Specialty Medical Chairs Market Expected to Reach US$6.75 Billion by 2023
The global specialty medical chairs market is estimated to experience a notable rise in the span of coming years, says TMR. The key players are concentrating on the expansion if their distribution channels. Firms are getting into various mergers and acquisitions and collaboration to improve their market position. In order increase their global reach, firms are investing heavily in the research and development activities.
Firms are getting into alliance with several multi-specialty clinics, distributors, and private clinics to strengthen their consumer base. In the coming years, by improving their distribution network, firms are likely to gain strong foothold in various geographical regions. Some of the key players operating in the global specialty medical chairs market are ACTIVEAID, Inc., DentalEZ, and Fresenius SE & Co. KGaA.
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According to Transparency Market Research (TMR), the global specialty medical chairs market is prognosticated to flourish at a decent CAGR of 6.5% within the forecast period from 2015 to 2023. In 2014, the specialty medical chairs market was valued around worth of US$3.80 bn. This figure is foreseen to reach at US$6.75 bn by the end of 2023.
Based on products, the global specialty medical chairs market is segregated into examination chairs, treatment chairs, and rehabilitation chairs. Among these, the rehabilitation chair segment is foreseen to lead the global specialty medical chairs market in terms of revenue. this is credited to the increasing awareness about homecare, and creative business strategies among the companies. Geographically, North America region accounts for the major market share. The region led the global market in 2014 with 43.1% share. In the upcoming years as well, North America is anticipated to expand at a steady CAGR of 6.8%.
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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.
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