Robotic Wheelchairs Market: On The Edge of Path breaking Innovation
Robotic wheelchairs market is expected to register a robust growth in the near future and reach of US$ 6,073.9 mn by 2026. Robotic wheelchairs are an advanced version of conventionally used electric wheelchairs, also known as power wheelchairs. The robotic wheelchairs are laden with artificial intelligence and sensors. These chairs can automatically detect obstacles in path, navigate accordingly, and enhance the user experience multifold by allowing them to experience life without having to worry about the burden of the chair.
The robotic wheelchair market is expected to register robust growth as artificial intelligence has already made forays through automatic driving capabilities and inspires confidence in consumers today. Additionally, growing big data analytics provide users an edge that is simply too difficult to obtain on their own. For example, Google recently introduced a receptionist AI which can have conversations in real time and book appointments, hotel reservations on behalf of people easily. This technology promises to save considerable amount of time, money, and provides additional mobility, much appreciated by handy-capped individuals.
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Robotic Wheelchairs Market: Aging Population May Taste a Sweet Victory
Major markets like North America and Europe are witnessing a significant rise in the elderly population. The elderly population is prone to suffering from limited mobility for various reasons. Growing cases of knee injuries, strokes, paralysis, and obesity are expected to increase these mobility related ailments in the near future. Additionally, countries like the US are witnessing a growing favorable push towards fair and balanced reimbursement mechanisms. The robotic wheelchairs market products make a strong case for several individuals with limited mobility. Without the automated support, these individuals can require manual support, which is both expensive and can reduce the quality of their lives. Hence, rising aging population coupled with other factors such as rising disposable incomes, various advancements in automation are expected to create several opportunities for growth in the robotic wheelchairs market.
On the other hand, high costs of the robotic wheelchairs are expected to limit growth of the robotic wheelchairs market. Despite the favorable reimbursement policies, high costs continue to pose a problem for the growth of the robotic wheelchairs market.
Robotic Wheelchairs Market: Tech Enthusiasm May Create New Avenues
Technology has been creating a lot of buzz recently. The positive buzz surrounding gadgets like wearable devices, smartphones, and smart fabrics may enthuse more people to opt for robotic wheelchairs. Due to their high costs, their penetration in the market may not supersede that of smartphones. However, over times as economies of scale cheap in, the robotic wheelchair market may witness robust growth.
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In the short run, several companies in the robotic wheelchair market are focused on identifying key areas of improvement, thereby making their products more appealing to end-users. For example, many old people often people live solitary lives, due to limited mobility. This can lead to isolation and major reduction in quality of life with several illnesses such as loneliness, depression, suicidal thoughts, etc. However, robotic wheelchairs can offer a new lease of life for the elderly and are touted as such. The reduction in prices over time and growing awareness is expected to create several new opportunities for growth for the robotic wheelchairs market in the near future.