NEW YORK, January 4, 2017 /PRNewswire/ --
Global Wheelchair and Components Market Valued US$ 5,236.5 Mn in 2015. Over a 10-year forecast period, the market will witness a CAGR of 3.5%. In a recently published report titled "Global Wheelchair and Components Market 2016-2026," Persistence Market Research offers vital insights into various factors impacting the global wheelchairs and components market during the period 2016 - 2026.
"The wheelchair market will approach US$ 7.53 Bn, demonstrating a CAGR of 3.5% over 2016-2026. This market will reach 10,690.7 thousand units by 2026-end"
By application, manual wheelchairs will continue to hold a dominant share of over 62% in 2026. By geography, North America's revenue share will reportedly drop from 33.6% to 32.0% in 2026. APAC will also lose its share from 28.3% to 27.2% in 2026. Europe will however showcase significant growth, accounting for over 20% share by 2026-end.
"The wheelchair components market is expected to reach US$ 6.68 Bn in 2026, expanding at a CAGR of 3.9%."
By application, manual wheelchairs are anticipated to monopolize the market with around 70% revenue sales, whereas powered wheelchairs will capture around 18% share in 2026.
On the basis of technology, continuous fiber composites will dominate over discontinuous fiber composites and metal. While continuous fiber composites will remain dominant with over 42% share, metal will account for over 36% value share by 2026-end.
In terms of wheelchair components by application, hand rims and wheel rims sub-segment is likely to account for over 36% share, closely followed by frames with over 35% share in 2026.
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Key market drivers
- Augmenting aging population and increasing susceptibility to severe injuries will remain the primary driving force for the global wheelchair and components market. Rising incidences of road accidents leading to severe injuries are expected to further fuel the demand for wheelchairs and components.
- Growing instances of spinal cord injuries resulting in physical disability is also anticipated to sustain the demand globally. Favorable government initiatives and funding programs for wheelchairs will support the market.
- As the wheelchair industry is undergoing several developments and innovations, the market for wheelchair and components is anticipated to gain a boost in near future. Immense advancements in the composites production technology will also influence the market growth positively.
A few trends and opportunities will shape-up the market by 2026 end
- Emergence of electronic control drivetrains, artificial intelligence, improved power capacities, and multistage gearboxes will continue to play a crucial role in meeting differentiating needs of disabled patients.
- Attributed to introduction of composite materials and engineering plastics, the market is witnessing a growing trend of demand for lightweight and ultra-lightweight wheelchairs.
- Use of sensors, motor control software, wireless devices, and other technologies in wheelchairs are a few among the trending developments in the global wheelchair and components market.
- OEMs are increasingly partnering with recognized composite materials manufacturers. Developing cost-effective products for penetrating in expanding Asian market can be lucrative in terms of tapping into the significant growth potential in emerging economies.
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The regional analysis delivers key insights into the potential of the market in various regions across the globe
APAC is identified to have the most lucrative revenue potential; China, India, and ANZ will prominently underpin the demand for wheelchairs and components in APAC market. The US$ 1,453.3 Mn APAC market is likely to register a relatively higher CAGR of 4.0%, primarily driven by Australia and New Zealand. China and India will also generate significant demand, collectively accounting for over 28% share of the APAC in the global market by 2026-end.
Investments by leading wheelchair and components manufacturers are ramping up in developing Asian and BRIC countries. Domestic demand is growing at a rapid pace, which is likely to bring in a new wave of opportunities for manufacturers in these regions.
Over the assessed period, North America will showcase a decent growth rate. This region will maintain a dominant share in terms of value as well as volume sales throughout the forecast period. The growth of North American market will be primarily driven by the strong presence of a majority of manufacturers in this region.
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Key market players target product innovation and positioning
Invacare Corp, Ottobock Healthcare GmbH, Permobil AB, Pride Mobility, Products Corp., Handicare, Sunrise Medical, Hoveround, Panthera, 21st Century Scientific, Inc., and Meyra Wilhelm Meyer GmbH & Co. KG are a few of the key companies participating in the highly competitive wheelchair and components marketplace.
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