With the growing income of people across the globe, they are willing to pay more for healthcare, the revenue being generated by hospitals is also increasing rapidly. Hospitals and various healthcare facilities are also increasing their spending to enhance the quality of services and their equipment. The proliferating healthcare expenditure is expected to positively impact the gynaecological examination chairs market.
As a result of the growing demand and expenditure of the consumers, companies are also gearing up in order to take leverage of the arising opportunities and to stay competent in the market. They are strengthening product portfolio by launching novel products with advanced features through product development and acquisitions and mergers. The companies are also concentrating on developing a strong distribution channel and supplier chain in order to expand their presence in the emerging and untapped markets. For instance, in May 2017, Oakworks Inc. announced the introduction of STUDIO, a table designing solution that provides clients with complete flexibility when designing products. Along this line in the same time, the company completed the collaboration with FAMED Medical Solutions. Due to collaboration the company introduce novel iNSPIRITMedical Solutions.
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According to a report published by Future Market Insights (FMI), the global gynaecological examination chairs market is expected to witness a CAGR of 6.9% from 2018 to 2028. The market was worth US$ 408.4 Mn in 2017 and is projected to rise to a valuation of US$ 852.3 Mn by the end of 2028.
Advances in Technology to Have a Positive Impact on the Market:
The healthcare industry around the globe is booming exponentially. Heavy investments are made in the healthcare industry, especially in the hospital and clinics sectors. The demand for technologically advanced products is increasing among practitioners and physicians for reducing operating and examination time. Adoption of technologically advanced chairs powered by foot switches and remote will be beneficial in adjusting the required height. These advance features provide efficiency in examination. Gynaecologists across the globe are adopting advanced gynaecological chairs that are compatible with video colposcopy device holders, organic waste containers and are made of antimicrobial materials in order to reduce the time and manpower required to manage all the adjustments.
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Strict Regulations to Act as a Prime Roadblock in Market Growth:
The companies in the market are facing strict regulatory policies in the development of new products for medical furniture, such as examination chairs and tables. The manufactured products should meet the standards of the U.S. Access Board Proposed Standards for Accessible Medical Diagnostic Equipment. Most of the companies are facing difficulties in bringing gynaecology examination chairs to the market without greater predictability and transparency from FDA. The products have to meet the standard of sterilization and environment protection regulation.