PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1400972
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1400972
Non-Magnetic wheelchair Market size was valued at USD 52.3 Million in 2022, expanding at a CAGR of 6.6% from 2023 to 2030.
A non-magnetic wheelchair refers to a wheelchair that is not affected by magnetic fields. Traditional wheelchairs often contain components, such as steel or other magnetic materials, that can be influenced by magnetic forces. This can be a concern in environments where strong magnetic fields are present, such as near magnetic resonance imaging (MRI) machines. They are specifically designed for use in environments where magnetic compatibility is crucial, such as in healthcare facilities with MRI machines. In other everyday situations, traditional wheelchairs with magnetic components may be perfectly suitable.
Non-Magnetic wheelchair Market- Market Dynamics
Growing prevalence of physiological and neurological diseases is expected to propel the market growth
The occurrence of physiological and neurological diseases is increasing, leading to a higher demand for non-magnetic wheelchairs. According to the national center of biotechnological information, the prevalence rates of neurological disorders vary across different regions of the country, ranging from 967 to 4,070 per 100,000 populations, with an average of 2,394. This approximate estimation indicates that there are more than 30 million individuals with neurological disorders. The demand for non-magnetic wheelchairs is particularly significant in healthcare facilities where magnetic resonance imaging (MRI) is commonly utilized for diagnosis. MRI statistics in the U.S. reveal that medical professionals conduct approximately 30 million MRI scans annually. In light of this, hospitals and diagnostic centers may prioritize the use of non-magnetic wheelchairs to ensure the safety and well-being of patients who require mobility assistance and need access to MRI machines. Moreover, as healthcare infrastructure expands globally, especially in developing regions, there is an opportunity for the increased adoption of non-magnetic wheelchairs in newly equipped healthcare facilities with advanced diagnostic equipment. However, the high manufacturing costs of wheelchairs present a challenge to the market's growth.
Non-Magnetic Wheelchair Market- Key Insights
As per the analysis shared by our research analyst, the global Non-Magnetic wheelchair market is estimated to grow annually at a CAGR of around 6.6% over the forecast period (2023-2030)
Based on Patient Weight segmentation, 100 kg to 150 kg was predicted to show maximum market Share in the year 2022
Based on Magnetic Field Strength segmentation, up to 3T was the leading type in 2022
Based on End-user segmentation, Hospitals was the leading type in 2022
based on region, North America was the leading revenue generator in 2022
The Global Non-Magnetic Wheelchair Market is segmented based on Patient Weight, Magnetic Field Strength, End-user, and Region.
The market is segmented into three categories according to Patient Weight: Below 100 kg, 100 kg to 150 kg, and Above 150 kg. The dominant segment in the market is the 100 kg to 150 kg range. There is a notable demand for wheelchairs that can accommodate users within this weight range. This demand can be attributed to several factors, including the increasing population of individuals facing mobility challenges within this weight category, a growing awareness of the significance of non-magnetic features in certain environments, and advancements in wheelchair technology to cater to specific user requirements.
The market is divided into two categories based on Magnetic Field Strength: Up to 3T and Up to 7T. The dominant segment in the market is the Up to 3T category. It is essential to emphasize the compatibility of non-magnetic wheelchairs with MRI environments that have a Magnetic Field Strength of up to 3T. wheelchairs are designed with features that prioritize patient safety and prevent any interference with the MRI imaging process.
The market is divided into two distinct categories on the basis of End-user, namely Hospitals and Outpatient Facilities, with the Hospital sector holding a dominant position. Hospitals place great emphasis on safety and compliance with established standards. In order to avoid any interference with imaging and guarantee the safety of patients, the utilization of non-magnetic wheelchairs is imperative within MRI suites.
Non-Magnetic wheelchair Market- Geographical Insights
Geographically, the market is spread across various regions including North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided based on the countries involved in business activities. The Non-Magnetic wheelchair market growth is expected to be dominated by North America. This can be attributed to the presence of advanced healthcare technologies and superior healthcare reimbursement policies in the region. The robust healthcare reimbursement policies in North America can facilitate the adoption of non-magnetic wheelchairs. When healthcare providers receive reimbursement for such equipment, it encourages the use of these specialized wheelchairs in healthcare settings. According to the Centers for Medicare & Medicaid Services, it is predicted that healthcare expenditures in the US will exceed USD 5.7 trillion from 2010 to 2026, covering all healthcare costs including pharmaceuticals, equipment, and technology. Europe, on the other hand, is expected to be the second-largest market in the upcoming years, primarily due to the growing geriatric population that is susceptible to diseases.
The non-magnetic wheelchair market is highly competitive, with manufacturers offering a diverse range of products that vary in weight capacity, materials used, and compatibility with different healthcare settings. To stay ahead of the competition, some companies invest in research and development to introduce innovative features to their non-magnetic wheelchair products. Technological advancements and unique design features can give companies a competitive edge, as can a well-established and efficient distribution network. In recent years, there has been a significant effort in R&D for both powered and self-propelled wheelchairs, as well as assistive technology for people with disabilities. While there have been some notable successes, such as innovative autonomous self-propelled wheelchairs, there has been little effort to extensively and intensively review the research trends for self-propelled wheelchairs since the work by Simpson and Ding et al over a decade ago.
In Dec 24, 2020, The winner of the three-year Mobility Unlimited Challenge is Phoenix Instinct from the UK. The company will receive USD1 million to further develop its intelligent ultra-light carbon fiber wheelchair, bring it to market, and hopefully transform millions of lives in the disability community for the greater good.
The scope of this report covers the market by its major segments, which include as follows: