Nonmagnetic Wheelchair Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Key Highlights

• The Nonmagnetic Wheelchair market studied was anticipated to grow with a CAGR of nearly 6.1%, during the forecast period.
• The rise in the elderly population has led to the growth of the walking assist devices market. According to the Centers for Diseases Control and Prevention, the number of adults unable (or very difficult) to walk a mile was found to be around 17.1 million in 2016.
• As per the revised World Population Prospects, by the United Nations, the number of people aged 60 or above is expected to grow greater than double by 2050, i.e. from 962 million in 2017 to 2.1 billion in 2050, globally. This age group is highly vulnerable to different types of age-related diseases that require personal mobility aid.
• Moreover, the increasing prevalence of debilitating neurological diseases, rheumatoid arthritis, and osteoarthritis has been contributing to the increased percentage of the population with a disability to walk.
• Therefore, as the geriatric population is growing, the demand for non-magnetic wheelchairs is also rising across the globe.

Key Market Trends

Hospitals dominate the Global Nonmagnetic Wheelchair Market

• According to the The National Spinal Cord Injury Database 2018, the number of people with SCI (Spinal Cord Injury) living in the United States is currently estimated to be approximately 288,000 persons, with a range from 247,000 to 358,000 persons.
• According to the World Health organization, every year, around 250,000 and 500,000 people suffer from spinal cord injuries (SCI) globally. The majority of spinal cord injuries are due to preventable causes, such as road traffic crashes, falls or violence. Males are most at risk in young adulthood (20-29 years) and older age (more than 70).
• This rising incidence of spinal cord injuries is directly having an impact on the rise in hospital admissions, eventually boosting the growth in demand for non-magnetic wheelchairs all across the globe.

North America Dominates the Global Nonmagnetic Wheelchair Market

• North America is expected to dominate 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., the craze for the wheelchairs has been in rise in North America.
• The United States and Canada contributes to the major share of the region. The supportive government initiatives that reduce the burden of high cost of the devices, combined with growing reimbursement policies, have resulted in a high-volume usage of personal mobility devices.
• Moreover, manufacturers in North America have the access to novel technology, which enables the development of technologically advanced devices in a short span, which is a major factor for the growth of the market.

Competitive Landscape

The global Nonmagnetic Wheelchair market is highly competitive and consists of a number of major players. Companies like Guangdong Shunde Jaeyong Hardware, Comfort Orthopedic, Axis Medical, PRO ACTIV Reha-Technik, Besco Medical, Melrose Wheelchair, Karma Medical, DeVilbiss Healthcare, Giraldin G.&C., among others, hold the substantial market share in the market.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support