India Wheelchair Market to Cross USD 300 Million by 2028
Published | 14 July 2022
India Wheelchair Market is flourishing owing to the rising disability rate, and geriatric population in the country along with the increased demand for wheelchairs for both regular and hospital visits…
A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the India Wheelchair Market was worth USD 162.58 million in the year 2021. The market is anticipated to grow at a CAGR of 9.5%, and thereby reach USD 302.41 million by the end of 2028. The India Wheelchair Market is booming because of the expanding Indian healthcare industry. Moreover, the wheelchair market is predicted to grow owing to the rising geriatric population, which suffers from severe chronic diseases and immobility, increasing the demand for wheelchairs for both regular and hospital visits. Also, advancements in basic wheelchairs, such as making them more technologically advanced and comfortable, are major drivers of the increased production of newly launched wheelchairs in India. This, in turn, is expected to have a positive impact on market growth. Furthermore, the increasing number of traffic accidents in the nation causes many spinal injuries, fractures, and impairments among the populace, which increases the demand for wheelchairs to let people move around. The wheelchair market in the nation is then anticipated to grow as a result. However, the high cost of wheelchairs, particularly powered wheelchairs, causes affordability issues in the country, particularly in tier-3 cities and rural areas. This, in turn, may act as a huge restraining factor for the market growth.
Growing Elderly Disease Prevalence Drives the Market
One factor driving up demand for wheelchairs is the rise in disease prevalence among the aging, geriatric population. Because they are more comfortable and independent in carrying out their daily lives today, older people's dependence on wheelchairs is rising. Wheelchair usage and demand have increased as a result of the prevalence of chronic diseases among individuals worldwide. The need for wheelchairs is growing as more elderly people need them to complete their daily tasks comfortably and with less effort. They also need wheelchairs to help them move around comfortably during clinical procedures and exams.
Wheelchairs' Inclusion in the Sports Community Promotes Market Growth
India's differently-abled athletes recently brought home a slew of medals from the recent Olympics in Tokyo. After seeing differently-abled athletes use wheelchairs and win in various sports, people become more hopeful and reliant on them. The use of wheelchairs in various sports increases reliance and trust in differently-abled people, gaining more traction in the wheelchair market. Along with user preference, many governments and public sports authorities are organizing sports campaigns such as wheelchair basketball and wheelchair weightlifting to include and increase the reliance of differently-abled people on wheelchair usage, thereby boosting the India wheelchair market in the future.
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Challenge: High Cost Associated with Wheelchairs
The expensive expense of wheelchairs, particularly powered ones, places a cap on their affordability across the nation, particularly in tier-3 cities and rural areas. Even manual wheelchair adoption and use are far lower in rural areas of the nation. The sales and demand for new wheelchairs have been constrained as a result of this, which has also increased the need for refurbished wheelchairs. All these elements are challenging for the growth of the India wheelchair market.
Segmental Coverage
India Wheelchair Market - By Distribution Channel
Based on the distributionn channel, the India Wheelchairs Market is segmented into Retail sales and Non-Retail Sales. The retail sales segment now has the biggest market share. This is because retail sales have various benefits such as dealing with clients personally, a full demonstration is possible, and it can be bought by customers in a more laid-back setting. Moreover, for individuals who prefer not to buy outside, this is the most practical method. All these factors boost the growth of the India Wheelchair Market during the forecast period (2022-2028).
Impact of COVID-19 on India Wheelchair Market
Since the COVID-19 virus epidemic in December 2019, the illness has spread throughout the nation. Additionally, three key ways that COVID-19 had an impact on the economy were through direct impact on product demand and production, interruptions in the distribution system, and financial impact on businesses and financial markets. Lockdowns across the country caused issues for the country's product movement. Furthermore, the COVID-19 epidemic has a detrimental effect on those who are physically challenged. Lockdowns made it difficult to attend hospitals and get medical care. Patients with cerebral palsy or other disabilities also have trouble overcoming illnesses thanks to their compromised immune systems.
Competitive Landscape
The leading market players in the India Wheelchair Market are Karma Healthcare Limited, OttoBock Healthcare India Pvt. Ltd, Rehabilitation Pvt. Ltd., Ostrich Mobility Instruments Pvt. Ltd, Pride Mobility Products Corp, Forza Medi (India) Ltd, Stryker India limited, NeoBolt, Silverline Meditech Pvt Ltd, and other prominent players. The India Wheelchair Market is highly fragmented with the presence of several manufacturing companies in the country. The market leaders retain their supremacy by spending on research and development, incorporating cutting-edge technology into their goods, and releasing upgraded items for customers. Various tactics, including strategic alliances, agreements, mergers, and partnerships, are used.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the India Wheelchair Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the India Wheelchair Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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