Wheelchairs (Powered and Manual): A Global Strategic Business Report
San Jose, California (PRWEB) November 18, 2014
Follow us on LinkedIn – The market for wheelchairs (manual and power) is primarily driven by the rising incidences of disability and the fast-expanding elderly populace across the globe. Studies reveal that around 1.0 billion individuals across the world suffer with some form of disability. The World Health Organization (WHO) estimates that on an average, every individual suffers disability for some period during their lifetime. The US alone is estimated to be home to approximately 36 million individuals with disability; while the UK and Canada are estimated to have around 10 million and 4.5 million disabled individuals, respectively. The burgeoning aging population worldwide offers significant opportunities for market growth as the rising occurrence of disability is predominantly witnessed in the elderly (above the age of 65) who are most vulnerable to illness and injury. Increasing global incidence of chronic illnesses such as diabetes, cardiovascular conditions, cancer and neurological disorders, among others, represent another important factor offer significant opportunities for market expansion.
Rising need to facilitate safe movement and improve the independence, mobility and quality of life of patients with disabilities represents the primary factor propelling the market for wheelchairs. Positive changes in society’s attitude towards disabilities and government initiatives to implement equal opportunity legislation for differently-abled persons accompanied by efforts of private players, charitable institutions and non-governmental organizations to improve the quality of life of such individuals are enabling disabled individuals to pursue a more productive and active lifestyle. These factors are stimulating demand for customized wheelchairs, manual wheelchairs, powered wheelchairs, lightweight wheelchairs, all-terrain wheelchairs, mobility scooters, and travel wheelchairs. Manual wheelchairs continue to be the most favored due to its lower costs as well as the availability and ease of securing funding and reimbursement when compared to powered wheelchairs.
Technology advancements such as the smart wheelchair, voice-controlled robotic wheelchair, transit stroller, wheelchair with motion control system, wheelchair with sensors to read brain waves, wheelchair with innovative battery technology, wheelchair with softwheel technology, and wheelchair with geared wheel system for uphill climbing are also expected to benefit market prospects in the near term. Market vendors are enhancing their online promotional and marketing activities in order to increase brand equity and online sales of mobility devices.
As stated by the new market research report on Wheelchairs (Powered and Manual), the United States represents the largest market worldwide in value terms, followed by Europe. Asia-Pacific represents the fastest growing market over the analysis period both in terms of value and volume with a projected CAGR of 15%. Populous countries such as China and India are witnessing a rise in strokes, heart ailments and diabetes, all of which are known to cause disability either temporary or permanent, thus fuelling demand for wheelchairs. Economic growth, corresponding increase in living standards, and aging population also represent key growth drivers in the region.
Major market participants covered in the report include Invacare Corporation, Sunrise Medical LLC, Drive Medical Design and Manufacturing, 21st Century Scientific Inc., GF Health Products Inc., Karman Healthcare, LEVO AG, Medline Industries Inc., Otto Bock HealthCare GmbH, Permobil Inc., Pihsiang Machinery MFG. Co. Ltd., Pride Mobility Products Corporation, and TiLite, among others.
The research report titled “Wheelchairs (Powered and Manual): A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of market trends, growth drivers and challenges, the changing reimbursement scenario, mergers, acquisitions and other strategic industry activities. The report provides market estimates and projections in both value and volume terms for major product categories including Manual Wheelchairs, Powered Wheelchairs, and Mobility Scooters. Geographic markets analyzed in the report include the US, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia, and Rest of Europe), Asia-Pacific (China, India and Rest of Asia-Pacific), Latin America (Brazil and Rest of Latin America), and Rest of World.
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