Specialty Medical Chairs Market in Asia Pacific to Log Highest CAGR of 7.1% by 202303 Mar 2016
According to a new market research report published by Transparency Market Research “Specialty Medical Chairs Market (By Product Types – Examination Chairs, Treatment Chairs and Rehabilitation Chairs) – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2015–2023” the Global Specialty Medical Chairs Market was valued at US$3.8 bn in 2014 and is estimated to reach a market value of US$6.8 bn in 2023 expanding at a CAGR of 6.5% from 2015 to 2023.
Specialty medical chairs are dedicated solutions equipped with medical accessories such as instrument tray and operating light for the convenience of physicians. Additionally, the market for specialty chairs covers different types of mobility chairs such as wheelchairs, geriatric chairs and pediatric chairs. The market for specialty medical chairs is expanding at a promising growth rate globally owing to consistent rise in geriatric population coupled with growing trend for home healthcare. Additionally, factors such as rising physical disability rate, increasing number of hospitals and private clinics and others further augments the market growth. However, high cost of the medical chairs such as dental chairs, ophthalmic chairs and others hampers the market growth. The global specialty medical chairs market was valued at US$3.8 bn in 2014 and is expected to reach US$6.8 bn by 2023, expanding at a CAGR of 6.5% from 2015 to 2023.
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Geographically, North America was the largest market for specialty medical chairs in 2014. Increasing number of private and government clinics and hospitals would primarily accentuates the specialty medical chairs market growth in the region. Moreover, increasing incidence of ophthalmic, dental and kidney related diseases, and rise in the number of disabled population support market growth in North America. For example, according to the World Health Organization (WHO), 1 person out of 7 is mobility disabled in the U.S. Europe was considered the second largest share of the total specialty medical chairs market in 2014. Continuous rise in disabled, geriatric, and obese populations is expected to drive the specialty medical chairs market in the region. However, decreasing healthcare expenditure on medical devices due to economic crisis in countries such as Spain and Italy ultimately restrains the market growth.
Asia Pacific comprises countries such as India, China, Australia, Japan, and Malaysia. The specialty medical chairs market in Asia Pacific is anticipated to witness the fastest growth during the forecast period owing to introduction of advanced technology based medical chairs by key players coupled with rising disposable income of the population. Likewise, the specialty medical chairs market in Latin America is projected to expand at a CAGR of 5.7% during the forecast period from 2015 to 2023. Improving health care scenario and rising demand for medical chairs such as wheelchairs, geriatric chairs and toilet chairs are the major factors fueling the growth of the market in Latin America. Growth of the Middle East and Africa market is driven by rise in financial capabilities of end-users such as hospitals and clinics to purchase expensive medical chairs.
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Key companies such as Stryker Corporation, Invacare Corporation, Fresenius Medical Care, Topcon Medical Systems, Inc., A-dec, Inc., DentalEZ, Inc., Forest Dental Products, Inc. and others are majorly operating in the global specialty medical chairs market.