by The global Patient Recliners market is estimated to be valued at US$1.3 billion in 2023 and is expected to exhibit a CAGR of 7.3% over the forecast period of 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Patient recliners are specialized chairs designed to provide comfort and support for patients in healthcare facilities. These recliners offer various advantages such as enhanced patient comfort, ease of movement, and adjustable positioning for different medical procedures. The need for patient recliners is associated with the growing demand for comfortable seating in hospitals, clinics, and long-term care centers. These recliners provide necessary support for patients during recovery, examinations, and treatments, thereby improving patient satisfaction and overall healthcare experience.
Market Key Trends:
One key trend in the Patient Recliners market is the integration of advanced features and technologies. Manufacturers are focusing on incorporating features such as motorized reclining, adjustable headrests, built-in heating and massage functions, and customizable settings for individual patient comfort. These advancements are aimed at enhancing the overall patient experience and improving the functionality of patient recliners. The growing demand for high-quality patient care and the need for efficient medical equipment are driving the adoption of advanced patient recliners in healthcare facilities worldwide.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the Patient Recliners market is low. This is due to the high capital requirements and the established presence of key players in the market. Additionally, the market has high entry barriers such as strict regulatory requirements and the need for specialized knowledge and expertise in healthcare furniture.
Bargaining power of buyers: The bargaining power of buyers in the Patient Recliners market is moderate. Buyers have the power to negotiate for competitive pricing and favorable terms, but their choices are limited to the offerings of key players. Buyers can also influence the market by demanding higher quality products and improved customer service.
Bargaining power of suppliers: The bargaining power of suppliers in the Patient Recliners market is low. This is because there are numerous suppliers in the market, resulting in high competition among them. Additionally, the presence of substitute suppliers further reduces the bargaining power of individual suppliers.
Threat of new substitutes: The threat of new substitutes in the Patient Recliners market is low. There are limited alternatives available that can provide the same level of comfort and functionality as patient recliners. The demand for patient recliners is driven by their unique features and benefits, making it difficult for substitutes to gain a significant market share.
Competitive rivalry: The competitive rivalry in the Patient Recliners market is high. Key players in the market are constantly striving to innovate and introduce advanced features in their products to gain a competitive edge. Price competition is also intense, leading to narrow profit margins for manufacturers.
Key Takeaways
The global Patient Recliners market is expected to witness high growth, exhibiting a CAGR of 7.3% over the forecast period of 2023-2030. This growth is primarily driven by the increasing adoption of patient recliners in healthcare facilities worldwide. The growing elderly population and the rising prevalence of chronic diseases are also contributing to the market growth.
In terms of regional analysis, North America is set to be the fastest-growing and dominating region in the Patient Recliners market. The region has advanced healthcare infrastructure and a high demand for patient recliners, especially in hospitals and long-term care facilities. The presence of key players and the implementation of favorable reimbursement policies are also driving the market growth in this region.
The key players operating in the Patient Recliners market include Medline Industries, Inc., Krueger International, Herdegen, J.D. Honigberg International, Inc., GF Health Products, Inc., Nemschoff, Gendron, Inc., Reliable Life, Malvestio Spa, and Stryker Corporation. These players are focused on product innovation, partnerships, and mergers and acquisitions to strengthen their market position and expand their product portfolios. They are also investing in research and development activities to introduce advanced and technologically superior patient recliners.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
