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.
Healthcare Facilities at Brink of Innovative Transformation Offer Growth
The world specialty medical chairs market has been prophesied to bear a positive impact with healthcare facilities in developing regions being on the cusp of revolution. The market could embrace a propelling growth on the back of the need for the customization of specialty medical chairs in order to address the specific requirements of both medical practitioners and patients. A vast count of vendors have been expected to design specialty medical chairs that could answer the clinical needs of patients, such as those pertinent to cardiac problems, obesity, and pregnancy. The growth of the market could be further improved with the emergence of specialty medical chairs that offer enhanced comfort and more competitive technologies.
The perpetual increase in geriatric population has been predicted to augur well for the world specialty medical chairs market as it garners an optimistic impetus. In comparison with the younger population group, geriatrics have been studied to be extensively vulnerable to a wide scope of physical disabilities as well as chronic diseases. As per the statistics of the WHO, by 2050, the geriatric population could increase to a 1.5 bn. This has been expected to provide a strong boost to the market.
Extortionate Cost of Modern Products Discourages Further Investment
Modern medical specialty chairs incurring an exponential expenditure have been envisaged to stunt the growth of the market. This could be supported by the refusal of governing authorities and medical organizations to investment in first-class medical specialty chairs. Furthermore, the swelling trend of renewing old products has been projected to put a roadblock in the growth path of the international medical specialty chairs market.