Wheelchairs (Powered and Manual): A Global Strategic Business Report
San Jose, California (PRWEB) September 27, 2013
Follow us on LinkedIn – The 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. The grim reality of rising occurrence of disabilities as a result of increasing neurological disorders, cardiovascular conditions, and diabetes, among other chronic illnesses, is an important growth driver for manual wheelchairs, powered wheelchairs and mobility scooters. Traumatic spinal cord injury patients also represent major consumers of wheelchairs and other mobility assistance equipment.
Rapidly aging population worldwide is fast becoming a tidal force fueling global demand for manual and powered wheelchairs. The steady shift towards home-based healthcare in the United States and Europe offers significant growth opportunities. 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.
Technology advancements including smart wheelchairs, robotic wheelchairs, transit strollers, shared control approaches in assistive mobility technology, and other innovative models such as PUMA, CARRIER Wheelchair, Comb Multifolding Wheelchair and Submersible Wheelchair are also spearheading market growth. 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. However, the constraints on healthcare budgets due to the US fiscal uncertainty and the Euro debt crisis are driving down reimbursement for wheelchairs in these developed markets thereby tempering growth. Asia-Pacific represents the fastest growing market over the analysis period both in terms of value and volume with a projected CAGR of 13.3% and 14.8%, respectively. 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 fueling demand for wheelchairs. Economic growth, corresponding increase in living standards, and aging population also represent key growth drivers in the region.
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. Lack of reimbursement is hampering the growth of standing wheelchairs and other high end models. Bariatric wheelchairs represents an emerging market segment due to the high obesity levels in the North American and European regions.
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., 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 for Wheelchairs in US$ and Units 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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