Specialty Medical Chairs Market 2030: What Will Be Changes In Investment Ratio With Opportunity Analysis??

Posted by Mrudula Anil Karmarkar on April 28th, 2023

The global specialty medical chairs market size is expected to reach USD 7.0 billion by 2030, registering a compound annual growth rate (CAGR) of 8.0% during the forecast period, according to a new report by Grand View Research, Inc. Increasing geriatric population is one of the major factors boosting the specialty medical chairs market. As per the WHO, it is estimated that from 2030 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.

In East Asia and the Pacific, there were more than 211 million people aged 65 and over in 2010. The elderly 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, which will subsequently propel the specialty medical chairs market. The rising prevalence of lifestyle-associated diseases, such as obesity, chronic kidney disease, diabetes, and cardiovascular diseases (CVDs), is also expected to augment the specialty medical chairs market. Furthermore, surging cases of paralysis and spinal injuries are expected to foster specialty medical chairs market growth during the forecast period.

Supportive regulatory frameworks and increasing reimbursement policies in developed economies are anticipated to drive market growth. For instance, Medicare policies in the U.S. offer reimbursement for equipment, such as wheelchairs, recliners, and others. Furthermore, the examination and treatment rates at dental, ophthalmic, and gynecology clinics decreased significantly, which can be attributed to the lockdown imposed in various countries due to the pandemic and the growing preference for online consultations. Various domestic and international companies faced major supply chain challenges due to the pandemic. However, major countries in Asia, such as China and South Korea, are on a steady path to recovery, thereby spurring market growth.

The demand for specialty medical chairs is expected to rise as the elderly population grows. The growing target population will boost the product demand. In addition, the introduction of technologically advanced and fully automated medical chairs is anticipated to serve the market with lucrative growth opportunities.

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The COVID-19 pandemic affected various industries across the globe. Stay-at-home mandates, transportation bans, and workforce crunch have disrupted the specialty medical chairs supply chain. In 2020, the CARES Act (Coronavirus Aid, Relief, and Economic Security Act) added Section 506J to the Federal Food, Drug, and Cosmetic Act (FD&C Act), which empowered the FDA to prevent or mitigate negative public health impacts of medical device supply chain disruptions during public health emergencies, such as the COVID-19 pandemic.

Key players are offering customized products to meet the varying needs of patients and clinicians. This is also projected to drive the specialty medical chairs market during the forecast period. On a macro level, supportive reimbursement policies and amending regulatory frameworks are expected to fuel the overall market growth. For instance, according to the Medicare Benefit Policy Manual, Chapter 11, a recliner (an adjustable chair) is covered under the rate that Medicare pays to dialysis clinics.

Specialty Medical Chairs Market Report Highlights

• The rehabilitation product segment held the dominant share of over 40% in 2021, owing to the rise in the geriatric population
• In 2021, dialysis chairs held the largest share in the examination product segment owing to the increased prevalence of chronic kidney diseases and the rise in funding to centers for better equipment
• The treatment product segment is anticipated to register the fastest CAGR during the forecast period as these products are required for carrying out various treatment procedures, such as dental, and offer better comfort to patients during these procedures
• Asia Pacific is anticipated to be the fastest-growing regional market from 2022 to 2030 owing to improving healthcare infrastructure, growing geriatric population, and rising disposable income levels

The increasing incidence of gynecologic diseases in women is the key factor driving the demand for specialty medical chairs market. According to CDC, in 2022, the prevalence of bacterial vaginosis between the age of 14 and 49 was 20 million in the U.S. Moreover, the need for gynecologic examination chairs for examining pregnant women is expected to increase the adoption of examination chairs market during the forecast period.

The COVID-19 pandemic initially has affected the transport chairs market due to an insufficient supply of medical devices. With an increasing number of patients, the demand for transport chairs and other mobility devices increased in hospitals and healthcare centers.

List of Key Players in the Specialty Medical Chairs Market

• A-dec, Inc.
• ActiveAid, Inc.
• DentalEZ, Inc.
• Fresenius Medical Care AG & Co. KGaA
• Topcon Corp.
• Midmark Corp.
• Danaher (KaVo Dental GmbH)
• Dentsply Sirona
• Planmeca Oy
• Hill Laboratories Company