Global Folding Wheelchairs Market
The global folding wheelchairs market is expected to be valued at US$ 7400 million in market and growing at a CAGR of 5.7 % over the forecast period by 2026. It has been estimated with a significant growth with the help of key drivers which include differently abled and geriatric population. There a restrain which may hamper the growth of global folding wheelchair market is the repair and maintenances with size and weight. Improving healthcare infrastructure and technology open up opportunities. Hence the increasing geriatric population ultimately has a positive impact on global folding wheelchairs market growth.
Rising Geriatric Population and the Increasing Popularity of Paralympic Games
It is noticed that the global folding wheelchairs market has a significant market growth rate on perspective of rising geriatric population and increasing popularity of Paralympic games. According to data from World Population Prospects: the 2019 Revision, by 2050, one in six people in the world will be over age 65 (16%), up from one in 11 in 2019 (9%). Cerebral palsy is one of the most common disabilities that require wheelchairs, a disorder in the United States with about 800,000 people are affected. Paralympic athletes compete in six different disability groups hence all these contribute towards the development of global folding wheelchairs market.
North America Dominates the Market Share in Wheelchairs Market
North America contributed major revenue followed by Europe and Asia Pacific. In 2019, North America region accounted huge growth rate and is anticipated to grow with a forecast year. North Americas accounted for the largest share due to the presence of key market players and an increasing geriatric population in the US and Canada. According to the United Nations (UN), in Europe, 183.0 million people were aged over 60 in 2017, and this figure is estimated to reach 247.2 million by 2050. Asia-Pacific is projected to be the fastest-growing region in the global folding wheelchairs market due to the large pool of geriatric population and rising number of hospitals.
Key player’s profiles in the global folding wheelchairs market include:
- Ѕunrіѕе Меdісаl
- Іnvасаrе Соrр
- Ноvеrоund Соrр
- UК Whееlсhаіrѕ
- Каrmа Моbіlіtу
- GРС Меdісаl
- Nаrаng Меdісаl Lіmіtеd
Market players have witnessed the strategic collaboration and acquisition to expand product portfolio and strengthen their position in the market to enhance the revenue of the company.
- In Mar 2019, Mountain Trike launched eTrike at Naidex, the U.K.s largest disability & home care event. Etrike is an electric terrain wheelchair that enables users to enjoy outdoors.
- In Dec 2018: Hoobox Robotics, a provider of artificial intelligence (AI)-based technology, teamed up with Intel, an American multinational corporation, to develop the latest Wheelie 7 kit. It is an AI-based technology that aids the disabled users in controlling a motorized wheelchair by facial expressions.
Global Folding Wheelchair Report Description:
Global folding wheelchairs market report gives comprehensive outlook on folding wheelchairs market across the globe with special emphasis on key regions such as North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. The report on global folding wheelchairs market gives historical, current, and future market sizes on the basis of product, application, end user and region. This report studies global folding wheelchair system market dynamics elaborately to identify the current trends & drivers, future opportunities and possible challenges to the key stakeholders operating in the market. In addition, global folding wheelchairs market report includes human demographics; regulatory scenario, and competition analysis with vividly illustrated the competition dashboard to assess the market competition. Moreover, PBI analyzed global folding wheelchair market to better equip clients with possible investment opportunities across the regions (regional Investment Hot-Spots) and market unmet needs (Product Opportunities). Key stakeholders of the global folding market report include suppliers, manufacturers, marketers, policy makers, and service providers engaged in global folding wheelchairs market
Key Findings of the Report:
- Global folding wheelchair market expanding at significant CAGR over 2020 to 2026 owing due to rising geriatric population and the increasing popularity of Paralympic games
- Based on region, North America accounted for larger market revenue share in 2019 and projected gain market revenue share over the forecast period
- Players focusing on innovation of newer products and collaboration strategies to retain market position in global market.
Key Features of the Report:
- The report provides granular level information about the market size, regional market share, historic market (2015-2019) and forecast (2020-2026)
- The report covers in-detail insights about the competitor’s overview, company share analysis, key market developments, and their key strategies
- The report outlines drivers, restraints, unmet needs, and trends that are currently affecting the market
- The report tracks recent innovations, key developments and startup’s details that are actively working in the market
- The report provides plethora of information about market entry strategies, regulatory framework and reimbursement scenario
- The report analyses the impact of socio-political environment through PESTLE Analysis and competition through Porter’s Five Force Analysis in addition to recent technology advancements and innovations in the market
By Product Type
- Tilting Wheelchairs
- Recliner Wheelchairs
- Healthcare Institutions
- Rest of Europe
- Australia & New Zealand
- ASEAN (Includes Indonesia, Thailand, Vietnam, Philippines, Malaysia, and Others)
- South Korea
- Rest of Asia-Pacific
- Rest of Latin America
Middle East and Africa (MEA)
- Gulf Cooperation Council (GCC) Countries
- South Africa
- Rest of MEA