The Portering Chair Market Is Estimated To Witness High Growth Owing To Growing Geriatric Population
Portering chairs are medical equipment designed to transport patients and assist caregivers during patient transfers such as between beds, stretchers, and wheelchairs. They feature adjustable backrests, armrests, and leg supports to provide comfort during transportation. Portering chairs are often used in hospitals, elderly care facilities, and other healthcare settings for mobilizing patients who are unable to walk or need assistance.
The global portering chair market is estimated to be valued at US$ 616.09 Mn in 2023 and is expected to exhibit a CAGR of 14% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The portering chair market is expected to witness significant growth over the forecast period owing to the growing geriatric population globally who are more prone to mobility issues and disabilities. As per United Nations report, the population aged 60 years and above is projected to double from 12% to 22% between 2015 and 2050. With rapid growth in the aging demography, the demand for assistive medical devices like portering chairs for safe transportation of patients is also expected to surge correspondingly. Another key driver fueling the market growth is increasing incidence of chronic diseases such as arthritis, diabetes, and cardiovascular diseases which limit mobility in many patients. This has boosted the adoption of portering chairs across healthcare settings.
SWOT Analysis
Strength: Portering Chair Market offers lightweight and support chairs for the elderly and disabled. These chairs provide comfort and ease of use for extended seating. They are collapsible and foldable which makes them space saving and portable. Different models are available with specific features like adjustable armrests, padded seats, and back support cushions to provide customized comfort.
Weakness: Portering chairs are expensive compared to regular chairs and a barrier for lower income groups. Low awareness levels in rural areas limits their adoption. Product quality and after-sales service standards vary across local and international brands. Specific medical needs may require customization, adding to costs.
Opportunity: Rising health awareness and growing senior population drive demand for assistive seating products. Increasing lifestyle diseases and disabilities expands the customer base. Online shopping is gaining traction which improves accessibility. Developing nations with aging demography present new markets. Collaborations with healthcare institutions boosts credibility and sales reach.
Threats: Stiff competition from substitutes like power wheelchairs and recliners limits pricing power. Supply chain disruptions and rising input costs pressure profit margins. Stringent quality and safety regulations increase compliance burdens for manufacturers. Economic slowdowns impact discretionary spending on such medical furniture.
Key Takeaways
The Global Portering Chair Market Growth is expected to witness high growth over the forecast period driven by rapid aging demographics and increasing lifestyle diseases prevalence. The global portering chair market is estimated to be valued at US$ 616.09 Mn in 2023 and is expected to exhibit a CAGR of 14% over the forecast period 2023 to 2030.
Regional analysis
The Asia Pacific Portering Chair Market is projected to grow at a CAGR of over 17% during the forecast period. Developing economies like China and India are experiencing a surge in elderly population coupled with increasing healthcare expenditures. Evolving lifestyles and rising commonality of mobility issues is propelling the demand in domestic markets. Local manufacturers are partnering with international brands to enhance product quality standards and gain expertise in production technologies. This is expected to augment the regional supply capabilities over the coming years.
Key players
Key players operating in the Portering Chair Market are Abbott Laboratories, Pfizer Inc., Abbvie Inc., Biocon, F. Hoffmann-La Roche Ltd., PerkinElmer, Inc., Astrazeneca Plc., Illumina, Inc., Sanofi S.A., Qiagen, Twist Bioscience, Thermo Fisher Scientific Inc., Biointron, Merck & Co., Inc., Sino Biological Inc., GeneWiz (Azenta Life Sciences), Danaher Corporation, and Synbio Technologies.
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