The new robotic wheelchairs market research from Technavio indicates neutral growth in the short term as the business impact of COVID-19 spreads.
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Technavio has announced its latest market research report titled Global Robotic Wheelchairs Market 2020-2024 (Graphic: Business Wire)
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"One of the primary growth drivers for this market is the increasing population of physically disabled people," says a senior analyst for the industrials industry at Technavio. Vendors should focus on growth prospects in the fast-growing segments while maintaining their positions in the slow-growing segments. As the markets recover, Technavio expects the robotic wheelchairs market size to grow by USD 240.36 million during the period 2020-2024.
Robotic Wheelchairs Market Segment Highlights for 2020
- The robotic wheelchairs market is expected to post a year-over-year growth rate of 4.92%.
- Based on the end-user, the residential segment led the market in 2019.
- The market growth in the segment will be significant over the forecast period.
Regional Analysis
- 36% of the growth will originate from the Europe region.
- The market growth in Europe is driven by the increased flexibility of robotic wheelchairs.
- Germany is one of the key markets for robotic wheelchairs in Europe.
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Notes:
- The robotic wheelchair market size is expected to accelerate at a CAGR of over 16% during the forecast period.
- The robotic wheelchairs market is segmented by end-user (Residential and Commercial) and geography (North America, Europe, APAC, MEA, and South America).
- The market is concentrated due to the presence of a few established vendors holding significant market share.
- The research report offers information on several market vendors, including DEKA Research and Development Corp., Honda Motor Co. Ltd., Matia Robotics, Merits Health Products Co. Ltd., MEYRA, Ottobock SE Co. KGaA, Ramp USA Inc., Sunrise Medical LLC, UPnRIDE Robotics Ltd., and WHILL Inc.
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