DUBLIN–(BUSINESS WIRE)–The “Assistive Furniture – Global Market Trajectory & Analytics” report has been added to ResearchAndMarkets.com’s offering.
Global Assistive Furniture Market to Reach US$5.3 Billion by the Year 2026
The growth in elderly population is straining healthcare systems across the world. Home-based care is being actively practiced as an alternative to prolonged hospital stays. Technological advances have enabled assistive products to be connected to healthcare networks, and is aiding the shift to home-based care.
Amid the COVID-19 crisis, the global market for Assistive Furniture estimated at US$3.8 Billion in the year 2020, is projected to reach a revised size of US$5.3 Billion by 2026, growing at a CAGR of 5.6% over the analysis period. Beds, one of the segments analyzed in the report, is projected to grow at a 6.6% CAGR to reach US$2.2 Billion by the end of the analysis period.
After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Riser Reclining Chairs segment is readjusted to a revised 5% CAGR for the next 7-year period. This segment currently accounts for a 27% share of the global Assistive Furniture market. Hospital beds are available in a fully electric or manual range that enables the individuals to lower and raise the feet, head, or the entire bed with just a push of the button.
Hospital beds or medical beds comprise side rails, spring support, and adjustable foot/headrests, which are a suitable option for individuals who are anticipated to be off their feet for a long time. People who have difficulty getting in and out of traditional chairs, or who simply want a practical chair for their living room, are increasingly turning to riser recliners. An electric rise and recline chair are frequently purchased by those who need greater support when sitting.
The U.S. Market is Estimated at $2 Billion in 2021, While China is Forecast to Reach $320.3 Million by 2026
The Assistive Furniture market in the U.S. is estimated at US$2 Billion in the year 2021. The country currently accounts for a 51.42% share in the global market. China, the world’s second largest economy, is forecast to reach an estimated market size of US$320.3 Million in the year 2026 trailing a CAGR of 6.9% through the analysis period.
Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 4.8% and 5.3% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 5.4% CAGR while Rest of European market (as defined in the study) will reach US$207.1 Million by the end of the analysis period. Growth in North America region is due to increased demand, the growing geriatric population, and the government’s increased focus on patient safety.
Furthermore, well-established distribution channels and technological advancements are the prime factors propelling the growth of the disabled and elderly assistive devices market in the region. Increased disposable income and growing awareness among people regarding the usage and availability of assistive furniture like beds, riser chairs, and door openers are estimated to boost growth in Asia-Pacific region.
Railings & Bar Segment to Reach $1 Billion by 2026
In the global Railings & Bar segment, USA, Canada, Japan, China and Europe will drive the 4.5% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$672.6 Million in the year 2020 will reach a projected size of US$917 Million by the close of the analysis period.
China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$68.3 Million by the year 2026, while Latin America will expand at a 5.1% CAGR through the analysis period.
Select Competitors (Total 156 Featured)
- AI Squared
- Bausch & Lomb, Inc.
- Blue Chip Medical Products, Inc.
- Drive Medical Design and Manufacturing
- Exact Dynamics B.V.
- GN ReSound Group
- Inclusive Technology Ltd.
- Invacare Corporation
- Jabbla B.V.B.A.
- Liberator Ltd.
- Medline Industries, Inc.
- Permobil AB
- Siemens Ltd.
- Sonova Holding AG
- Starkey Hearing Technologies
- Sunrise Medical LLC
- Tobii Dynavox
- Widex Ltd.
- William Demant Holding A/S
- Wintriss Engineering Corporation
Key Topics Covered
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
- Impact of COVID-19 Pandemic and Looming Global Recession: 2020 Marked as a Year of Disruption & Transformation
- As the Race between the Virus & Vaccines Intensifies, Where is the World Economy Headed in 2021?
- How the Healthcare Industry Has & Continues to be Impacted by the Pandemic & What’s the New Normal?
- Healthcare Industry Pushed to Adopt Digital Technologies & Innovate to Save Lives amid the Crisis
- The Pandemic Triggers Shift in Consumer Behaviour & Engagement with Healthcare Technologies & Services
- A Prelude to Assistive Technology and Devices Market
- An Introduction to Assistive Furniture
- Types of Assistive Furniture
- Assistive Devices and Furniture Helping Elderly in Times of Need
- Global Market Prospects & Outlook
- Recent Market Activity
- Analysis by Application: Home Care Dominates the Market
- Regional Analysis
- Increasing Access to Healthcare in Emerging Regions
2. FOCUS ON SELECT PLAYERS
3. MARKET TRENDS & DRIVERS
- Assistive Technology Trends to Impact the Assistive Furniture Market
- Smart Technologies Integrating Assistive Furniture to Help Elders Lead Better Quality of Life
- Smart Assistive Sofa for Older Adults Conceptualized
- Building Assistive Technology Tools to Allow Mobility Impaired People Use a Computer
- Rising Online Sales of Assistive Furniture Products
- Assistive Bedside Furniture for Helping Surgical Patients Achieve Early Postoperative Mobilization
- Smart Wheelchair Technology
- Healthcare Hubs in the Post-COVID-19 Era
- Home Health Hub: A Boon for Immobile Patients
- Coronavirus Pandemic Poses Challenges for Home Healthcare Workers
- Increased Emphasis on Remote Patient Monitoring Creates Fertile Environment for Growth of Home Care Market
- Focus on Reducing Hospital Readmissions Provides Impetus to Home Care Solutions and Assistive Furniture
- Rapidly Evolving Role of Home Telehealth Instigates Broad-based Opportunities
- Increase in Number of Fractures and Rise in incidence of Delayed Union & Nonunion Bone Fractures Elevates Demand for Assistive Furniture
- Rise in Vertebral Fractures to Steer Growth
- Rising Population of Aged People and their Vulnerability to Chronic Diseases: Strong Business Case for Assistive Living Solutions
- Rising Middle Class Population Aids Growth
- Increasing Obesity Levels Propels Market Growth
- Rising Incidence of Physical Disabilities: A Grim Reality Driving Significance of Assistive Living Technologies
- Rise in Healthcare Expenditure to Drive Growth
4. GLOBAL MARKET PERSPECTIVE
III. MARKET ANALYSIS
- Total Companies Profiled: 156
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