Impact Analysis of Covid-19
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
Wheelchair and Components Market – Insights
A wheelchair is used to overcome the difficulty or impossibility of walking due to illness, injury, or disability. There are two types of wheelchairs: manual wheelchair and power or electric wheelchair.
The global wheelchair and components market is estimated to account for US$ 5,739.7 Mn in terms of value by the end of 2027.
Global Wheelchair and Components Market: Drivers
Increasing prevalence of spinal cord injuries and related disabilities is expected to aid in growth of the global wheelchair and components market. For instance, according to researchers at the National Spinal Cord Injury Statistical Center at University of Alabama at Birmingham, as of 2019, 17,730 new spinal cord injury cases occur annually and between 249,000 and 363,000 people are currently living with spinal cord injuries in the U.S.
Increasing number of people with walking disability is also expected to propel growth of the market. For instance, according to The World Bank’s updated data in 2019, 15% of the worldwide population that accounts for one billion people experiences some form of disability and one-fifth of the estimated global population that accounts for around 110-190 million, experiences significant disabilities.
North America region held dominant position in the global wheelchair and components market in 2019, accounting for 33.1% share in terms of value, followed by Asia Pacific.
Figure 1. Global Alcohol Breathalyzer and Drug Testing Equipment Market Value (US$ Mn), by Region, 2019
Global Wheelchair and Components Market: Restraints
The cost of composite materials used to manufacture lightweight wheelchair components is high, which is expected to hinder growth of the global wheelchair and components market.
Moreover, high cost of powered wheelchairs & scooters is also expected to restrict the market growth. For instance, the average cost of powered wheelchairs and scooters is around US$ 1,500 to US$ 15,000 worldwide.
Global Wheelchair and Components Market: Opportunities
R&D and launch of wheelchairs with advanced and smart technologies is expected to offer lucrative growth opportunities for players in the market. For instance, in January 2020, Segway unveiled its smart S-Pod transporting pod that can also operate as a wheelchair.
Moreover, increasing development of light-weight and low-cost components is also expected to aid in growth of the market. For instance, in December 2019, researchers at the University of Bayreuth, Germany, reported development of ‘multifibrillar polyacrylonitrile fibers’ that are lightweight, fully recyclable and offer high strength and toughness.
Manual Wheelchairs segment in the global wheelchair and components market was valued at US$ 3,584.7 Mn in 2019 and is expected to reach US$ 4,849.3 Mn by 2027 at a CAGR of 3.4% during the forecast period.
Market Trends/Key Takeaways
Major sport bodies are focused on organizing wheelchair sports tournaments, which is expected to boost demand for wheelchairs. For instance, The National Wheelchair Basketball Association organizes National Wheelchair Basketball Championship throughout the U.S. and Canada.
Major players in the market are focused on raising funds to expand their product portfolio. For instance, in December 2019, Ottobock SE & Co. KGaA, a provider of prosthetic limbs, orthotic supports, and wheelchairs, received financing of up to US$ 110 million from the European Investment Bank.
Global Wheelchair and Components Market: Competitive Landscape
Major players operating in the global wheelchair and components market include:
- OEM Companies: Invacare Corp., Ottobock, Permobil AB, Pride Mobility Products Corp., Handicare, Sunrise Medical, Hoveround, Panthera X, 21st Century Scientific, Inc., and Meyra Wilhelm Meyer GmbH & Co. KG
- Tier 1 Component Suppliers Companies: Tetra Equipment GMBH, Custom Engineered Wheels, The Wheelchair Place, LLC, Alber GmbH, and Intelli Wheels
- Material Suppliers Companies: E.I. DuPont De Nemours and Company, Toray Industries, Inc., Mitsubishi Rayon Co., Ltd., Toho Tenax, and Shanghai Cedar Composites Technology Co., Ltd.
Global Wheelchair and Components Market: Key Developments
Key players in the market are focused on optimizing their wheelchair manufacturing facilities in order to enhance their market share. For instance, in February 2018, Invacare Corporation announced to transfer production of Küschall manual wheelchairs from its facility in Witterswil, Switzerland to its wheelchair manufacturing facility in Fondettes, France.
Key players in the market are also focused on introducing advanced technologies in its products to enhance their market share. For instance, in April 2018, Permobil Manual Wheelchairs, launched the new Precision Lock Back Angle Adjustment technology for its wheelchairs.