Robotic Wheelchairs Market Value Chain Dynamics and Key Players (By 2025)
Posted: Sep 08, 2019
The global robotic wheelchairs market size is expected to reach a value of USD 142.6 million by 2025, according to a new report by Grand View Research, Inc., expanding at a CAGR of 9.4% over the forecast period. Growing need for independent mobility assistance by the geriatric population with moving disabilities is expected to drive the market. Moreover, rising spending power among the consumers, along with introduction of technologically advanced mobility products by the companies, is expected to drive the market.
Growing penetration of robotic wheelchairs as an artificial assistance due to advanced features such as navigation, detecting obstacles, sensor technology, and artificial intelligence. Presence of people with physical ailments or loss of mental control is expected to increase the demand in the market. According to the Journal of Rehabilitation Research and Development, the NavChair is an assistive navigation system developed with a mobile robot i.e. vector field histogram to avoid obstacles, follow walls, and travel safely.
In 2018, the residential application segment held the largest share of 82.9%. Application of manual wheelchairs for daily life activities increases the dependency level on others. For instance, Toyota, as a part of an agreement with DEKA Research and Development, is making the iBot wheelchairs for climbing stairs. The commercial application segment is expected to expand at a CAGR of 10.8% over the forecast period. Smart future urban mobility research group developed smart wheelchairs that can be used at airports and hospitals.
Retail distribution held the largest share of 82.5% in 2018. Reliability of the product is considered to be high in retail stores than other modes of distribution channel. In addition, e-commerce distribution mode is expected to register the fastest CAGR of 11.0% over the forecast period. Ease of accessibility throughout the world for the best smart wheelchairs is a key factor expected to drive the channel over the forecast period. Many companies have their own online platforms and some of them are tying up with others.
North America emerged as the largest regional market with a value of USD 25.0 million in 2018. The region is expected to maintain its lead over the forecast period. Reimbursement of insurance claims, growing aging population, and technological advancements are driving the market. For instance, Massachusetts scientist, Matt Walter and PhD candidate, Sachi Hemachandra launched a voice controlled robotic wheelchair for elder care. Similarly, Invacare Corporation launched a wheelchair with a special technology called G-trac technology for better control system.
Companies are integrating with universities and startups to develop something advance to cater to the needs of the vast consumer base. For instance, Intel collaborated with Brazilian startup Hoobox Robotics to develop a smart wheelchair "wheelie", which has an access to read facial expressions as human behavior.
Key players in the market include Sunrise Medical LLC; Invacare Corporation; Permobil Corporation; Meyra GmbH; Karman Healthcare; Ottobock SE& Company; Matia Robotics; Upnride Robotics; DEKA Research & Development; and Whill Inc.
To request a sample copy or view summary of this report, click the link below: https://www.grandviewresearch.com/industry-analysis/robotic-wheelchairs-market
Further key findings from the report suggest:
The residential application segment held a dominant share of 82.9% in 2018
North America dominated the market in 2018 with a value of USD 25.0 million in 2018. This trend is projected to continue over the next few years
Asia Pacific is anticipated to witness high demand on account of increase in requirement for independent mobility
The robotic wheelchairs market is highly competitive in nature with the main players including Invacare Corporation, Permobil Corporation, Meyra GmbH, and Karman Healthcare
Various manufacturers are concentrating on new product launches and capacity expansion in order to estimate existing and future demand patterns from upcoming product segments.
Grand View Research has segmented the global robotic wheelchairs market on the basis of application, distribution channel, and region:
Robotic Wheelchairs Application Outlook (Revenue, USD Million, 2015 - 2025)
Robotic Wheelchairs Distribution Channel Outlook (Revenue, USD Million, 2015 - 2025)
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting