Market Trends of Nonmagnetic Wheelchair Industry
This section covers the major market trends shaping the Nonmagnetic Wheelchair Market according to our research experts:
Hospital Segment is Likely to Witness a Significant Growth in the Nonmagnetic Wheelchair Market Over the Forecast Period
- The hospital segment is likely to witness significant growth in the market studied owing to the factors such as an increase in mobility issue cases, a rise in wheelchair donations, and a surge in sports injury cases that lead to disability. For instance, according to the National Safety Council (NSC), in 2021, exercise equipment accounted for about 409,000 injuries in the United States, the most in any category of sports and recreation. As per the same source, 222,086 cases of football injuries, 259,779 cases of basketball injuries, and 144,895 cases of soccer injuries were reported in 2021 in the United States. The high incidence of sports injuries is directly having an impact on the rise in hospital admissions, eventually boosting the growth in demand for non-magnetic wheelchairs worldwide.
- Furthermore, individual and group donations of wheelchairs to hospitals are likely to boost the growth of the segment over the forecast period. For instance, in May 2021, a teenager donated a wheelchair worth INR 6,500 (USD 78.61) to Vasai Covid hospital in India. Similarly, in October 2022, in collaboration with the Rwanda Biomedical Center and National Council of People with Disability (NCPD), the Church of Jesus Christ of Latter-day Saints closed a 4-day wheelchair delivery and training event in Kigali, Rwanda.
- Therefore, due to the increase in injury cases, the rise in neurological diseases, and wheelchair donations, the hospital segment is expected to witness significant growth over the forecast period.
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North America Anticipated to Hold a Significant Market Share Over the Forecast Period
- North America is expected to hold a significant market share in the overall market throughout the forecast period due to the increasing geriatric population who are more prone to mobility disorders (such as osteoporosis, rheumatoid arthritis, etc.), a rise in injury cases, and a surge in wheelchair donations and product launches. For instance, a study published in September 2022 in Springer demonstrated the high rates of all injuries and concussions in collision sports in Canadian high schools. This is particularly noteworthy when it is considered that four sports contribute 33% of all serious injuries to this population. Hence, sports injury cases raise the chance of utilization of wheelchairs, thereby driving the growth of the market.
- Furthermore, the supportive government initiatives that reduce the burden of the high cost of the devices, combined with growing reimbursement policies, have resulted in a high-volume usage of personal mobility devices. For instance, according to the report from the Whitehouse factsheet in 2021, the Global Cooperation for Assistive Technology, a partnership between United States Agency for International Development (USAID) and ATscale, planned to provide assistive products that can change their lives, such as wheelchairs, eyeglasses, prosthetic devices, or hearing aids to 500 million people by 2030. More than a billion people who use assistive technology or gadgets are expected to benefit from this partnership.
- Moreover, manufacturers in North America have access to novel technology, which enables the development of technologically advanced devices in a short span, which is a major factor in the growth of the market. For instance, in October 2021, Ki Mobility, a market player in sophisticated manual rehab wheelchairs and seating in the United States, was acquired by Etac AB, a creator and supplier of ergonomic assistive devices and patient handling equipment. With the acquisition, Etac AB offered a far wider range of products to people, families, and therapists that require specialized manual rehab wheelchairs, seating, and pediatric assistive devices.
- Thus, due to the increase in injury cases, the rise in product launches, and government initiatives, North America is expected to hold a significant market share in the market studied over the forecast period.
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