Powered Wheelchair Market Size, Share, Industry Trends and Forecast to 2030

Powered Wheelchair Market Size & CAGR in 2021

The global powered wheelchair market is estimated to have a market size of USD 2.5 billion in 2021, with a compound annual growth rate (CAGR) of 4.2% from 2021 to 2026. The increasing geriatric population, rising prevalence of disabilities, and advancements in technology are some of the key factors driving the growth of the powered wheelchair market.

COVID-19 Impact on the Powered Wheelchair Market

The COVID-19 pandemic has had a significant impact on the powered wheelchair market. With restrictions on movement and the closure of healthcare facilities during the pandemic, the sales and production of powered wheelchairs were affected. However, as the healthcare sector gradually recovers from the impact of the pandemic, the powered wheelchair market is expected to bounce back and witness growth in the coming years.

Powered Wheelchair Dynamics

The powered wheelchair market is driven by factors such as the increasing prevalence of disabilities, the rising aging population, technological advancements in the healthcare sector, and the growing demand for mobility aids. Additionally, government initiatives to promote accessible healthcare for individuals with disabilities are also contributing to the growth of the powered wheelchair market.

Segments and Related Analysis

The powered wheelchair market can be segmented based on product type, end-user, distribution channel, and region. Product types include rear-wheel drive, front-wheel drive, and mid-wheel drive powered wheelchairs. End-users of powered wheelchairs include hospitals, clinics, home care settings, and others. The distribution channels for powered wheelchairs include direct sales and distribution channels.

By Region Analysis

The powered wheelchair market can be analyzed based on regions such as North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is expected to dominate the market due to the presence of advanced healthcare infrastructure, high disposable income, and favorable reimbursement policies. Asia Pacific is projected to witness significant growth due to the increasing elderly population and improving healthcare facilities.

Key Market Players and Competitive Landscape

Some of the key players in the powered wheelchair market include Invacare Corporation, Pride Mobility Products Corp., Sunrise Medical, Ottobock Healthcare, Permobil AB, Drive Medical, and others. These companies are focusing on product innovation, strategic partnerships, mergers, and acquisitions to gain a competitive edge in the market.

Recent Happenings in the Powered Wheelchair Market

- In 2021, Invacare Corporation launched a new range of powered wheelchairs with enhanced mobility features and ergonomic design. - Pride Mobility Products Corp. introduced a foldable powered wheelchair for easy transportation and storage in 2020. - Ottobock Healthcare partnered with a leading tech company to develop a smart-powered wheelchair with IoT connectivity in 2021. - Sunrise Medical acquired a startup specializing in robotic-powered wheelchairs to expand its product portfolio in 2019.