ALBANY, New York, May 9, 2019 /PRNewswire/ -- The global robotic wheelchairs market has a highly competitive landscape, Transparency Market Research (TMR) estimates. A large number of players in the market is leading to an increasing level of competition and rivalry among players in the coming years. Invacare Corporation, Permobil Corporation, Pride Mobility Products Corporation, Drive Devilbiss Healthcare, Ottobock SE & Co. KGaA and Karman Healthcare are leading the robotic wheelchairs market. Additionally, new entrants in the market are increasing fragmentation and competition.
TMR's report based on the global robotic wheelchairs market estimated to expand at a CAGR of 14.84% by the forecast period from 2018 to 2026. With the vigorous CAGR, the market is expected to attain a value of US$6,073.9 Mn by 2026.
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Based on the applications, the commercial segment dominated the global robotic wheelchairs market and is expected to remain dominant over the forecast period. Based on the distribution channel, the online channel segment dominated the global market for robotic wheelchairs owing to growing distribution from company sites, e-commerce sites, and direct sales channels. Based on the region, North America dominated the robotic wheelchairs market by accounting revenue of US$722.7 Mn in 2017 and is estimated to retain its dominance over the forecast period. However, the market in Europe region is expected to swell at a CAGR of 16.19% by 2026-end owing to increasing adoption of robotic wheelchairs for disabled people and aging population in the region.
Rising Adoption of Robotic Wheelchairs as a Service to Boost Market's Growth
The robotic wheelchairs market is gaining traction due to the growing adoption of automatic wheelchairs across numerous public or commercial places such as hospitals, tourists' places, and airports. Additionally, rising geriatric population coupled with inabilities of walking or standing for a longer time is encouraging adoption of the robotic wheelchairs market. The commercial sectors such as hospitals, hotels, and airports are offering the wheelchairs as a service to make the physically challenged or enable people comfortable. These factors are resulting to drive growth of the global robotic wheelchairs market.
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However, the use of a robotic wheelchair leads to a sedentary lifestyle and physical inactivity, which are augmenting cases of obesity and cardiovascular diseases. Rising awareness about health and restricting these diseases is hampering growth of the robotic wheelchairs market. Additionally, the high cost of these chairs is also hampering growth of the market to some extent.
Advancements in Medical Automation to Boost Robotic Wheelchairs Market Growth
Nonetheless, well-established players in the market are investing more on the research and development activities in order to cater the demand for advanced and self-controlled chairs that increases its movability and flexibility according to the need of users. The use of advancement in the wheelchair such as smart sensors in wheelchairs, navigational mapping, and IoT compatibility is a trend in the market and which is likely to remain the same over the forecast period. Thanks to the trend, the key players in the market are likely to witness numerous growth opportunities in the coming years.
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Additionally, the rising number of accidents and mishaps are leading to encourage adoption of robotic wheelchairs and likely to fuel market growth in the years to come. Furthermore, implementation of the novel features such as voice command and connectivity to the other connected devices enhances the ease of using these chairs to a disabled person. This is expected to drive growth of the market in the coming years.
This information is encompassed in the report by TMR, titled, "Robotic Wheelchairs Market (Drive Type - Rear Wheel Drive, Front Wheel Drive, Mid-wheel Drive; Application - Residential, Commercial; Distribution Channel - Online Channel/Direct Sales Channel, Offline Channel) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 - 2026."
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For the study, the Robotic Wheelchairs Market has been segmented as follows:
- Rear Wheel Drive Robotic Wheelchairs
- Front Wheel Drive Robotic Wheelchairs
- Mid-wheel Drive Robotic Wheelchairs
- Online Channel
- Offline Channel
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin Americ
- Middle East & Africa
- South Africa
- Saudi Arabia
- Rest of Middle East & Africa
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