Wheelchair Market to Exhibit 7.0% CAGR till 2026; Favorable Reimbursement Policies to Fuel Demand

The global wheelchair market size is projected to reach USD 8.09 billion by 2026. It is set to gain momentum from the increasing number of innovative product launches by industry giants. Additionally, favorable reimbursement policies would affect the market positively. Fortune Business Insights™ published this information in a recent report, titled, “Wheelchair Market Size, Share & Industry Analysis, By Type (Manual & Powered), By Application (Standard Wheelchair, Bariatric Wheelchair, Sports Wheelchair, and Others) End-user (Personal User and Institutional User) and Regional Forecast, 2019-2026.” The report further mentions that the market stood at USD 4.73 billion in 2018. However, it would exhibit a CAGR of 7.0% during the forecast period from 2019 to 2026.

Hoobox & Intel Unveil Wheelie 7 Kit Enabled with Face Recognition Feature

In December 2018, Hoobox Robotics, an AI-based technology startup based in Brazil, teamed up with Intel, an American multinational corporation and technology company headquartered in California, to develop the Wheelie 7 kit. It is a motorized wheelchair that helps differently abled users in controlling it with simple facial expressions. The wheelchair doesn’t require invasive body sensors. But it uses a camera and AI to provide the users with complete control and independence over their actions.

According to the company officials, in the U.S., more than 60 people tested the AI-powered wheelchair. Out of those, many are senior citizens, amyotrophic lateral sclerosis, or quadriplegics. The company wanted today’s advanced technologies to help people in regaining mobility and control their daily activities. The new kit would enable those with limited mobility to move around by using natural facial movements.

To get a detailed report summary and research scope of this market, click here:

https://www.fortunebusinessinsights.com/industry-reports/wheelchairs-market-100523

Rising Cases of Walking Disabilities to Propel Growth

Nowadays, the number of spinal cord injuries amongst the geriatric population is increasing at a fast pace across the world. In addition to that, the incidence of lower extremity injury and walking disabilities are upsurging. Also, the governments of various countries are taking numerous initiatives to improve the accessibility of state-of-the-art wheelchairs in the emerging economies. All these factors are anticipated to accelerate the wheelchair market growth during the forecast period.

Key Players Launch New Products to Cater to the Needs of Their Consumers

The market consists of multiple big, small, and medium sized organizations. They are mainly focusing on adopting the strategy of collaborations to maintain robust position in the market. They are also keeping up with the latest wheelchair market trends to understand the needs of the consumers. According to that, they are developing new products. Below is one of the key industry developments:

August 2017: Invacare Corporation, a manufacturer and distributor of non-acute medical equipment including wheelchairs, walkers, respiratory products, and mobility scooters, headquartered in Ohio, launched its brand new Invacare TDX SP2 power wheelchair. It is equipped with motion concepts ultra-low maxx positioning system and LiNX technology. This launch would help the company in strengthening its long-standing heritage of offering unique power wheelchair in North America. The company would begin developing this product at its Elyria headquarters. However, the product would be assembled in Germany only for its European consumer base.

Fortune Business Insights™ enlisted some of the most prominent companies operating in the wheelchair market. They are follows:

• Pride Mobility Products Corp.


• Invacare Corporation


• GF Health Products, Inc.


• Drive Medical Design & Manufacturing


• Ottobock


• Carex Health Brands


• Sunrise Medical Limited


• Other key market players

Further Report Findings:

• North America held USD 1.98 billion wheelchair market revenue in 2018 and is likely to lead backed by the presence of several renowned companies.


• Europe is projected to remain in the second position owing to the rising geriatric population.


• Asia Pacific would grow considerably on account of the increasing cases of accidental injuries.


• The standard wheelchair segment under the application criterion procured 44.3% wheelchairs market share in 2018. This growth is attributable to the cost-effective nature of these wheelchairs.


• In terms of end user, the personal user segment is anticipated to hold a considerable share fueled by the surging prevalence of arthritis.

The wheelchairs market can be segregated in the following manner: