October 28, 2021
According to the research report titled ‘Global Robotic Wheelchairs Market Size study, by Application (Residential, Commercial) by distribution channel (Retail, E-Commerce) and Regional Forecasts 2021-2027”, available with MarketStudyReport, global robotic wheelchairs market was valued approximately USD 90.72 million in 2020 and is anticipated to reach USD 170.15 million by the end of forecast period 2021-2027, with a healthy y-o-y growth rate of more than 9.4% throughout.
As per the findings of the report, rising prevalence of obesity and increasing elderly population will majorly drive global robotic wheelchairs market growth over the projection period. Moreover, United Nations Department of Economic and Social Affairs states that, in 2019, there were 703 million older people worldwide and this figure is anticipated to grow to 105 billion by the end of 2050.
Request sample copy of this Report: https://www.marketstudyreport.com/request-a-sample/4219696/
Rising technological advancements and investments in R&D activities are further expected to boost market growth during the forecast period. However, increased competition from existing and new manufacturers may hamper industry expansion.
From the regional perspective, North America (U.S., Canada), Europe (UK, Germany, Spain, France, Italy, ROE), Asia Pacific (Japan, China, South Korea, India, Australia, RoAPAC), and Latin America (Mexico and Brazil) are the major geographies considered to assess worldwide robotic wheelchairs industry size and scope.
Experts cite that North America accounts for a significant portion of the overall market share, mainly creditable to increasing technological advancements. Meanwhile, Asia Pacific is anticipated to exhibit a robust growth rate over the analysis period due to steady increase in the population base.