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A comprehensive overview of the Electric WheelChair market is recently added by UnivDatos Market Insights to its humongous database. The Electric WheelChair market report has been aggregated by collecting informative data of various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the Electric WheelChair market. The Electric WheelChair market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the Electric WheelChair market at the global and regional levels. Global Electric Wheelchair Market was valued at more than US$ 6 million in 2020 and is anticipated to reach ~US$ 12.5 million by 2027 displaying an elevated CAGR of 10.6% over the forecast period (2021-2027).
Market Overview
The growth of this market is driven owing to increasing geriatric population, rising healthcare investments focused on geriatric population and unmet needs and increasing product launches and approvals. For instance, Market players are focusing on expanding their product portfolio by launching new products in the market, which is expected to augment the market growth over the forecast period. For instance, in May 2021, Quantum Rehab, a global innovator of consumer-inspired complex rehab mobility technologies, launched J4 HD Power Chair offering a 400-pound weight capacity and optional Q4 HD Power Tilt. The J4 HD is engineered for tight-quarter maneuverability and has a narrow base width of 24.25 inches.
Increase in demand for electrical wheelchair has led to requirement for technological advances. This is attributed to the fact that the equipment needs to be more durable and sturdy to bear the weight of obese individuals. In addition, technological advances have led to the development of automated movement systems, which reduce manual interventions of caregivers. The patient can easily adjust the wheelchair seat and the equipment is operated using a remote control or automated controls installed in the wheelchair. Furthermore, artificial intelligence-enabled wheelchair are introduced in the market allowing disabled people to control wheelchair though various facial expressions, including raising eyebrows and sticking out tongues. Therefore, need for technological advances in this equipment to improve comfort and safety is expected to provide lucrative opportunities for the engaged stakeholders in the electric wheelchair industry.
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COVID-19 Impact
The global medical assistance devices industry is impacted profoundly amidst the outbreak of the coronavirus. The outbreak was first witnessed in China resulting in lockdown and ceasing of production activities across the country. The demand for electric wheelchair is expected to slightly taper across the world, owing to supply chain disruptions and implementation of stringent restrictions to follow social distancing & consistent lockdown across the world. Other Asian countries are facing the same predicament. Implementation of stringent lockdown across India, ASEAN, and Australia has resulted in disruption of supply chain and interruption in the production activities.
Although the COVID-19 pandemic created disturbances across all industries, it positively impacted the electric wheelchair market. The electric wheelchair market witnessed significant growth during the coronavirus outbreak. Many hospitals and health institutes are flooded with people infected with the virus. Thus, the demand for electric wheelchairs increased in 2020. The market is further expected to grow in the forecast period.
Global Electric WheelChair Market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
By Product Type, the market is primarily bifurcated into
Amongst all the products, the center wheel drive segment dominated the global Electric WheelChair market and will grow at X% CAGR to reach USD X million by the year 2027.
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By Age Group, the market is primarily segmented into
Based on age group, the market is categorized into adult and pediatric. The adults segment held the largest revenue share in 2020. The segment is projected to continue its dominance over the forecast period. This is mainly due to the increasing elderly population globally, which forms part of the definition for adults. Disability in older people due to arthritis pain, or stiffness in a knee, hip, ankle, or foot increases the demand for electric wheelchairs. According to an article published in The Japan Times in 2019, over 20.0% of the country’s population is over 65 years old, the highest proportion in the world. By 2030, one in every three people will be 65 or older, and one in five people will be 75-plus years old.
The pediatric segment is also expected to grow significantly during the forecast period owing to the growing number of childhood disorders such as cerebral palsy. Cerebral palsy is one of the most common movement disorders that require wheelchairs. According to the Cerebral Palsy Guidance, over 10, 000 babies in the U.S. are born with this disorder each year. It is the most commonly diagnosed childhood motor disability in the U.S. Thus, pediatric segment is expected to be a key revenue generator for electric wheelchair manufacturers in the years to come.
Electric WheelChair Market Geographical Segmentation Includes:
Based on the estimation, the North America region dominated the Electric WheelChair market with almost USD X million revenue in 2020. At the same time, Asia Pacific region is anticipated to witness highest growth over the next 5 years on account of increase in number of geriatric population and rise in purchasing power of countries in the region.
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The major players targeting the market includes
Competitive Landscape
The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the Electric WheelChair market. The major players have been analyzed by using research methodologies for getting insight views on global competition.
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Key questions resolved through this analytical market research report include:
• What are the latest trends, new patterns, and technological advancements in the Electric WheelChair market?
• Which factors are influencing the Electric WheelChair market over the forecast period?
• What are the global challenges, threats, and risks in the Electric WheelChair market?
• Which factors are propelling and restraining the Electric WheelChair market?
• What are the demanding global regions of the Electric WheelChair market?
• What will be the global market size in the upcoming years?
• What are the crucial market acquisition strategies and policies applied by global companies?
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