Foldable Powered Wheelchair Market
Number of pages: 100 | Report Format: PDF | Published date: March 15, 2023
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023-2031
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Report Attribute |
Details |
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Market Size Value in 2022 |
US$ 2.08 billion |
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Revenue Forecast in 2031 |
US$ 3.72 billion |
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CAGR |
6.7% |
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Base Year for Estimation |
2022 |
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Forecast Period |
2023-2031 |
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Historical Year |
2021 |
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Segments Covered |
Type, End User, and Region |
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Regional Scope |
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
According to the deep-dive market assessment study by Growth Plus Reports, the global foldable powered wheelchair market was valued at US$ 2.08 billion in 2022 and is expected to register a revenue CAGR of 6.7% to reach US$ 3.72 billion by 2031.
Foldable Powered Wheelchair Market Fundamentals
Foldable powered wheelchairs are a particular kind of wheelchair propelled by an electric motor rather than by hand power. Moreover, it may be folded, making it simpler to transport or store. Those who struggle to move their hands or legs, which are necessary to propel a traditional wheelchair, can benefit from these wheelchairs. Foldable electric wheelchairs are lighter than conventional wheelchairs and foldable powered wheelchairs. These wheelchair models are built with portability and convenience in mind for mobile users. Folding power chairs are sturdy and durable enough for everyday use while remaining lightweight and portable for travel. People who need wheelchairs can feel like a burden, which makes them wish to be more independent to travel whenever and whenever they like. A foldable power wheelchair, in general, can boost the feeling of freedom because the patient does not need to rely on anybody for assistance, unlike occasionally when a manual wheelchair may feel constricting. A foldable powered wheelchair can make it easier to carry out daily tasks and engage in social activities with friends and family without the assistance of a caregiver. Power wheelchairs that fold up are simple to store. As the name implies, it may be folded to make it smaller, and accessories are frequently removed to make it even smaller. They are ideal for people who do not have a lot of living space. Moreover, a folding wheelchair can conveniently fit in a car’s trunk. This makes traveling simple and allows the patient to save money by avoiding needing a specialty vehicle.
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Foldable Powered Wheelchair Market Dynamics
The emergence of orthopedic problems and disorders is the most important factor driving the global foldable powered wheelchair market. Additionally, the growth in orthopedic injuries worldwide has increased the demand for wheelchairs among healthcare service providers in various facilities. Wrist implantation is also widely performed owing to the rising incidence of sports injuries from increased physical activity in adults and children and the growing geriatric population. According to the U.S. Center for Disease Control and Prevention (CDC), approximately 30 million children and adults participate in sports and athletic activities yearly, and the nation suffers from more than 3.5 million sports-related injuries. The main cause of the increase in injuries among young people is the year-round participation in a particular sport. According to WHO, between 250,000 and 500,000 people worldwide suffer a spinal cord injury yearly. The preponderance of spinal cord injuries are caused by avoidable events like accidents, falls, or violent acts. A person with a spinal cord injury might become dependent on others. Assistive technology is frequently needed to help with mobility, communication, self-care, or domestic tasks.
The growth of automation in mobility vehicles and the advancement of technology are driving the market for foldable powered wheelchairs. The market is expanding due to the rising elderly population, the frequency of orthopedic conditions, and the frequency of accidents that result in mobility issues. Additionally, it is observed that the use of foldable powered wheelchairs increased throughout as a result of the rise in the prevalence of target diseases, including Parkinson’s disease and rheumatoid arthritis, as the population ages and attenuated neurological conditions and injuries increase in frequency, the market is growing exponentially. These are in great demand due to the increase in surgical procedures. An assistive foldable powered wheelchair is used in rehabilitation programs to help inactive impaired persons restore their body balance and enhance their daily lives. It is predicted to grow due to patient trends, expanding technological development, and product leasing. Innovative walking aids for people with disabilities are becoming adopted by the business sectors thanks to recent breakthroughs. Due to rising disposable incomes and increased consumer power, which is encouraging market expansion, there is also an increase in the demand for foldable motorized wheelchairs instead of wheelchairs. Sales of wheelchairs are increasing as a result of increased investments in the medical sector and a growing focus on research and development initiatives to upgrade battery technology. Also, numerous subsidy schemes, credit options, and financing options are encouraging the market development of foldable powered wheelchairs. The functionality and usability of foldable powered wheelchairs are constantly being improved by their manufacturers. For instance, several producers already offer products that can be used with tablets or smartphones, allowing customers additional mobility and ease when seeing friends and family or moving around town. Moreover, rising awareness of disability benefits is another element boosting the global market for foldable powered wheelchairs. Governments worldwide are doing a better job of spreading awareness about the advantages people with disabilities might experience.
However, several challenges, including low awareness and a lack of production and manufacturing infrastructure, restrict revenue growth in the global market. Also, the main factor impeding the growth of the foldable powered wheelchair market is the difficulty in charging caused by the absence of charging outlets in many places. There is no other way to charge these battery-powered wheelchairs. To solve this issue, market competitors are concentrating on enhancing the charging infrastructure in major cities. For market participants in foldable powered wheelchairs, unreliable infrastructure, and range concerns are additional obstacles.
Foldable Powered Wheelchair Market Ecosystem
The global foldable powered wheelchair market is analyzed from three perspectives: type, end user, and region.
Foldable powered wheelchair Market by Type
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Based on the type, the global foldable powered wheelchair market is segmented into folded into one piece and folded into multiple pieces.
The folded into multiple pieces segment accounted for the largest revenue share of the global foldable powered wheelchair market in 2022. The reason behind the growth of this segment is that they may be rolled up and stored inside the house or in the trunk of most cars, occupying comparatively less space than a standard single folding powered wheelchair. Also, there is no need to buy a separate storage space or keep it in a shed. Therefore, the dramatic increase in global population limits the space for living in every nation. By the limited living space, foldable powered wheelchairs are the most needed for immobile patients. The electric wheelchair’s ability to fold or disassemble makes it easier for caregivers to store and lift for wheelchair users. Long-term advantages come from reducing stress, occurrence, and effort in all facets of moving and handling. Because of its ease of use, storage, and transportation, the multiple folding electric wheelchair has all the advantages of a traditional electric folding wheelchair while adding more flexibility and possibilities. This can increase user alternatives for things like travel while lowering the chance of social isolation.
Foldable Powered Wheelchair Market by End User
Based on the end user, the global foldable powered wheelchair market is segmented into homecare, hospitals, rehabilitation centers, and ambulatory surgery centers.
The hospitals segment accounted for the largest revenue share of the global foldable powered wheelchair market in 2022. The market has taken the lead as hospitals gain more funding to invest in state-of-the-art, cutting-edge care. Hospitals are the greatest place to obtain treatment since they have all the medications required to provide patients with comprehensive care. The rising accessibility of healthcare reimbursements in many industrialized nations and continued technological breakthroughs in regenerative therapies are the key drivers behind the segment’s growth. The presence of a group of doctors, surgeons, and other specialists on staff makes the rehabilitation process easier. Also, hospitals with sufficient funding have access to modern, recently developed treatment options and reasonably priced tests. As a result, patients may rely on hospitals for care regardless of their financial situation. Wheelchairs are typically provided in hospitals, which streamlines patient care and staff duties. Depending on the patient’s weight and the medical staff’s physical ability, a bed to a stretcher or transfer from one department to another requires a minimum of three to four people. Patients that need this kind of transfer are typically bedridden or seriously injured, making it preferable to use power wheelchairs.
Also, the majority of chronic arthritic conditions need the patient to remain at home. The benefits of choosing home care include more comfort, individualized attention, family engagement, companionship, and more. As a result of the many benefits, the homecare sector is expanding with a notably rapid revenue CAGR.
Foldable Powered Wheelchair Market by Region
Based on the region, the global foldable powered wheelchair market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
North America accounted for the largest revenue share of the global foldable powered wheelchair market in 2022. The market has been boosted by the constant rise in the number of people suffering from spinal, brain, and muscular problems over the past few years, technological advancements, and the production of a sizable number of folding power wheelchairs by major industry players. Governments in North America are constantly working to encourage mobility aids, which is expected to boost the market for foldable powered wheelchairs there. The main market factors in this sector are the availability of state-of-the-art medical facilities and well-established reimbursement practices. During the next nine years, it is projected that the high prevalence of target disorders in this region, such as Parkinson’s disease, arthritis, and other chronic illnesses, will significantly fuel market expansion. Also, due to how inexpensive these wheelchairs are for those with impairments, it is projected that this market would expand during the projection period. Europe also substantially contributed to the global market in terms of revenue in 2022.
Foldable Powered Wheelchair Market Competitive Landscape
Many businesses are emphasizing organic growth initiatives, including product launches and product approvals. Acquisitions, partnerships, and collaboration are examples of inorganic growth strategies in the market. These actions have allowed market participants to grow their consumer bases and operations.
Some of the prominent market players are:
Foldable Powered Wheelchair Market Strategic Developments
Foldable powered wheelchairs are a specific kind of wheelchair propelled by an electric motor instead of human strength. It can be folded, making it simpler to travel or store.
The increasing incidence of road accidents and the rising orthopedic disabled patient population are the major factors driving the revenue growth of the global foldable powered wheelchair market.
High cost and lack of availability are restraining factors for the revenue growth of the global market.
Key companies operating the global foldable powered wheelchair market are Permobil Corp Merits, Pride Mobility Products Corp, Sunrise Medical, Hubang, and Invacare Corp.
The global foldable powered wheelchair market is expected to grow at a revenue CAGR of 6.7% during the forecast period from 2023 to 2031.
*Insights on financial performance are subject to the availability of information in the public domain