Recent developments in research areas such as computer science, robotics, artificial intelligence, and sensor technology are broadening the range of possible applications that support disabled people. Powered wheelchairs extend the capabilities of standard power wheelchairs by introducing control and navigational intelligence. As per revised analysis by Persistence Market Research due to the ongoing COVID-19 pandemic, the global wheelchair and components market is estimated to be valued at US$ 11 Bn in 2020, with the market expected to exhibit a CAGR of almost 4% over the forecast period (2020-2030).
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The healthcare vertical is on the verge of shifting point-of-care services to a wider constellation of settings, inclusive of the patients’ own homes. This has, in turn, given rise to value-based payment methodologies. With far-flung patients getting an access to high-speed internet, digital care is becoming the cornerstone. On these grounds, One Medical, an IPO backed by Google, is turning out to be a benchmark with regards to digital-first primary care, wherein concierge service is offered on payment of annual fee.
This digitization is expected to empower the healthcare vertical across all the geographies in the near future. Persistence Market Research has its prodigal team in the form of consultants and analysts to keep a tab on the latest happenings in the healthcare vertical along with the probable calls to action.
Key Takeaways from Market Study
- In terms of product, wheelchairs dominated the market, holding a share of over 50%. However, wheelchair components will experience higher growth during the forecast period at a CAGR of over 4%.
- By modality, lightweight wheelchairs hold a prominent share, due to these being easier and convenient to use.
- While the U.S. continues to dominate the market, emerging countries such as China and India will experience significant growth, due to increasing patient pool in these countries.
- The market in the U.S. and Germany is projected to progress at a steady CAGR of close to 4% through 2030.
- The U.K. and India will exhibit a CAGR of more than 4%, while China will witness higher growth at close to 5%.
- The year 2020 saw the market growing slower at less than 3%, but 2021 will offer more opportunities to manufacturers.
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Key Players Entering into Collaboration, Partnerships, and Acquisitions
Top players in the wheelchair and components market are focusing on acquisitions at regional levels. The key strategy adopted by these manufacturers in order to remain competitive and establish a strong position is to identify potential small players in the market and acquire them.
- For instance, In March 2020, in order to grow its sports and e-mobility offerings, Sunrise Medical acquired Oracing, a Spain-based designer and manufacturer of sports wheelchairs and e-mobility power products.
Thus, such efforts by manufacturers to sustain a powerful position in the market are expected to result in new product launches and greater regional coverage, which will lead to substantial market growth in future.
Key Participant Insights
The global wheelchair and components market is set to expand its scope during the forecast period, with rapid technological advancements and increasing prevalence of spinal cord injuries and related disabilities being factors that support market growth. Additionally, increasing market consolidation activities by key players will also have a significant positive impact on this industry. Advancements and developments in emerging countries such as China and India promise lucrative growth in these countries.
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