Robotic Wheelchair Market to Register 11.5% CAGR Amid Rising Prevalence of Mobility Impairment Issues Among Geriatric Population: Future Market Insights
- The market for robotic wheelchairs is expected to grow at a robust rate in the next few years, with an estimated revenue of $ 377.4 million by 2032. These advanced versions offer greater independence and mobility than their conventional counterparts while also incorporating artificial intelligence and sensors
NEWARK, Del., May 12, 2022 /PRNewswire/ -- As per Future Market Insights' latest revised industry analysis, the global robotic wheelchair market is valued at over US$ 114.0 Mn in 2021 and is expected to exhibit an estimated value of US$ 377.4 Mn by the end of 2032.
Mobility issues have been an important concern in the elderly population and integrated robotics has enforced the rise in research activities associated with their applications in home-based settings.
Hence, increasing elderly populations in many regions has paved the way for the commercialization of robotic wheelchairs in emerging regions. Presently, electric wheelchairs are most commonly used at airports, hospitals, theatres, tourist places etc.
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Smart wheelchairs are gaining traction on the back of advent of state of the art robotics and advanced electronics. Many elderlies who lead a solitary lifestyle prefer the use of these power wheelchairs and their quality of life, in general, has improved. Owing to these trends, the market is anticipated to register positive traction in growth throughout the forecast period.
The marketplace for robotic wheelchairs is beginning to take hold over the globe with the rising number of advancements in the manufacturing of electric wheelchairs as well as the assistive support provided by them to the target customers.
Leading Companies Profiled in Robotic Wheelchair Market are
- Sunrise Medical LLC
- WHILL Inc
- MEYRA GmbH
- Matia Robotics, Inc.
- Karman Healthcare, Inc.
- UPnRIDE Robotics Ltd.
- Centaur Robotics.
- tmsuk co., ltd (Rodem)
- Nino Robotics.
- Kinova Inc.
- Cyberworks Robotics
Key Takeaways from Market Study
- By wheelchair, the mid-wheel drive type is expected to hold a 45.0% market value share in 2021, and is expected to display a CAGR growth of 9.3% over the forecast period.
- The personal use application is leading with 69.0% of the market share in 2021 and is expected to register a CAGR of 10% by the end of 2032.
- By distribution channel, home care settings hold a higher share of 53% in the robotic wheelchair market in 2021.
- North America is slated to be the leading region with a value share of 36.4% in 2021 owing to rising geriatric population along with the high demand for smart wheelchairs and early adoption of the technologically advanced product.
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"With surging adoption of power wheelchairs for mobility assistance, the robotic wheelchair market is expected to witness an advancement over the forecast period," says an analyst of Future Market Insights.
Key Market Segments Covered In Robotic Wheelchair Industry Research
- Rear-Wheel Drive
- Front-Wheel Drive
- Mid-Wheel Drive
- Personal Use
- Commercial Use
By Distribution Channel:
- Home Care Settings
- Rehabilitation Centers
- Online Sales Channel
- North America
- Latin America
- South Asia
- East Asia
- Middle East and Africa (MEA)
Acquisitions, expansion, development of an extensive product pipeline and product launches are the key strategies adopted by manufacturers and integrators to increase the consumer base in different geographies.
- In March 2022, Kinnova Inc. launched Link 6, a new generation industrial robot arm for enabling greater efficiency of daily tasks. This is Canada's first industrial collaborative robot.
- In February 2020, Sunrise Medical acquires Oracing in order to offer suitable products to cater to large audience requirements in the faster-growing market.
- In December 2019, Renault and Nino Robotics signed a new partnership with an aim to change the perception of transport solutions for people suffering from mobility issues.
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Future Market Insights brings a comprehensive research report on forecasted revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2032. The global robotic wheelchair market is segmented in detail to cover every aspect of the market and present a complete market intelligence approach to the reader. The study provides compelling insights on the robotic wheelchair market segment based on wheelchairs – (rear-wheel drive, front-wheel drive, mid-wheel drive), application- (personal use, commercial use), distribution channel (home care settings, rehabilitation centres, online sales channel, others) across seven major regions.
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