Automated segment is projected to grow at a CAGR of 5% till 2015
As one may know developing countries in the Asian region has come a long way in their healthcare facilities. India along with China and others have constantly being investing a sizable portion of their economy on a year on year basis. This is surely bringing in some sort of improvements and raising the standards of healthcare and medical processes matching those with that of developed nations of the west. Amongst all the segments in the healthcare industry; disability holds a big chunk and contributes a high value. Thus the market for wheelchair is one of the major growing segments around the globe.
India is seen as a big market for the locomotor disability cases, there are around 20 million disable people living in the country, out of them about 11 million are locomotor disabled. The ratio of locomotor disabled is highest in the country amongst all its neighbors. There are around 1,046 people out of every 1, 00,000 in the rural regions whereas; there are about 901 out of every 1, 00,000 in the urban population. Low literacy rates, unemployment and hugely spread social stigma around the country are factors hurting the situation further unable to create a helping favorable circumstance for the disabled in India.
The Indian wheelchair market is pegged up to $ 15 million and it is estimated a growth of 10% CAGR for the upcoming 3 years. This shows that it is a huge contributor to the global wheelchair industry . The organized players which have a sizable presence in the overall market are projected to be worth $ 6 million and it also forecasted a growth of 10% CAGR for the same period.
The country has a market for both manual as well as motorized; the motorized version of wheelchair though new to the country, it is expected to have a solid growth potentials as it is likely to reach $ 4 million within the end of 2015. The demand for these motorized wheelchairs is likely to upsurge by 5% annually till the end of 2015.
Customization in these wheelchairs both manual and motorized ones is a trend that is picking up. However, according to the experts in the business from the west; although India has the technologies to produce a better product its implementation and usage levels are low due to the lack of awareness and high product price tag which is unaffordable for most in the country.
However, times are changing for better as per the market research. There are unorganized sellers in the market who are selling 100-150 units per year and cater to local markets in smaller cities. Such sellers tend to buy their products from China which enables a volume purchase and thus selling the products at a relatively lower price tag is possible. These sellers today also take up customization orders which is in turn creating a competitive market all over.