San Jose, CA (PRWEB) March 6, 2008
World Wheelchairs (Powered and Manual) market is forecast to maintain a CAGR of 6.57% in terms of units over the 2000-2010 period and reach in excess of 4.2 million units by 2010. In terms of value, the market is forecast to post sales of about US$3.2 billion by 2010 according to a new report by Global Industry Analysts, Inc.
Manual Wheelchairs constitutes the largest segment, with dollar share estimated at 48% in 2007. Fastest growth, however, is expected from the Powered Scooters segment, which is expected to maintain a unit CAGR of 8% over the 2000-2010 period.
Reimbursement policies and government regulations play a crucial role in determining market conditions including product prices. The type of wheelchair, either powered or manual, determines reimbursement levels. Frequent changes in reimbursement policies greatly affect growth potential of the markets.
Global power wheelchairs industry is reeling under restrictive Medicare reimbursement policies. This is due to increasing concerns related to fraudulent medical claims. In addition to this, the industry also faces a declining trend with respect to Medicaid reimbursement. This strongly affected high-margin providing custom power and manual wheelchairs market.
Wheelchair frames made of lightweight materials represent one of the revolutionary technologies in the global wheelchair industry. Historically, stainless steel dominated the wheelchair market. Following the intensive efforts of manufacturers to innovate and to manufacture discerning products, lightweight and ultralight wheelchairs flooded the market. Presently, wheelchairs made of a wide range of materials including steel tubing, stainless steel, aluminum, chrome, and alloys of chrome and other lightweight materials such as titanium are available in the market.
Despite technology advancements and emergence of powered wheelchairs, manual wheelchairs are still witnessing a growth in demand. Aging population, and legislation that requires improvements in workplace remain as prime drivers of the market. Further, increasing number of baby boomers taking care of aging parents and themselves using such products promises a strong demand for mobility aid products. Advances in medical technology saving the lives of many a premature infants and adults present another growth factor for wheelchairs market.
Proliferation of charity organizations, around the world, which distribute manual chairs in poorer countries, is also driving the market for wheelchairs. Maximum impact of technological developments in the wheelchairs industry has been on the ultralight and powered categories. Ultralight wheelchairs have witnessed increased usage of aluminum and various alloys, titanium and carbon fiber towards developing designs more suited for the sports-oriented application of this product. In fact, over the past five years composite materials for the construction of wheelchair have vastly enhanced the mobility horizons of the users.
Major companies covered include 21st Century Scientific Inc, Graham-Field Health Products, Inc, Invacare Corporation, LEVO AG, Otto Bock HealthCare GmbH, Permobil Inc, Pihsiang Machinery Manufacturing Company Limited, Pride Mobility Product Corp and Sunrise Medical, Inc.
For more details about this research report, please visit http://www.strategyr.com/Wheelchairs_Market_Report.asp
About Global Industry Analysts, Inc.
Global Industry Analysts, Inc., (GIA) is a reputed publisher of off-the-shelf market research. Founded in 1987, the company is globally recognized as one of the world's largest market research publishers. The company employs over 700 people worldwide and publishes more than 880 full-scale research reports each year. Additionally, the company also offers a range of over 60,000 smaller research products including company reports, market trend reports, and industry reports encompassing all major industries worldwide.
Global Industry Analysts, Inc.
Email press @ StrategyR.com
Web Site http://www.StrategyR.com