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.
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The emerging economies are on the cusp of revolutionizing their healthcare facilities, which is likely to create a positive impact on The Specialty Medical Chairs Market as well, observes Transparency Market Research. “Companies must invest in Brazil, China, India, and countries of Latin America and Asia to reap benefits of the economic upheaval,” says the lead author of this research report.
Presently, the analysts have identified Fresenius SE & Co. KGaA, ACTIVEAID, Inc., DentalEZ, and A-dec, Inc., amongst others, as the leading players in the global specialty medical chairs market.
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Key players will also strive to expand their distribution network by striking strategic alliances with large multispecialty clinics, private clinics, and distributors. Broadening distribution networks will help companies to expand their geographical presence, thereby creating a foundation for higher sales in international markets in the near future.
Customization Options Prompt Medical Facilities to Invest in Specialty Medical Chairs
Customization of chairs to serve the unique needs of patients and medical practitioners has propelled the global specialty medical chairs market. Several players are designing chairs to cater to the clinical needs of the patients such as pregnancy, obesity, cardiac issues, and others.
Furthermore, the introduction of specialty medical chairs with newer technologies and better comfort is also propelling this market.
The market is also witnessing an upbeat momentum due to the consistent rise in the geriatric population as they are far more susceptible to a range of chronic diseases and other physical disabilities in comparison to the younger population. The World Health Organization explains that the geriatric population will reach 1.5 billion by 2050 from 524 million in 2010, thus giving the market a big boost.
Investments across emerging economies of the world to upgrade medical infrastructure is also expected to create several growth opportunities for the global specialty medical chairs market.
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High Cost of Modern Specialty Medical Chairs Retains Market
Unfortunately, the market will be stymied by the exponential cost of the modern specialty medical chairs. Thus the reluctance of medical facilities and governing boards to invest in top-of-the-line chairs is expected to restrain the market.
Furthermore, the growing trend of refurbishing old medical chairs is also hampering the growth of the market.
High Density of Medical Clinics in North America to Help Growth
According to the research report, the opportunity in the global specialty medical chairs market is expected to reach US$6.75 bn by 2023 as compared to US$3.80 bn in 2014, expanding at a CAGR of 6.5% from 2015 to 2023. The global market will be led by the rehabilitation chairs product segment as it will progress at a CAGR of 8.1% over the forecast period.
Geographically, North America will hold the largest share in the market as the region will continue to grow at a CAGR of 6.8% between 2015 and 2023. A strong presence of ENT, dental, ophthalmic clinics in the region will be the primary growth driver for specialty medical chairs market in North America.
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