Global Electric Wheelchair Market, by Modality (Rear Wheel Drive Electric Wheelchair, 4 Wheel Drive Electric Wheelchair, Front Wheel Drive Electric Wheelchair, Self Balancing Wheelchair, Standing Electric Wheelchair, and Remote Control), by Age Group (> 60 years, 21 to <60 years, and < 20 years), by End User (Consumer, Care (Hospital, Clinics, and Care Homes)), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa), is estimated to be valued at US$ 6,387.3 million in 2021, and is expected to exhibit a CAGR of 10.7% during the forecast period (2021-2028).
Increase in expenditure by various governments for geriatric patients welfare combined with increasing geriatric population is expected to drive growth of the global electric wheelchair market during the forecast period. For instance, according to the National Council of Aging Care, the U.S. government is projected to invest around US$ 1.16 trillion on Medicare by 2027, which is twice the spending in 2016. Furthermore, according to the Economic Commission for Latin America and the Caribbean (ECLAC), 2015, the number of people over 60 is expected to increase from 10 million in 2017 to over 16 million by 2025 and to 29 million by 2050 in Latin America.
Growing investments are expected to aid in the growth of the electric wheelchair market over the forecast period. There are several startups investing in home healthcare services to ease and help the elderly people who need assisted living. For instance, Care24 is a verified Mumbai-based health care startup company with an initial funding of US$ 4 million by SAIF Partners and seed investor India Quotient. They offer hassle free and high quality elderly care services at home along with complete medical support.
Initiatives such fund raising and geographical expansions by key players to enhance their product portfolio are expected to drive the global electrical wheelchair market growth. For instance, in September 2018, WHILL, Inc., a provider of next-generation Personal Electric Vehicles (PEVs), completed procurement of US$ 45 million in funding led by multiple investors.
Global Electric Wheelchair Market - Impact of Coronavirus (COVID – 19) Pandemic
COVID-19 outbreak was first reported on December 31, 2019 in Wuhan, China. According to the Coronavirus (COVID-19) Weekly Epidemiological Update by the World Health Organization, over 186 million cases and 4.0 million deaths due to Coronavirus (COVID-19) were reported up till July 11, 2021 across the globe.
The COVID-19 pandemic has affected several markets across the globe and is also expected to hamper the demand and supply of global electric wheelchair market. The COVID-19 pandemic has affected the demand and supply of global electric wheelchair market by creating disruptions in distribution channels; and by its financial impact on firms and financial markets.
Browse 45 Market Data Tables and 32 Figures spread through 353 Pages and in-depth TOC on Global Electric Wheelchair Market, by Modality (Rear Wheel Drive Electric Wheelchair, 4 Wheel Drive Electric Wheelchair, Front Wheel Drive Electric Wheelchair, Self Balancing Wheelchair, Standing Electric Wheelchair, and Remote Control), by Age Group (> 60 years, 21 to <60 years, and < 20 years), by End User (Consumer, Care (Hospital, Clinics, and Care Homes)), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)
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Moreover, launch of new products is expected to drive the global electric wheelchair market growth. For instance, in 2020, Segway Inc., a manufacturer of electric wheelchair, introduced S-Pod, a self–balancing, egg-shaped vehicle. The electric wheelchair has a center of gravity control system which helps the chair to control speed depending upon the extent of its tilting.
Key Takeaways of the Global Electric Wheelchair Market:
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