$2.4 Billion: Growth and the Future of the Power Wheelchair Industry
A new report on the power wheelchair industry has been released by MarketResearchReports.Biz and after even a brief perusal of its estimations and conclusions, there are some interesting points that come out of it.
One observation made that might seem almost obvious already, is that the increased level of access to power wheelchairs for those with restricted mobility has led to an increase in the quality of life for that segment of the population and that this upward trend should continue:
Hospital and homecare wheelchair technology is evolving to give people with disabilities more mobility. Mobility depends on a wheelchair that is fit to purpose. Are people going to move themselves? Are they going to be inside or outside? Is the wheelchair used for traveling by car? Many issues impact the choice of a wheelchair, including cost and reimbursement availability. Power wheelchair markets are poised to create the ability for people to get more exercise and impact the healthcare delivery industry. By encouraging mobility of people who were previously bed ridden, the quality of life rises significantly. Wheelchairs impact care delivery, permitting the patient to control mobility for the rehabilitation efforts.
Personally, I consider the conclusions about the expected growth of the power wheelchair marketplace to be possibly the key eye-opener of the report:
Power wheelchair markets at $1.5 billion in 2015 are anticipated to reach $2.4 billion in 2022. Market growth comes in large part from demand for mobility from people who might otherwise be bedridden. The aging of the population is creating a growing pool of people that need power wheelchairs.
Finally, the report also concludes that there are areas of the industry and marketplace (of which Invacare appears to be the current leader) that need improvement:
The technical expertise of the sales force, the effectiveness of the distribution system, the strength of the dealers, and the availability of prompt and reliable service for products are issues that need to be addressed to achieve competitive advantage. Invacare leads the market
Details of the report can be found in (much) more detail at http://www.marketresearchreports.biz/pressreleases
Speaking of the future, here is a short video presenting one (possibly overly-hopeful) view of where the future of power wheelchairs could be headed, keeping in mind that the creator of this video has apparently not yet even produced an observable working test model of the power chair they are pitching as of the time of this elevator pitch video.