Global Stretcher Chair Market: Snapshot
The demand in the global stretcher chair market is projected to expand at a CAGR of 4.0% during the forecast period of 2017 to 2023, gaining traction from a number of factors such as growing penetration of ecommerce, increasing disposable income among the urban population, rapidly incrementing percentage of geriatric among the world’s population, mushrooming number of specialty clinics, and recent technological advancements, which have made stretcher chairs lightweight, flexible, and a genuine aid for the transportation of the patients. On the other hand, high cost of these products continues to challenge the prosperity of the stretcher chair market in some of the underdeveloped countries.
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General Stretcher Chairs Garnering Maximum Demand
Based on product type, the global stretcher chair market has been segmented into general stretcher chair and special stretcher chair. Though special stretcher chairs are customized with additional features, the consumers are currently opting for general stretcher chair, which is the segment that produced 62.6% of the demand in 2017, and is projected to be worth US$151.0 mn by 2023, representing a 60.8% of the total share of demand. The demand for this segment is projected to increment at a CAGR of 3.3% during the forecast period of 2017 to 2023, producing a revenue of US$4.6 mn annually over the said forecast period.
On the basis of end-users, the global stretcher chair market has been bifurcated into hospitals, ambulatory surgical centers (ASCs), and clinics. Presently, hospitals serve the maximum demand and are expected to sustain a strong demand for stretcher chair throughout the forecast period. Based on source type, the global stretcher chair market has been categorized into powered stretcher chair and manual stretcher chair.
North America Emerging As Highly Lucrative Region
Geographically, the report takes stock of the potential of the stretcher chair market in the regions of North America, Europe, Asia Pacific except Japan (APEJ), the Middle East and Africa, and Latin America, and in the country of Japan. In 2017, Europe accounted for 31.4% of the overall demand in the global stretcher chair market, although the region is projected for a moderate CAGR of 3.8%, which would mean it will eventually lose its prominent position to North America, which on the other hand is estimated for an above-average CAGR of 4.2% during the forecast period of 2017 to 2023. The North America stretcher chair market was worth US$51.0 mn in 2017 and is anticipated to constitute a demand worth of US$62.8 mn by 2023. High adoptability rate of new technology, availability of robust healthcare infrastructure, high buying capability of the citizens of developed countries such as the U.S., the U.K., France, and Germany, and escalating number of geriatrics are some of the key factors driving the European and North American stretcher chair market.
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Asia Pacific except Japan is another substantial regional market, serving 25.8% of the total demand in 2017, and is expected to gain 20 BPS in its market share by 2023 over 2017. Revenue from the Japan stretcher chair market is anticipated to increase at a CAGR of 3.8% over 2017-2022, to reach US$ 21.5 mn by 2023.
Product Innovation to Define the Market Leader
The competitive landscape of the global stretcher chair market has a number of participants and most of them depend on differentiating themselves from their competitors by offering innovative products that ideally meet the requirement of the consumers. Some of the key companies currently operating in the global stretcher chair market are: Allengers Medical Systems Limited, Blue Chip Medical Products, Inc., Stryker Corporation, AMTAI Medical Equipment, Inc., CDR Systems, C-RAD AB, GF Health Products, Inc., Elekta AB, Getinge AB, Hill-Rom Holdings, Inc., Invacare Corp, Medtronic Plc., Leoni AG, medifa-hesse GmbH & CoKG, Novak M d.o.o, Skytron llc., Span America Medical System, Inc., OPT SurgiSystems S.R.L., STERIS, and Transmotion Medical, Inc.