Huge Growth Expected in Wheelchair Market in Future
The global wheelchair market generated $5,386.0 million revenue in 2020, and it is predicted to progress at a CAGR of 7.9% from 2021 to 2025. According to the estimates of the market research company, P&S Intelligence, the market value will rise to $7,818.5 million by 2025. The factors fueling the expansion of the market are the surging geriatric population, improving healthcare infrastructure, rising incidence of obesity, soaring prevalence of spinal cord injuries (SCIs), and improving post-treatment services across the world.
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As per the World Population Ageing 2019 report published by the United Nations (UN), there were 703 million people in the age bracket- 65 years and above- in 2019 and this number will rise to 997.4 million by 2030. Furthermore, the growing incidence of chronic diseases among older individuals is propelling the occurrence of disabilities, thereby driving the demand for wheelchairs. Depending on type, the market is divided into powered and manual categories.
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Across the globe, North America led the wheelchair market in 2020. This is ascribed to the increasing sales of wheelchairs, on account of the surging number of mobility defects and injuries, growing incidence of obesity, and soaring population of geriatric people in the region. Furthermore, the existence of several leading wheelchair manufacturing companies in the region has resulted in the availability of a diverse range of products, thereby contributing to the expansion of the market in both Canada and the U.S.
Hence, it can be safely said that the market will grow rapidly in the coming years, mainly because of the rising incidence of chronic diseases, surging geriatric population, and increasing cases of disability all over the world.
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This release was published on openPR.