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Robotic Wheelchairs Products Market Size, Share, & Trends Analysis Report (2023 – 2030)
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Report Overview
The global robotic wheelchair products market was valued at USD 1.2 billion in 2021 and is projected to grow at a CAGR of 6.8% during the forecast period from 2021 to 2027. The market is driven by the increasing demand for robotic wheelchairs due to their ability to provide assistance in daily activities and reduce physical strain on caregivers. Robotic wheelchair technology is evolving rapidly, with new products emerging every year to meet the needs of users. For instance, in April 2021, Ortopedia Silvio launched the first robotic wheelchair with a voice-controlled system, allowing users to control the movement of their wheelchair using voice commands and gestures.
Moreover, the growing elderly population and the increasing awareness about the benefits of robotic wheelchairs are expected to significantly contribute to the market growth. According to the World Health Organization, in 2020, the global population aged 60 years or over was estimated to be around 962 million and is estimated to reach 2.1 billion by 2050. Furthermore, government initiatives, such as the Assistive Technology Program in the US, are aiming to improve the lives of people with disabilities and are expected to drive the demand for these products.
In addition, the increasing demand for customized and user-friendly products is likely to fuel the market growth. Market players are focusing on product innovation and customization to better meet the needs of consumers. For instance, in March 2021, Akili Robotics unveiled the first customizable robotic wheelchair, which can be tailored to each user’s needs. The product is equipped with a range of sensors that recognize the user’s movements and respond to their commands. Furthermore, the advent of new technologies, such as artificial intelligence and machine learning, is expected to open up new opportunities for the market.
Moreover, the rising demand for autonomous robotic wheelchairs for elderly people is expected to drive the market growth. Autonomous robotic wheelchairs are a revolutionary way of helping elderly people move around their home safely and independently. Furthermore, rising investments from major companies in the development of robotic wheelchair technology will boost the market. For instance, in April 2021, Toyota Motor Corporation invested in US-based startup Indego, which designs autonomous robotic wheelchairs for the elderly.
Product Insights
The powered wheelchairs segment dominated the market and accounted for a share of around 33.9% in 2022. The growth of the segment is attributed to the growing prevalence of physical disabilities, technological advancements, and increasing demand for powered wheelchairs. Additionally, rising awareness about the availability and benefits of powered wheelchairs is driving the demand for the same. The increasing demand for powered wheelchairs is helping wheelchair users to navigate through different terrains, including stairs, ramps, and uneven terrain with ease.
The exoskeletons segment is expected to expand at the fastest CAGR of 19.2% over the forecast period. The growth of the segment is attributed to the increasing demand for robotic wheelchairs. Robotic wheelchairs offer enhanced mobility and enhanced user experience. Furthermore, the increasing demand for robotic wheelchairs in the healthcare sector for the elderly and disabled is propelling the growth of the segment. Additionally, the increasing investments by major players in the development of robotic wheelchairs is also driving the market growth.
Distribution Channel Insights
The online segment is anticipated to expand at the highest CAGR of 13.3% over the forecast period. The increasing penetration of internet and usage of online platforms for purchasing robotic wheelchairs is expected to drive the segment growth. Additionally, the launch of e-commerce websites and online stores by manufacturers and retailers for selling robotic wheelchairs is expected to propel the segment growth. For instance, in May 2021, Motion Robotics launched an online store for selling its robotic wheelchairs.
The retail segment held a significant share of the market in 2020 and is expected to witness steady growth over the forecast period. This can be attributed to the presence of a large number of retail stores and showrooms of robotic wheelchairs across the globe. Moreover, the increasing presence of medical equipment stores and hospitals offering robotic wheelchairs is expected to drive the segment growth. Additionally, the presence of homecare services offering robotic wheelchairs on rent and sale is expected to further boost the segment growth.
Type Insights
The powered robotic wheelchairs segment accounted for the highest revenue share of 74.2% in the year 2022. The growing number of people suffering from physical disabilities and the development of innovative technologies are the major factors driving the growth of the segment. For instance, in February 2021, IHMC, a Florida-based research institute, developed the first robotic wheelchair that can climb stairs. This innovative technology is likely to increase the demand for robotic wheelchairs.
The manual robotic wheelchairs segment is expected to expand at the highest CAGR of 10.7% over the forecast period. The increasing adoption of manual robotic wheelchairs in rehabilitation centers and hospitals is driving the market growth. For instance, in May 2021, the University of Missouri launched a project to equip its rehabilitation center with manual robotic wheelchairs. The project is aimed at providing an efficient and safe way to transport patients from one place to another. The demand for manual robotic wheelchairs is expected to increase due to the rising number of rehabilitation centers.
Regional Insights
North America is expected to hold the largest share in the global robotic wheelchair market in the coming years. This is mainly attributed to the presence of significant players such as Permobil and Invacare, who manufacture and sell a range of robotic wheelchairs in the region. Moreover, the presence of strong healthcare infrastructure and the rising demand for technologically advanced wheelchairs among the elderly population are further driving the growth of the market.
Asia Pacific is expected to witness the highest growth over the forecast period, mainly owing to the increasing number of research and development activities in this region. Additionally, the rising investments in the healthcare sector and the increasing number of disabled individuals are further driving the growth of the market in this region. For instance, in April 2021, Japan-based Omron Corporation announced the launch of its new robotic wheelchair, the INMOTION-R50.
Financial Projections
In this part of the robotic wheelchairs products business plan we will provide a detailed breakdown of all income and expense categories of the business. These forecasts include cash flow projections and capital requirements for your business. Usually, these projections are drafted for a 5-year period.
Revenue Assumptions
The main source of revenue for a robotic wheelchairs products business comes from the sale of robotic wheelchairs, spare parts and accessories, and service contracts. Additionally, other possible sources of profit include sales of other products, such as spare parts and accessories, and leasing the robots for medical and research purposes.
Projecting Expenses
In this section, all the regular expenses related to keeping the robotic wheelchairs products business running will be described. The list of operating expenses includes wages, materials and components, research and development costs, marketing and advertising costs, insurance policies, utilities, and others.
Key companies & market share insights
Some of the key companies operating in the robotic wheelchairs market are increasingly focusing on product launches and expansion of the distribution channel to gain prominent visibility among consumers. Some of the initiatives are:
– In September 2022, Mobility Robotics Inc. launched the newest version of their robotic wheelchair with improved navigation and obstacle avoidance capabilities.
– In August 2022, Permobil introduced the F3 Corpus powered wheelchair, designed for people with neurological impairments.
– In June 2022, Ottobock launched the Exo-Legs, an exoskeleton for wheelchair users.
Some of the prominent players in the robotic wheelchairs market include:
– Permobil
– Mobility Robotics Inc.
– Ottobock
– Sunrise Medical
– Invacare Corporation
– Quantum Rehab
– Pride Mobility Products Corp.
– Karman Healthcare
– Whill Inc.
– Hocoma AG
Global Robotic Wheelchairs Market Segmentation
This report forecasts 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 2030. For this study, Grand View Research has segmented the global robotic wheelchairs products market based on product, type, application, and region:
1. Product Outlook (Revenue, USD Million, 2017 – 2030)
– Electric Wheelchairs
– Manual Wheelchairs
2. Type Outlook (Revenue, USD Million, 2017 – 2030)
– Pediatric Wheelchairs
– Adult Wheelchairs
3. Application Outlook (Revenue, USD Million, 2017 – 2030)
– Home Care
– Hospital & Clinics
– Others
4. Regional Outlook (Revenue, USD Million, 2017 – 2030)
– North America
– Europe
– Asia Pacific
– Central & South America
– Middle East & Africa
Frequently Asked Questions
[Q]: What is the Potential of Robotic Wheelchairs?
[A]: Robotic wheelchairs offer enhanced mobility and independence to individuals with physical disabilities. They are equipped with advanced sensors and navigation systems, enabling them to navigate autonomously. They provide users with the ability to control their movement in any environment, such as indoors and outdoors, while avoiding obstacles and maintaining safe speed. Robotic wheelchairs are increasingly being adopted as they provide enhanced comfort, safety, and convenience.
[Q]: Who are the Key Players in the Robotic Wheelchairs Market?
[A]: Major players in the robotic wheelchairs market include Permobil AB, Pride Mobility Products Corporation, Invacare Corporation, Otto Bock HealthCare GmbH, and Karma Mobility.
[Q]: Which Region Offers the Largest Opportunity for Sales of Robotic Wheelchairs?
[A]: North America is expected to be the largest regional market for robotic wheelchairs during the forecast period. Growing demand for technologically advanced products and increasing cases of physical disabilities in the region are expected to drive the regional market.
[Q]: What are the factors driving the robotic wheelchairs market?
[A]: Key factors driving the robotic wheelchairs market include increasing government initiatives for healthcare and disability, the high prevalence of disability, and the growing demand for technologically advanced wheelchair models.
Research Methodology
Impact Analytix employs a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. The company utilizes a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. In Addition, a recurring theme prevalent across all our research reports is data triangulation which looks market from three different perspectives. Critical elements of the methodology employed for all our studies include:
Preliminary data mining
Raw market data is obtained and collated on a broad front. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. For a comprehensive understanding of the market, it is essential to understand the complete value chain and in order to facilitate this; we collect data from raw material suppliers, distributors as well as buyers.
Technical issues and trends are obtained from surveys, technical symposia, and trade journals. Technical data is also gathered from an intellectual property perspective, focusing on white space and freedom of movement. Industry dynamics with respect to drivers, restraints, and pricing trends are also gathered. As a result, the material developed contains a wide range of original data that is then further cross-validated and authenticated with published sources.
Statistical model
Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously. These factors are studied on a comparative basis, and their impact over the forecast period is quantified with the help of correlation, regression, and time series analysis. Market forecasting is performed via a combination of economic tools, technological analysis, industry experience, and domain expertise.
Econometric models are generally used for short-term forecasting, while technological market models are used for long-term forecasting. These are based on an amalgamation of the technology landscape, regulatory frameworks, economic outlook, and business principles. A bottom-up approach to market estimation is preferred, with key regional markets analyzed as separate entities and integration of data to obtain global estimates. This is critical for a deep understanding of the industry as well as ensuring minimal errors. Some of the parameters considered for forecasting include:
Market drivers and restraints, along with their current and expected impact
Raw material scenario and supply v/s price trends
Regulatory scenario and expected developments
Current capacity and expected capacity additions up to 2030
We assign weights to these parameters and quantify their market impact using weighted average analysis, to derive an expected market growth rate.
Primary validation
This is the final step in estimating and forecasting our reports. Exhaustive primary interviews are conducted, face to face as well as over the phone to validate our findings and assumptions used to obtain them. Interviewees are approached from leading companies across the value chain including suppliers, technology providers, domain experts, and buyers so as to ensure a holistic and unbiased picture of the market. These interviews are conducted across the globe, with language barriers overcome with the aid of local staff and interpreters. Primary interviews not only help in data validation but also provide critical insights into the market, current business scenario, and future expectations and enhance the quality of our reports. All our estimates and forecast are verified through exhaustive primary research with Key Industry Participants (KIPs) which typically include:
Market-leading companies
Raw material suppliers
Product distributors
Buyers
The key objectives of primary research are as follows:
To validate our data in terms of accuracy and acceptability
To gain an insight into the current market and future expectations
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