SAN FRANCISCO, Feb. 16, 2021
SAN FRANCISCO, Feb. 16, 2021 /PRNewswire/ -- The global specialty medical chairs market size is expected to reach USD 6.05 billion by 2028 registering a CAGR of 7.5%, according to a new report by Grand View Research, Inc. Increasing geriatric population is one of the major factors boosting the product adoption. As per the WHO, it is estimated that from 2025 to 2050, the older population is expected to almost double to 1.6 billion globally. According to The World Bank, the population in the Asia Pacific region is aging rapidly.
Key suggestions from the report:
Read 120 page research report with ToC on "Specialty Medical Chairs Market Size, Share & Trends Analysis Report By Product (Examination Chairs, Treatment Chairs, Rehabilitation Chairs) By Region, And Segment Forecasts, 2021 - 2028" at: https://www.grandviewresearch.com/industry-analysis/specialty-medical-chairs-market
More than 211 million people aged 65 years and above were living in East Asia and Pacific in 2010. The older population is expected to grow by 22% every five years in East Asia. This shows the potential demand for geriatric chairs in the coming years. The rising prevalence of lifestyle-associated diseases, such as diabetes, obesity, chronic kidney disease, and Cardiovascular Diseases (CVDs), is also expected to augment the product demand. Furthermore, rising cases of paralysis and spinal injuries are anticipated to contribute to the market growth.
Increasing reimbursement policies and supportive regulatory frameworks in developed nations are also pushing the market growth. For instance, Medicare policies in the U.S. offer reimbursement for equipment, such as wheelchairs, recliners, and others. In addition, key market players are offering customized products to meet the various needs of doctors and patients. Rising demand for new, easy-to-use products with better facilities is expected to provide lucrative opportunities to the market participants.
The examination and treatment rate at dental, ophthalmic, and gynecology clinics has decreased significantly, which can be attributed to the lockdown imposed in various Asian countries due to the pandemic and growing preference for online consultations. Various domestic and international companies are facing major challenges in Japan and China due to the pandemic and the aftermath is expected to continue until the second half of 2021.
Moreover, the healthcare resources are currently directed toward essential medical devices and supplies. It is believed that the outbreak will lead to many changes, including preferences of the general public, leading to a decline in product demand. However, major countries in Asia, such as China and South Korea, are on a steady path to recovery. According to the Asian Development Bank, China's growth is expected to rebound by about 7.3% by 2021.
Grand View Research has segmented the global specialty medical chairs market on the basis of product and region:
List of Key Players of Specialty Medical Chairs Market
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Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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