Wheelchair Industry: The Drivers and Restraints.
Wheelchair Industry:
A Quick Look At The Potentials Of Ever-Growing Market
With the passing of time, people are becoming more fragile. Day by day, they are becoming heavily reliant on the outside assistance for mobility. Due to this fact, most of the hospitals and nursing home care systems have embraced the wheelchair technology with open arms. In fact, a
wheelchair can give mobility to disable people.
For so many reasons, the wheelchairs have turned into a savior for many people including for those whose life has changed for the disability curse. This is why we have decided to take a good look at the wheelchair industry to find out the reasons for its every-growing demand. So, let’s move forward and read the post carefully.
Wheelchair Industry: The Drivers and Restraints
First, the factors that are driving this industry are the rise of the elderly people worldwide, increased demand for automated wheelchair for disable people, and the growth in income of residents in the developed countries such as USA, UK, Canada, France, Japan, and Germany. Besides, there has been a boom of advanced wheelchairs in the sports industry, especially the wheelchairs for physically challenged sportspersons.
Wheelchair Industry: The Major Countries That Manufactures Wheelchair
In the coming years, the growth of the wheelchair industry worldwide would reach 2.8% p.a. From 2007 to 2013, the entire market has increased with a yearly average growth rate of 4.6%. The countries that have the largest market share for the wheelchairs are Denmark, China, Germany, UK, and Sweden. Also, the yearly growth for some countries would increase such as Philippines, Portugal, Turkey, Latvia, and Morocco.
Wheelchair Industry: The Major Brands
Many international companies are operating within the wheelchair industry. These companies include Invacare Corp., OttoBock Healthcare GmbH, Pride Mobility Products Corp., Sunrise Medical Limited, Permobil AB, LEVO AG, Hoveround Corporation, MEYRA GmbH, Medical Depot, JBH Wheelchair and others. All of these companies offer high-quality wheelchairs worldwide. These companies also provide customized wheelchairs with value added services.
Wheelchair Industry: The Future
In the future times, the manual wheelchair industry is expected to reach to $2.9 billion by 2018. This growth is due to the continuous improvement in the wheelchair technology. However, the threat of the new entrants in wheelchair industry is still moderate. The companies that want to enter in this industry are the companies with established medical equipment and the diversified product line. The biggest problem with this industry is that all medical supplies are produced under patent. This issue is one of the important barriers to entry for wheelchair industry. With that said, the wheelchair industry will grow in the coming years and without a doubt, many more new companies will invest in making wheelchair at large.
Bottom Line
The bottom line is that the wheelchair industry will grow significantly as there would be more innovation with new raw materials and lightweight chairs. Almost all hospitals and nursing homes will use this as an encouraging sign. Above all, the advancement of wheelchair industry will surely make the disable people happier than ever!
