Artificial Intelligence
Wheelchair Market Size to Worth Around USD 14.7 Billion by 2030
Ottawa, Aug. 16, 2022 (GLOBE NEWSWIRE) — The global wheelchair market size was valued at USD 7.12 billion in 2022. People who already are helpless or unwilling to move because of an accident or other disorders like Down syndrome utilize wheelchairs to go around. The different sorts of wheelchairs are mechanical chairs as well as powered or electrical chairs. Both interior and outdoor uses are possible for them. In the coming years, new advancements & inventions, including stair climbing wheelchairs, sporting recliners, and intelligent mobility scooters, are predicted to propel the expansion of both the assistive devices industry.
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The wheelchair’s greatest dependable characteristics to consumers are being provided by ongoing physiologic wheelchairs improvements as well as technology chair developments. Wheelchairs have become the preferred or practical choice for customers and patients due to the addition of modern equipment like ocular detector control mechanisms, operating control systems to AI automated processes or touch make contact trying to influence, and improvements in personalization like introducing additional the most convenience besides shock absorption, additional support for body position regulation, and pressure pitcher scores. Enhancing the patient’s dependence and security indicates a growing market need. More recent wheelchairs have characteristics including automated processes or moderately, regulated movement, reduced dangerous manual restrictions, and assistant demands.
Report Insights:
- In 2021, the electric wheelchair product segment exhibited 55.6% market share.
- In 2021, the adult category segment generated 69.4% market share.
- In 2021, the rehabilitation centers application segment hit revenue share of around 34.5%.
- North America region had revenue share of 35% in 2021.
Regional Snapshot
The aging population of advanced countries including the United States, Japan, and Canada, is anticipated to fuel industry revenue. For individuals with difficulties who have difficulty moving or even have spine injuries that result in quadriplegia, palsy, or down syndrome, this aid is useful. The flexibility provided by wheelchair usage provides users with a range of chances to perform, educate, participate in multiple social events, and obtain health services.
Additionally, it benefits users’ lifestyle quality & overall well-being by easing problems amongst individuals. Studies suggest that 1.85% of people worldwide need wheelchairs. Chair need is now produced by 1% of both the people in 34 wealthy countries, but 2% of the demographic in 156 emerging economies, which is predicted to increase the need for chairs worldwide.
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Scope of the Report
| Report Attributes | Details |
| Market Size in 2021 | USD 6.5 Billion |
| Revenue Forecast by 2030 | USD 14.7 Billion |
| CAGR | 9.49% from 2022 to 2030 |
| By Product |
|
| By Category |
|
| By Application |
|
| By Region |
|
| Base Year | 2021 |
| Forecast Year | 2022 to 2030 |
| Key Players | 21st Century Scientific, Inc., Drive Medical Design & Manufacturing, Aquila Corporation, Aspen Seating, Carex Health Brands, Inc., Custom Engineered Wheels, DEKA Research & Development Corp (U.S.), Eagle Sportschairs LLC., Alber (Frank Mobility), EASE Seating System, Graham-Field Health Products Inc., Forza Medi, Hoveround Corporation, Others |
Market Dynamics
What are the drivers of wheelchair market?
- People who are paralyzed are limited in their capacity to move their bodies and use their voluntary muscles because of a variety of conditions, including nervous system disorders, strokes, artery obstructions, and obstructions inside the skull or neck. Accidental and sports-related spinal and brain cord traumas can also result in immobility; in these cases, a wheelchair provides mobility freedom. The need for wheelchairs is anticipated to rise as more people with paralysis need them to freely circulate and carry out daily tasks.
- The need for wheelchairs has risen due to an increase in the percentage of persons over 65 around the world, particularly in industrialized nations. A loss of stamina or physical issues like osteoarthritis and rheumatism cause mobility challenges in the elderly society. They have a hard time getting about, and just a chair is required to assist people during daily tasks. Wheelchair users are crucial in people with severe disabilities, spinal cord injuries, and problems.
- Mobility scooters that are powered by electricity promote mobility, are simpler to use, and encourage people to move rather than become tired. For greater availability & independence, it is frequently utilized outside. Mobility scooters are becoming more useful as a result of ongoing brand advancement and technological advancement, that is anticipated to keep up with the rising world market. Research indicates that almost 70 million individuals worldwide need wheelchairs. Many people, though, are denied accessibility to wheelchairs. The use of wheelchairs by approximately 11.6% of worldwide people is fostering the industry for wheelchairs sales growth.
What are the restraints of the wheelchair market?
- The expansion of such an industry’s revenues has been constrained by wheelchairs’ expensive manufacture & repair costs. In certain places, motorized wheelchairs offer restricted movement. In contrast to earlier scooters, mechanical chairs seem to be more flexible. Additionally, it imposes some unique size restrictions, that have an impact on its expansion.
- Long-term usage of such chairs puts consumers at risk for skin rashes, pressure ulcers, and spinal damage. Statistics in business growth are anticipated to be constrained by attachments’ low diversity and availability. The high cost of electric chairs makes them unaffordable to all customers, resulting in a detrimental effect on the expansion of the wheelchairs market worldwide.
Market Opportunities
Advanced technologies and equipment were developed recently to assist those who have low capacity. That expanding trend makes intellectual ability devices feasible thanks to low-cost CPUs & monitors. If customers have a positive perspective about new gadgets, artificial intelligence, smartwatches, and computer vision, then people may prefer powered wheelchairs. This is expected to create potential opportunities for intelligent chair industry players.
Market Challenges
During the projection timeframe of 2021-30 global economy has evolved of the manual wheelchair will be constrained by the expensive amount of the cost and also the absence of targeted and relevant. Given the high cost and complexity of digital chairs, substantial services and infrastructure would be needed again in an attempt to familiarise & educate users.
The above study of the global industry for smart wheelchairs includes information on the latest market advancements, import duties, trade interpretation, business model, supply chain enhancement, market dominance, the effect of residential and localized industry players, and an analysis of prospects in terms of new revenue streams, and advancements in technology.
Report Highlights
- According to Interesting, motorized wheelchairs were anticipated to experience the largest increases during the projected timeframe because of the increasing need for chairs with many functions, including angulation, reclined, and freestanding recliners.
- Basic, sporting, geriatric, & upright wheelchairs are employed in a variety of uses inside this sector. Because of their low cost and widespread accessibility, basic wheelchairs would continue to dominate the market.
- In part because of its obesity rates prevalence and older society, the United States would continue to serve as the world’s largest continent. Because of rising governmental healthcare spending, a growing number of people with disabilities, and an increase in medical facility building, Asia Pacific is predicted to experience the greatest growth rate throughout the projection period.
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Recent Developments
- The Powered Company unveiled its “One Remedy” innovation in January 2022, which combines the most well-known wheelchair users with several amazing aspect structures for such a flawless system. the manufacture and distribution of chronic hospital equipment, such as chairs, strollers, stress therapy, electric scooters, and positioning goods.
- LITH-TECH, a wheelchair manufacturer with its global headquarters in the UK, unveiled their Intelligent Chairs 3 folding wheelchairs on 19 Oct 2021. Entrance wheelchairs have features such as a 1 x 12AH charger that can go around 12 kilometers on a fast charger and that can be used both inside and outside.
- Furthermore, this would be created specifically for clients who value dependability and usability, and demand for it has been extraordinarily high due to its adherence to baggage limitations for flights.
- On August 2, 2021, the American wheelchair manufacturer Invacare Company announced the AVIVA Tornado RX, a back-wheel-powered wheelchair that will increase the bar for powered transportation. Wheel Air presents a new strong backrest organized and summarise in 2021 to help people in wheelchairs. This wheelchair’s short length and narrow breadth give it just a small base layout that ensures agility with only an upgraded motor system that runs at 5.8-7.5 mph. The company claims that adding a Wheel Air Technology which gives wheelchair users access to their temperature and relative humidity to one stiff backrest can be done in as little as two months.
- In February 2020, Numotion, a provider of complexity rehabilitation technologies (CRT) networks, bought the Monroe Powerchair chair. Monroe Chair provides unique technologies for difficult rehab services and health-related items.
- In November 2019, IIT Madras University and Phoenix Healthcare Systems will launch India’s first locally developed “Stand Powerchair.” With the use of this technology, a disabled person who requires a wheelchair can shift postures independently and safely from sitting to having to stand.
- Top wheelchair manufacturer Ottobock, based in Germany, saw two developments in the wheelchair market in 2019. As a result, an epidemic issue drastically decreased their income. Numerous other businesses ran across the same issues. The business would have been operational by the end of 2020, providing its clients with e-services like video chats for e-appointments, home delivery, and social networking site guidance.
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New analyst report recognizes Basware capabilities with the highest scores possible in the Exception Handling, Fraud and Risk Management, and Tax Compliance and Operations criteria.
CHARLOTTE, N.C., July 8, 2024 /PRNewswire/ — Basware, a global leader in AP automation and invoice processing, has been recognized as ‘a Leader’ in The Forrester Wave™: Accounts Payable Invoice Automation, Q3 2024.
CFOs, business leaders and AP (accounts payable) professionals have long sought automated invoice processes. But only recently, with the advent of AI, has there been a significant shift in the space. Companies must offer superior AI capabilities, greater automation, and more comprehensive insights into financial and cash data to attract new customers and retain existing ones.
According to the Forrester report, Basware was named as a leader in its 31-criterion evaluation. The company received the highest scores possible across 16 criteria, including Exception Handling, Fraud and Risk Management, and Tax Compliance and Operations.
The Forrester Wave™ report states:
“Basware heads the pack with a laser focus on automating the last mile of AP processes. As the largest specialist provider of APIA [Accounts Payable Invoice Automation] software, Basware has established itself as an APIA powerhouse with customer obsession, practical innovation, and solid execution. Its pragmatic product roadmap addresses critical client pain points related to compliance and fraud management.”
AP teams have been battling against external forces in recent years, such as macro-economic headwinds, the supply chain crunch, labor market shortages and expanding regulations, putting the squeeze on resources. To alleviate pressures, AP professionals need access to cost and time effective technologies that can manage increasingly complex business operations, support customers and always remain compliant with global regulations.
Nish Makwana, Finance Manager at Specsavers (customer of Basware), commented:
“Being recognized as a leader in the Forrester report confirms the outstanding performance we’ve experienced as a customer of Basware’s AP automation and Statement Matching solutions.”
In recent months, Basware has furthered its commitment to innovation and delivering value to customers and the industry by:
Partnering with Deloitte to remove manual invoice processing and accelerate finance transformationAcquiring UK-based AP Matching to boost statement reconciliationLaunching AP Protect to help protect organizations from the threat of invoice errors and fraud using AIJason Kurtz, CEO at Basware, commented:
“AP teams are tasked with managing thousands of invoices and payments every week, often putting a strain on resources and pushing them to balance speed with compliance. The answer to this challenge? Unified end-to-end APIA solutions. The industry has been calling for enhanced automated solutions to support AP departments, and we’re helping our customers save time and money, while remaining compliant with ever-changing global regulations. We believe that being named a leader sets us apart from our competitors. But we’re just getting started, and the best is yet to come.”
In 2023, Basware experienced one of its most successful financial years in its almost 40-year history. It expanded its market presence and added over 300 customers to its global portfolio of over 1000+ AP customers. During that period, Basware handled over 200 million invoices and $900 billion in invoice spend through its platform.
About Basware
Basware is how finance leaders in global enterprises can finally automate their complex, labor-intensive invoice processes and stay compliant with regulatory change. Our AP automation and invoicing platform helps you achieve a new level of efficiency – in a matter of months – while reducing errors and risks. We bring a unique combination of true automation, complete coverage, and deeper expertise to make it all just happen for our customers. That’s why the world’s most efficient AP departments at thousands of companies rely on Basware to handle over 220 million invoices per year. Basware. Now it all just happens.™
For more information visit: https://www.basware.com/en/
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Artificial Intelligence
Cato Networks Named a Leader in the 2024 Gartner Magic Quadrant for Single-Vendor SASE
Cato SASE Cloud Platform continues to shape the enterprise security market
TEL AVIV, Israel, July 8, 2024 /PRNewswire/ — Cato Networks, the SASE leader, today announced that Gartner, Inc. has recognized the company as a Leader in the 2024 Gartner® Magic Quadrant™ for Single-Vendor SASE.
“Cato’s true SASE platform is the antidote to IT complexity that persists in the face of ongoing so-called ‘platformization’ efforts,” said Shlomo Kramer, co-founder and CEO at Cato Networks. “Cato pioneered the SASE market and is shaping its future with best-in-class customer experience and a train of innovations that deliver on SASE’s promise.”
Built from its inception to be a platform, the Cato SASE Cloud combines operational excellence and an elegant customer experience. Cato’s autonomous cloud service offloads IT from the grunt work of extending, upgrading, patching, and scaling security infrastructure while sustaining resiliency and availability. “Platformization” is a portfolio approach to SASE and attempts to integrate multiple acquired products with differing code bases, form factors, policy engines, and data lakes into a single platform – an impossible task that is apparent to anyone familiar with the two approaches.
“We believe this Gartner recognition reflects what our customers experience with Cato every day,” continued Kramer.
As of July 3, 2024, on Gartner Peer Insights™, the Cato SASE Cloud Platform had an overall rating of 4.7 out of 5 for single-vendor SASE and 183 verified reviews – more than 10x of any Leader in the single-vendor SASE Magic Quadrant.
Cato Expands the Scope of Single-Vendor SASE
Gartner defines single-vendor secure access service edge (SASE) offerings as those that deliver multiple converged-network and security-as-a-service capabilities, such as software-defined WAN, secure web gateway, cloud access security broker, network firewalling and zero trust network access. These offerings use a cloud-centric architecture and are delivered by one vendor.1
The Cato SASE Cloud Platform extends beyond the original definition of SASE to deliver world-class performance and empower IT teams to eliminate threats and troubleshoot network incidents faster. Cato owns and manages the global cloud network, delivering an exceptional SASE experience to any enterprise worldwide. Functionally, Cato extends beyond threat prevention of the original SASE scope with SASE-managed endpoint protection (EPP/EDR) and SASE-based extended detection and response (XDR), the first AI-driven networking and security incident detection and response platform.
To experience Cato yourself, visit us at https://www.catonetworks.com.
1Gartner, Magic Quadrant for Single-Vendor SASE, Andrew Lerner, Jonathan Forest, Neil McDonald, Charlie Winckless, 3 July 2024
GARTNER is a registered trademark and service mark of Gartner and Magic Quadrant and PEER INSIGHTS are registered trademarks of Gartner, Inc. and/or its affiliates in the U.S. and internationally and are used herein with permission. All rights reserved.
Gartner Peer Insights content consists of the opinions of individual end users based on their own experiences with the vendors listed on the platform, should not be construed as statements of fact, nor do they represent the views of Gartner or its affiliates. Gartner does not endorse any vendor, product or service depicted in this content nor makes any warranties, expressed or implied, with respect to this content, about its accuracy or completeness, including any warranties of merchantability or fitness for a particular purpose.
Resources
Read the Cato blog, “With Great Leadership Comes Great Responsibility”Picture of Shlomo KramerCato Networks’ LogoAbout Cato NetworksCato Networks is the SASE leader, delivering enterprise security and networking in a single cloud platform. With Cato, organizations replace costly and rigid legacy infrastructure with an open and modular SASE architecture based on SD-WAN, a purpose-built global cloud network, and an embedded cloud-native security stack.
Want to learn why thousands of organizations secure their future with Cato? Visit us at www.catonetworks.com.
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Expanding Messaging Capabilities for Businesses
SAN FRANCISCO and STOCKHOLM, July 8, 2024 /PRNewswire/ — Sinch (Sinch AB (publ) – XSTO: SINCH), which is pioneering the way the world communicates through its Customer Communications Cloud, today introduced the Sinch Omnichannel Connector on Salesforce AppExchange. This innovative solution enhances conversational marketing opportunities and customer experiences by offering Salesforce Marketing Cloud customers advanced one-way and two-way messaging capabilities. The solution is now available on Salesforce AppExchange.
The Sinch Omnichannel Connector seamlessly integrates with the Salesforce ecosystem, empowering businesses to elevate their marketing strategies by reaching and engaging customers across their preferred channels. This new offering expands the reach of Salesforce Marketing Cloud platform features, providing a comprehensive suite of omnichannel messaging capabilities. Businesses can now connect with customers through one-way and two-way messaging across 13 diverse channels, including platforms like RCS, Kakao Talk, Viper, and Instagram. This expands Salesforce’s native channels of SMS, MMS, Email, WhatsApp, and LINE, providing a comprehensive communication solution.
“With the Sinch Omnichannel Connector, businesses can enhance their customer communications, personalize engagements, and maximize the return on their marketing investments,” said Jonathan Campbell, Senior Director, Messaging Products at Sinch. “Salesforce Marketing Cloud users can now leverage a broader spectrum of messaging channels through Sinch, beyond those directly supported by Salesforce, to optimize their marketing strategies and elevate customer engagement.”
To get started, Salesforce Marketing Cloud users simply need to have an existing account and onboard the Conversation API through the Sinch Dashboard. From there, they can easily activate the channels of their choice, tailoring their messaging strategy to suit their unique business needs.
Sinch has partnered with Salesforce since 2014 when Salesforce expanded its SMS offering into international markets. Sinch is a strategic supplier for Salesforce’s global SMS delivery and provides enterprise-grade messaging solutions that support Salesforce and its global customer base.
For more information visit Sinch Omnichannel Connector
Salesforce, AppExchange, Marketing Cloud and others are among the trademarks of Salesforce, Inc.
CONTACT:
For further information, please contact:
Janet LennonDirector of Global Communications [email protected]
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