Between 2013 and 2023, the wheelchair parts market in South Africa experienced significant fluctuations. The market value oscillated with years of growth interspersed with declines, reflecting a volatile environment. In 2023, the market stood at 9.2648 million USD, showing a slight recovery from a dip in 2022. Over the last two years, year-on-year variations were -7.79% in 2022 and 1.39% in 2023. The compound annual growth rate (CAGR) over the past five years was 0.83%, indicating minimal growth. Moving forward, the market is forecasted to grow modestly with a 5-year CAGR of 0.93% and an overall growth rate of 4.74% by 2028.
Future trends to watch for:
• Increased demand for advanced wheelchair technology.
• Rising healthcare expenditure and an aging population.
• Potential impacts of economic conditions and regulatory changes.
• Technological innovations and their adoption rates within the market.