Albany, NY -- (SBWire) -- 10/04/2018 --Global Specialty Medical Chairs Market: Snapshot
A burgeoning geriatric population is the main driver of demand for specialty medical chairs. Other factors stoking market growth are growing healthcare outlays in developing countries and constant thrust on innovation to create better products by leading manufacturers such as Fresenius Medical Care, Invacare Corporation, and Topcon Medical Systems, Inc. One factor posing a challenge to the market for specialty medical chairs is their expensiveness and the steep cost of refurbishing old ones. In order to make the most of the opportunity in the market, success-hungry companies need to reduce prices.
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A noticeable trend in the global specialty medical chairs market is companies focusing on expanding their distribution channels by forging alliances with private clinics, multispecialty clinics, and distributers.
Owing to such efforts of players and other tailwinds, the global market for specialty medical chairs is expected to rise at a CAGR of 6.5% from 2015 to 2023, foretells a research study by Transparency Market Research. The report expects the market to clock a value of US$6.75 bn by 2023-end from US$3.80 bn in 2014.
Rehabilitation Chairs to be Dominant Product Segment due to Growing Popularity of Home Healthcare
Popular products in the global specialty medical chairs market are treatment chairs, examination chairs, and rehabilitation chairs. Cardiac chairs, birthing chairs, blood drawing chairs, mammography chairs, and dialysis chairs are the different varieties of examination chairs available in the market. Treatment chairs are again divided into ENT chairs, ophthalmic chairs, and dental chairs. And rehabilitation chairs are comprised of pediatric chairs, geriatric chairs, bariatric chairs, and toilet chairs. Going forward, the segment of rehabilitation chairs is expected to emerge as the top revenue grosser in the market on the back of rising uptake of home health care and innovative business strategies of players. The segment is anticipated to pull in a CAGR of 6.5% in the forecast period during 2015 and 2023. The treatment chairs on the other had are expected to rise at a higher CAGR of 8.1% in the same period.
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Manufacturers are seen pouring money into development of more effective specialty medical chairs to suit various needs such as to cardiac problems, pregnancy, and obesity. With the emergence of more sophisticated products offering higher comfort and improved technologies on account of such product innovation efforts by players, the market will benefitted in the near term, feels the analyst at TMR.
Numerous Dental, ENT, and Ophthalmic Clinics Make North America Dominant Region
Key geographic regions in the global specialty medical chairs market are Asia Pacific, North America, Europe, and the Rest of the World. Of them, North America has the largest share in the market. In 2014, its dominant share came to around a significant 43.1%. In the years ahead too, the segment is predicted to retain its market position by rising at a CAGR of 6.8%. The market in the region is being mainly boosted by the good number of dental, ophthalmic, and ENT clinics, particularly in the U.S. and Canada. Apart from that, supportive reimbursement policies for bariatric chairs and wheelchairs in the region have also had a positive impact on the market.
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Asia Pacific is another key market for specialty medical chairs. Mainly fuelling the market in the region is the increasing pool of elderly people and the growing disposable incomes of the people. China, India, Singapore, and South Korea are mainly driving the growth in Asia Pacific.
Prominent participants in the global market for specialty medical chairs are Fresenius Medical Care, Forest Dental Products, Inc., A-dec, Inc., Invacare Corporation, ACTEVAID, Inc., and DentalEZ amongst others.
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Specialty Medical Chairs Market Competitive Strategies, Regional Analysis Forecast 2023