Wheelchairs Market Size to reach USD 8.09 Billion [CAGR 7.0%]
The global wheelchairs market is set to gain impetus from the rising prevalence of physical disabilities amongst adults and children. According to the World Report on Disability (WRD), published in 2011 by the World Bank and World Health Organization (WHO), around 15% of the world’s population lives with some form of disability and approximately 110-190 million people possess difficulties in functioning. Fortune Business Insights™ recently published a report, titled, “Wheelchairs Market Size, Share & Industry Analysis, By Type (Manual & Powered), By Application (Standard Wheelchair, Bariatric Wheelchair, Sports Wheelchair, and Others) End-user (Personal User and Institutional User) and Regional Forecast, 2019-2026.” In the report, the company mentions that the wheelchairs market size is projected to reach USD 8.09 billion by 2026, thereby exhibiting a CAGR of 7.0% during the forecast period. However, the market stood at USD 4.73 billion in 2018.
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Hoobox & Intel Unveil Wheelie 7 Kit Enabled with Face Recognition Feature
In December 2018, Hoobox Robotics, an AI-based technology startup based in Brazil, teamed up with Intel, an American multinational corporation and technology company headquartered in California, to develop the Wheelie 7 kit. It is a motorized wheelchair that helps differently abled users in controlling it with simple facial expressions. The wheelchair doesn’t require invasive body sensors. But it uses a camera and AI to provide the users with complete control and independence over their actions.
According to the company officials, in the U.S., more than 60 people tested the AI-powered wheelchair. Out of those, many are senior citizens, amyotrophic lateral sclerosis, or quadriplegics. The company wanted today’s advanced technologies to help people in regaining mobility and control their daily activities. The new kit would enable those with limited mobility to move around by using natural facial movements.
Rising Cases of Walking Disabilities to Propel Growth
Nowadays, the number of spinal cord injuries amongst the geriatric population is increasing at a fast pace across the world. In addition to that, the incidence of lower extremity injury and walking disabilities are upsurging. Also, the governments of various countries are taking numerous initiatives to improve the accessibility of state-of-the-art wheelchairs in the emerging economies. All these factors are anticipated to accelerate the wheelchair market growth during the forecast period.
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Rising Geriatric Population Worldwide to Boost Growth
The number of aging population is increasing rapidly across the world. In January 2018, WHO stated in a study that the number of people between the age group of 60 years and older is anticipated to outnumber children younger than 5 years by 2020. In addition to that, the proportion of the world’s population above 60 years will double from 12% to 22% between 2015 and 2050. It proves that the aging populaces are likely to be affected the most by mobility disorders. This, in turn, would propel the wheelchairs market growth during the forecast period.
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