Wheelchairs (Powered And Manual): A Global Strategic Business Report
San Jose, CA (Vocus/PRWEB) February 08, 2011
The global market for healthcare equipment surges ahead despite the recent economic turmoil. The financial downturn has negatively affected several industries worldwide, however, the healthcare equipment sector managed to emerge out of the recession with only a slowdown in growth. Wheelchairs, a part of this market, also outlived tough economical conditions. Global market for wheelchairs and mobility scooters witnessed a slowdown during the recession. Outlook for the market appears bright as demand is expected to rise in the following years with the aging baby boomer population, and increasing life expectancy. The market is also witnessing a growth at the technological front. Manufacturers are involved in advancing technologies in wheelchairs used in homecare and hospital settings for providing superior comfort and mobility for the aged and people with disabilities.
Fundamental function of a mobility aid is to provide movement to the disabled with safety, ease and poise. The last two features are increasingly gaining importance and continue to impact the market for wheelchairs leading to new and innovatively designed mobility aids. Far from being a commodity product, wheelchairs are increasingly being transformed into hi-tech products, which blend the best of mechanical engineering and cutting edge electronic power and control systems. Aspects observed in general seating market, such as custom designs, comfortable chairs, as well as lightweight chairs are penetrating the wheelchair market. Ultra lightweight and lightweight variants of manual wheelchair segment, and powered wheelchair and powered scooter segments are likely to drive the market growth in both developed and developing countries.
The US represents the largest regional market for wheelchairs (powered and manual) worldwide, as stated by the new market research report on Wheelchairs. The American Disabilities Act, by making every public building in the US, accessible to wheelchair users, has acted as a catalyst, as a wider section of the disabled are opting for wheelchairs. Increasing number of players has further stimulated the research efforts targeted at development of new wheelchair models, thus providing more accessibility to the disabled in various locations. Europe trails behind the US market, while growth in the market is expected to be driven by markets such as Japan, Asia-Pacific, and Latin America. Japan, in particular, is projected to be the fastest growing market for wheelchairs worldwide through the analysis period, in terms of unit as well as value sales. Latin America, meanwhile, is projected to post a compounded annual growth rate of more than 7.0% in terms of value during the analysis 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. In 2004, CMS suspended all reimbursement payments for power wheelchairs due to impending investigations related to fraud in Medicare claims. To counter such fraud, the government initiated changes in reimbursement policies, which slowed down the growth for 2004, thereby bringing down the revenues. Besides, in the United States, efforts to minimize federal deficit levels immensely affected reimbursement levels for healthcare programs.
Segment-wise, Manual Wheelchairs represents the largest segment in terms of value. 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. Powered Scooters represents the fastest growing segment in terms of volume, with sales projected to rise at a compounded annual rate of 7.5% during the analysis period. The US dominates the global Powered Wheelchairs market.
Leading players have been formulating their new product development strategies around innovation and technological superiority. Hospitals and homecare are two of the most important markets for wheelchairs. However, homecare has currently emerged as the fastest growing area for wheelchairs. Increased use in athletic events has been one of the more pronounced trends in the wheelchair industry.
Major players profiled in the report 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.
The research report titled “Wheelchairs (Powered And Manual): A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of the wheelchairs markets, current market trends, key growth drivers, recent product approvals, recent industry activity, and profiles of major/niche global as well as regional market participants. The report also discusses the growing popularity of Bariatric wheelchairs, and standing wheelchairs. The report provides annual sales estimates and projections in value as well as volume terms for wheelchairs market for the years 2007 through 2015 for the following geographic markets - US, Canada, Japan, Europe, Asia-Pacific, Latin America, and Rest of World. Key product segments analyzed include Manual Wheelchairs, Powered Wheelchairs, and Powered Scooters. Also, a seven-year (2000-2006) historic analysis is provided for additional perspective.
For more details about this comprehensive market research report, please visit – http://www.strategyr.com/Wheelchairs_Powered_and_Manual_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 800 people worldwide and publishes more than 1200 full-scale research reports each year. Additionally, the company also offers thousands of smaller research products including company reports, market trend reports, and industry reports encompassing all major industries worldwide.
Global Industry Analysts, Inc.
Web Site: http://www.StrategyR.com/
# # #