Increasing Geriatric Population to Drive Greater Uptake of Specialty Medical Chairs
The global specialty medical chairs market stood at US$3.80 bn in 2014 and the market is anticipated to progress at a CAGR of 6.5% between 2015 and 2023. The consistently rising geriatric population will be the primary growth driver for the global market in the coming years, states Transparency Market Research. However, the high cost of chairs and the option of refurbishing old ones is restraining this market to some degree. Though the cost of these chairs is a challenge to the market’s growth, it also presents an opportunity to the manufacturers to reduce the prices and tap into the needs of the price-conscious consumers in the market.
The growing investments in the healthcare sector, especially in the developing countries, are bound to increase the sales of specialty medical chairs, expects TMR. The introduction of technologically advanced chairs by players such as Invacare Corporation, Fresenius Medical Care, and Topcon Medical Systems, Inc. that offer customizations to cater to clinical complications of patients such as pregnancy, obesity, and cardiac problems amongst others, is also likely to create remarkable opportunities for the market. The global specialty medical chairs market is thus estimated to hold an opportunity worth US$6.75 bn by the end of 2023.
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Supportive Regulatory Framework Supports Growing Demand for Specialty Medical Chairs in North America
North America held the largest share in the overall market, accounting for 43.1% of it in 2014. A sizeable base of ophthalmic, ENT, and dental clinics across countries in North America have kept the investment sentiment positive in this region. Furthermore, supportive reimbursement policies for wheelchairs and bariatric chairs have also helped this market to achieve a significant growth rate in North America. Between 2015 and 2023, the North America specialty medical chairs market is expected to show a CAGR of 6.8%.
Asia Pacific has been identified as the most attractive market for specialty medical chairs over the forecast period. The projected rise in the number of geriatrics and rising disposable incomes will be the underlining factors augmenting the specialty medical chairs market in Asia Pacific. Countries such as India, China, South Korea, and Singapore amongst others will be the focal points of the market’s growth.
Treatment and Rehabilitation Chairs to Witness Stable Demand
The increasing awareness about various medical conditions, growing access to medical assistance, and rising disposable incomes have expanded the end-user base for medical chairs. Against this backdrop, the investments and expenditure on treatment and rehabilitation chairs have soared in the past few years. The shifting preference of patients towards home health care and innovative business strategies adopted by players are also boosting the sales of specialty medical chairs, especially under the treatment and rehabilitation segment. The report states that the rehabilitation segment will exhibit a CAGR of 6.5% while the treatment chairs will have a CAGR of 8.1% between 2015 and 2023.
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Some of the key players operating the global specialty medical chairs market are Forest Dental Products, Inc., A-dec, Inc., Fresenius Medical Care, ACTEVAID, Inc., Invacare Corporation, and DentalEZ amongst others. To maintain a lead, companies will have to expand their distribution networks in the near future.