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.
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.
Demand for Personalization to Fuel Market Growth
The world specialty medical chairs market is anticipated to reflect a positive effect with the rising healthcare services due to revolution in the developing nations. The market is foreseen to witness a significant growth due to rising need for personalization of specialty medical chairs based on the different requirements of several patients and medical practitioners. Large number of palyers are likely to manufacture specialty medical chairs which would be the solution of various medical requirement if the patients, for example, the ones suffering from cardiac issues, pregnancy, obesity, and so forth. The market growth is also supported by the advent of specialty medical chairs which provide better comfort and are made with more competitive innovations.
The gradual rise in the elderly population is another factor responsible for the rising demand in global specialty medical chairs market since it brings in a positive ray of hope. The geriatric set of population is studied more for the development of these chairs, as compared to younger set of people. This is due to huge scope of growth sue to physical disabilities due to ageing and wearing of bones and suffering sue to different diseases that brings in weakness.
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Recycling Old Product to Hamper Market
Advanced medical specialty chairs witnessing high expenses are foreseen to contribute in the growth of global market. This is likely to be backed by lack of investment by medical firms and government bodies in advanced medical specialty chairs. However, the growing trend of recycling of old items is expected to emerge as a hindrance in the global medical specialty chairs market.
Nevertheless, companies are anticipated to contribute in the surging demand by investing heavily for R&D activities and support from government in developing nations to improve medical framework.
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.
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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