Market Definition
Powered wheelchair is useful for patients suffering from severe mobility disorders, and neurological conditions hampering their daily lives. Electric wheelchairs are gaining popularity because of their benefits such as ease of use, more convenience, and unproblematic usage. They are often used by those patients that are unable to use manual wheelchairs or the user that want to cover longer distances in wheelchairs.
Market Outlook
Technogical advancements have resulted in the creation of automated movement systems, which eliminate any caregivers assistance. These wheelchairs have easy maneuverability and can also be remote controlled. As a result, the demand for technical advancements in this equipment to improve comfort and safety is likely to create profitable opportunities for companies, resulting in the growth of the powered wheelchair market. Increasing burden of motor disabilities due to trauma, congenital diseases, and injuries is another leading cause for the demand of intelligent wheelchairs globally. Increasing life expectancy due to increased access to healthcare has led to an increased number of geriatric population. Elderly people have an increased risk of suffering from mobility issues. This can also be attributed to the rising demand for motorized wheelchair, especially in the developed countries.
The powered wheelchair market is expected to be restrained by the lack of reimbursement policies for powered wheelchair across several countries. The powered wheelchair is a class II medical device in the US, which requires a physicians prescription for reimbursement from Medicare. In Europe, the powered wheelchair is classified as a Class I medical device, which allows for reimbursement from national health insurance systems. However, in several countries, there is no specific classification for powered wheelchair, which limits the reimbursement for the device. The powered wheelchair market is also expected to be challenged by the high cost of the device. The powered wheelchair can cost up to $20,000, which is not covered by Medicare or most private insurance plans. In addition, the powered wheelchair requires regular maintenance and upkeep, which can add to the overall cost of ownership.
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Research Objectives
• Estimates and forecast the overall market size for the total market, across product, service type, type, end-user, and region
• Detailed information and key takeaways on qualitative and quantitative trends, dynamics, business framework, competitive landscape, and company profiling
• Identify factors influencing market growth and challenges, opportunities, drivers and restraints
• Identify factors that could limit company participation in identified international markets to help properly calibrate market share expectations and growth rates
• Trace and evaluate key development strategies like acquisitions, product launches, mergers, collaborations, business expansions, agreements, partnerships, and R&D activities
• Thoroughly analyze smaller market segments strategically, focusing on their potential, individual patterns of growth, and impact on the overall market
• To thoroughly outline the competitive landscape within the market, including an assessment of business and corporate strategies, aimed at monitoring and dissecting competitive advancements.
• Identify the primary market participants, based on their business objectives, regional footprint, product offerings, and strategic initiatives
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Market Segmentation
Based on product, the global powered wheelchair market is segmented into front wheel, mid wheel, rear wheel, and others. The rear wheel segment accounted for significant market share in the year 2022 and is expected to expand at a CAGR of 6.2% over the forecast period. Rear wheel drive (RWD) wheelchair is powered through the engine driving the rear wheels. These wheelchairs provide better control and power in fast corners, and do not lose traction as well. The rear-wheel-drive wheelchair spread the weight evenly as compared to its counterparts. The RWD are sturdy and are resistant to wear and tear. For instance, the Invacare Aviva Storm Rx power wheelchair is a RWD integrated with electronic control system, which can be used for indoor as well outdoor travel.
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Major Players
The key players in the powered wheelchair market are Carex Health Brands, Inc., Drive Medical Design & Manufacturing, Graham-Field Health Products, Inc., Invacare, Medline, Sunrise Medical LLC., Karman Healthcare, Quantum Rehab, Numotion Pride, Mobility Products Corp, among Seating Matters among others.
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Research Scope
• Scope – Highlights, Trends, Insights. Attractiveness, Forecast
• Market Sizing – Product Type, End User, Offering Type, Technology, Region, Country, Others
• Market Dynamics – Market Segmentation, Demand and Supply, Bargaining Power of Buyers and Sellers, Drivers, Restraints, Opportunities, Threat Analysis, Impact Analysis, Porters 5 Forces, Ansoff Analysis, Supply Chain
• Business Framework – Case Studies, Regulatory Landscape, Pricing, Policies and Regulations, New Product Launches. M&As, Recent Developments
• Competitive Landscape – Market Share Analysis, Market Leaders, Emerging Players, Vendor Benchmarking, Developmental Strategy Benchmarking, PESTLE Analysis, Value Chain Analysis
• Company Profiles – Overview, Business Segments, Business Performance, Product Offering, Key Developmental Strategies, SWOT Analysis
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