Portering Chair Market is Estimated To Witness High Growth Owing To Rising Geriatric Population
The Portering Chair Market is estimated to be valued at US$ 616.09 Mn in 2023 and is expected to exhibit a CAGR of 4.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Portering chairs are multipurpose transport chairs used for transport of patients within hospitals, nursing homes and other healthcare facilities. They help patients to move from bed to wheelchair, wheelchair to commode and other places within the facility. Portering chairs are lightweight, compact, easy to maneuver and offer safety, comfort and convenience during transportation within healthcare premises. They help in easy movement of patients without causing much stress or pain.
Market key trends:
Rising geriatric population is a major driver for growth of the portering chair market. According to the United Nations, the number of people aged 65 years or older is projected to grow from 703 million in 2019 to 1.5 billion in 2050 globally. Also, life expectancy has increased substantially over the years. This has led to an increase in percentage of elderly population worldwide who are more prone to various acute and chronic diseases and injuries requiring medical attention. Since portering chairs help in easy and safe transportation of patients within healthcare facilities, their demand is expected to significantly rise with growing older population base requiring medical care.
Porter's Analysis
Threat of new entrants: Low capital requirements and experienced workforce allow new companies to enter the market easily. However, established brands have strong customer loyalty and distribution networks.
Bargaining power of buyers: Buyers have moderate bargaining power given the availability of substitutes. However, specialized needs increase customer dependence on established brands.
Bargaining power of suppliers: A few major suppliers exist for key components like electric motors and actuators. Suppliers therefore have some power over prices.
Threat of new substitutes: Alternatives like mobility scooters and lift chairs pose a threat. However, porter chairs have customized features for assisted living.
Competitive rivalry: Intense as major players compete on quality, features and price.
SWOT Analysis
Strengths: Established brands with strong reputation and reliability. Customizable features for specific patient needs.
Weaknesses: High costs of research & development. Supply chain issues during pandemic disrupt production.
Opportunities: Ageing global population drives demand. Expanding into emerging markets.
Threats: Economic downturns may cut healthcare budgets and discretionary spend. Stringent regulations increase compliance costs.
Key Takeaways
The Global portering chair market Size is expected to witness high growth, exhibiting CAGR of 4.6% over the forecast period, due to increasing geriatric population suffering from limited mobility. The number of people aged 65 and above is projected to surpass those under the age of 5 by 2030.
Regionally, North America dominates the market and is expected to continue its dominance over the forecast period. This is attributed to high healthcare spending and increasing focus on home healthcare in the US. However, Asia Pacific is poised to witness fastest growth owing to rising medical tourism and healthcare infrastructure in countries like China and India.
Key players operating in the portering chair market are Accora Ltd, Antano Group, Bristol Maid, G & J Logistics Limited, Promotal, Roma Medical, and Stryker Corporation. Major players are focused on new product launches with advanced features for lifting, positioning and transferring immobile patients easily and safely.
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