Industry Analysis & Industry Trends
Favorable demographic changes will benefit the industry, with demand for wheelchairs growing as a result of a greater need among older baby boomers. While input costs will remain high, they will not shift as drastically as in the previous five-year period. Nevertheless, fluctuations in research in development contribute to decreased revenue, as a result of the industry's reliance on advances in technology.
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Industry Report - Industry SWOT Analysis Chapter
The Wheelchair Manufacturing industry is in the mature phase of its life cycle, with the industry growing at a slower pace than US GDP. Over the 10 years to 2021, industry valued added, or the value that the industry adds to the overall economy, is forecast to increase at an annualized rate of 0.6%. In comparison, US GDP is anticipated to expand at an average annual rate of 2.2% during the same period.
Since wheelchairs are expensive products, consumers are more willing to purchase a new chair only if there have been major improvements that will make their daily life easier. Additionally, users can increasingly find custom-made and high-performance wheelchairs as well as accessories... purchase to read more