily. This technology promises to save considerable amount of time, money, and provides additional mobility, much appreciated by handy-capped individuals.
Robotic Wheelchairs Market: Aging Population May Taste a Sweet Victory
Major markets like North America and Europe are witnessing a significant rise in the elderly population. The elderly population is prone to suffering from limited mobility for various reasons. Growing cases of knee injuries, strokes, paralysis, and obesity are expected to increase these mobility related ailments in the near future. Additionally, countries like the US are witnessing a growing favorable push towards fair and balanced reimbursement mechanisms. The robotic wheelchairs market products make a strong case for several individuals with limited mobility. Without the automated support, these individuals can require manual support, which is both expensive and can reduce the quality of their lives. Hence, rising aging population coupled with other factors such as rising disposable incomes, various advancements in automation are expected to create several opportunities for growth in the robotic wheelchairs market.
On the other hand, high costs of the robotic wheelchairs are expected to limit growth of the robotic wheelchairs market. Despite the favorable reimbursement policies, high costs continue to pose a problem for the growth of the robotic wheelchairs market.
Robotic Wheelchairs Market: Tech Enthusiasm May Create New Avenues
Technology has been creating a lot of buzz recently. The positive buzz surrounding gadgets like wearable devices, smartphones, and smart fabrics may enthuse more people to opt for robotic wheelchairs. Due to their high costs, their penetration in the market may not supersede that of smartphones. However, over times as economies of scale cheap in, the robotic wheelchair market may witness robust growth.
In the short run, several companies in the robotic wheelchair market are focused on identifying key areas of improvement, thereby making their products more appealing to end-users. For example, many old people often people live solitary lives, due to limited mobility. This can lead to isolation and major reduction in quality of life with several illnesses such as loneliness, depression, suicidal thoughts, etc. However, robotic wheelchairs can offer a new lease of life for the elderly and are touted as such. The reduction in prices over time and growing awareness is expected to create several new opportunities for growth for the robotic wheelchairs market in the near future.
Global Robotic Wheelchairs Market: Overview
This report on the global robotic wheelchairs market provides analysis for the period 2016–2026, wherein 2017 is the base year and 2018 to 2026 is the forecast period. Data for 2016 has been included as historical information. The report covers market dynamics, including drivers, restraints, opportunities, trends, and policy and regulations, which are expected to influence the growth of the robotic wheelchairs market during the said period. The study provides a comprehensive analysis of market growth throughout the forecast period in terms of value and volume estimates (US$ Mn and Thousand Units) across different geographies.
Global Robotic Wheelchairs Market: Trends and Opportunities
This report on the robotic wheelchairs market covers all drive types, categorized based on application and distribution channel. Increase in the number of disabled people and rise in the aging population are seen as a key drivers of the robotic wheelchairs market across the globe. Increasing demand from commercial institutions is expected to offer significant growth opportunities to the robotic wheelchairs market in the coming years. Increasing technological advancements in robotic wheelchairs is anticipated to boost the market in the coming years. End-users across the globe are preferring smart sensors in wheelchairs. IoT compatibility and navigational mapping have made the wheelchair a self-sustained solution for disabled persons, which is also driving the robotic wheelchairs market.
Global Robotic Wheelchairs Market: Key Segments
The robotic wheelchairs market has been segmented based on drive type, application, distribution channel, and geography. Based on drive type, the market has been classified into rear wheel drive, front wheel drive, and mid-wheel drive. In terms of application, the market has been categorized into residential and commercial. Based on distribution channel, the market has been split into online channel and offline channel.
In terms of geography, the report classifies the market into North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South America. The regions are analyzed in terms of value of the robotic wheelchairs market. Furthermore, prominent countries covered in the report include the U.S, Canada, Germany, the U.K., France, China, India, Japan, GCC, South Africa, and Brazil.
Global Robotic Wheelchairs Market: Scope of the Study
The report highlights key developments in the robotic wheelchairs market. Porter’s Five Force Analysis, which identifies bargaining power of suppliers, bargaining power of buyers, threat from new entrants, threat from substitutes, and degree of competition, is also included in the report. Value chain analysis that shows work flow in the robotic wheelchairs market and identifies raw material providers and distribution channels of this industry is also covered in the report. Segment trends and regional trends have been added in the report. It also covers segmentwise incremental opportunity analysis and countrywise econometric analysis. The countrywise econometric analysis shows a country’s economic information, which includes population, GDP, consumer spending per capita, disposable income per capita, and purchasing power parity. Furthermore, the report covers competition matrix of key players in the scope of study.
Incremental opportunity analysis identifies and compares a segment’s attractiveness on the basis of CAGR and market share index across North America, Europe, Asia Pacific, Middle East & Africa, and South America. The analysis has also been provided for each segment in terms of drive type, application, and distribution channel.
Global Robotic Wheelchairs Market: Competitive Landscape
The report includes competition landscape, which covers competition matrix, market share analysis of major players in the global robotic wheelchair based on their 2017 revenues, and profiles of major players. The competition matrix benchmarks leading players on the basis of their capabilities and potential to grow. Factors including market position, offerings, and R&D focus are attributed to a company’s capabilities. Factors such as topline growth, market share, segment growth, infrastructure facilities, and future outlook are attributed to a company’s potential to grow. This section also identifies and includes various recent developments of leading players in the robotic wheelchairs market.
Company profiling includes company overview, major business strategies, and key developments. Companies profiled in the global robotic wheelchairs market include Invacare Corporation, Pride Mobility Products Corporation, Permobil Corporation, Drive Devilbiss Healthcare, Karman Healthcare, and Ottobock SE & Co. KGaA.
The global robotic wheelchairs market has been segmented as follows
Robotic Wheelchairs Market, by Drive Type
- Rear Wheel Drive Robotic Wheelchairs
- Front Wheel Drive Robotic Wheelchairs
- Mid-wheel Drive Robotic Wheelchairs
Robotic Wheelchairs Market, by Application
Robotic Wheelchairs Market, by Distribution Channel
- Online Channel
- Offline Channel
Global Robotic Wheelchairs Market, by Geography
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific (APAC)
- Rest of Asia Pacific
- Middle East & Africa (MEA)
- South Africa
- Rest of Middle East & Africa
- South America
- Rest of South America