The global wheelchair market is expected to grow at a CAGR of above 4% during the period 2018-2022, according to a new market research study by Technavio.
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Technavio has published a new market research report on the global wheelchair market 2018-2022 under their healthcare and life sciences library. (Graphic: Business Wire)
The report categorizes the global wheelchair market by product, including manual wheel chair and powered wheel chair. The report also determines the geographic breakdown of the market in terms of detailed analysis and impact, which includes key geographies such as APAC, the Americas, and EMEA.
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Market driver: growing healthcare expenditure
Expenses such as diagnosis, treatment, and post-treatment facilities are known as healthcare expenditure, where the cost is incurred by the patients or part of it is reimbursed as per insurance coverage. The healthcare expenditure varies across the globe due to various factors such as increased disposable income, suitable reimbursement policies, and the availability of affordable healthcare facilities. Due to factors like these, people in developed countries such as the US, Canada, the UK, Germany, and France are capable of spending more on treatment which enables them to avail the sophisticated patient care as well as home-care services.
According to a senior analyst at Technavio for orthopedics and general medical devices research, “There has been an increase in sale of sophisticated mobility products like manual and powered wheelchairs due to the increased number of patient care services supported by the high disposable income of people. However, in markets of APAC and MEA, owing to low healthcare expenditure, the trend of rapid adoption of mobility products is absent. Factors such as low disposable income, limited access to healthcare services, and unstructured healthcare reimbursement policies are limiting sales in such regions.”
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Market trend: rising number of medical emergencies
Reasons such as outdoor accidents, industrial accidents, fire breakout, natural calamities, and others have led to the rise in medical emergencies. Due to these medical emergencies, medical facilities are increasing their capability of attending healthcare causalities and emergency situations. Healthcare facilities have also increased their stock of mobility and drugs. To attend the growing number of medical emergencies, the medical facilities are focusing on recruiting a large workforce and increasing the operation theaters. Mobility products include manual wheelchairs and powdered wheelchairs which is supplied by both local and global players. The increase in supply will lead to the increase of revenue for the global wheelchair market.
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Key vendors in the market
- Invacare
- Medical Depot
- Pride Mobility Products
- Sunrise Medical
The global wheelchair market is highly competitive and is characterized by rapid technological transformation. It consists of well-diversified global and regional players. The competition in the market is expected to intensify due to the increase in product extensions, technological innovations, and mergers and acquisitions.
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About Technavio
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