by The patient recliners market is estimated to be valued at US$ 1.3 Bn in 2023 and is expected to exhibit a CAGR of 7.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Patient recliners are specialized chairs designed to accommodate the needs of patients at hospitals, clinics, nursing homes, and home care settings. They help patients relax and provide comfort along with features to prevent pressure ulcers, such as variable positioning options, movable armrests, and padded upholstery. The growing geriatric population and increasing prevalence of chronic diseases are driving the demand for patient recliners globally.
Market key trends:
The rising geriatric population is one of the major factors fueling the growth of the patient recliners market. As per the United Nations report, the world’s geriatric population is expected to nearly double by 2050 to reach about 2 billion. Moreover, they are more prone to various chronic illnesses and require extended medical care and treatment. Hence, the growing aging population base will significantly drive the need for advanced medical seating solutions like patient recliners during the forecast period.
Porter’s Analysis
Threat of new entrants: New entrants face high initial setup costs for manufacturing units and have to compete against well-established brands. Bargaining power of buyers: Buyers have high bargaining power due to availability of substitutes and less differentiation between products offered by different manufacturers. Bargaining power of suppliers: Suppliers have low bargaining power due to availability of many substitute suppliers. Threat of new substitutes: New substitute products pose low threat as patient recliners have well-established brand identity. Competitive rivalry: Intense competition exists among existing players.
SWOT Analysis
Strengths: Ergonomic designs provide comfort, customizable options meet specific needs of patients. Weaknesses: High costs of innovative models, heavy weight reduces mobility. Opportunities: Rising geriatric population, growing hospital infrastructure in developing nations. Threats: Substitutes like general chairs, economic slowdowns reducing healthcare budgets.
Key Takeaways
The Global Patient Recliners Market is expected to witness high growth, exhibiting CAGR of 7.3% over the forecast period, due to increasing prevalence of chronic diseases requiring long-term care and rapid growth of elderly population.
Regionally, North America dominated the market in 2023 with over 30% share owing to high healthcare spending and presence of major market players in the US and Canada. Asia Pacific is anticipated to be the fastest growing region during the forecast period supported by rising medical tourism, healthcare infrastructure development and growing economies in China and India.
Key players operating in the patient recliners market are Medline Industries, Inc., Krueger International, Herdegen, J.D. Honigberg International, Inc., GF Health Products, Inc., Nemschoff, Gendron, Inc., Reliable Life, Malvestio Spa, Stryker Corporation. These players are focusing on new product launches catering to specific needs of bariatric patients and increasing their geographical presence in emerging countries.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
