SAN FRANCISCO, Dec. 8, 2021 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Assistive Furniture - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
FACTS AT A GLANCE
Edition: 7; Released: December 2021
Executive Pool: 1217
Companies: 156 - Players covered include 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; and Others.
Coverage: All major geographies and key segments
Segments: Type (Beds, Riser Reclining Chairs, Railings & Bar, Door Openers); Application (Home Care, Assisted Living Facilities, Hospitals & Nursing Homes)
Geographies: World; United States; Canada; Japan; China; Europe (France; Germany; Italy; United Kingdom; Spain; Russia; and Rest of Europe); Asia-Pacific (Australia; India; South Korea; and Rest of Asia-Pacific); Latin America (Argentina; Brazil; Mexico; and Rest of Latin America); Middle East (Iran; Israel; Saudi Arabia; United Arab Emirates; and Rest of Middle East); and Africa.
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Global Assistive Furniture Market to Reach US$5.3 Billion by the Year 2026
Assistive furniture makes quite a difference for individuals with long-term disabilities or injuries and the idea of assistive furniture is to assist individuals in normal day-to-day activities like standing, resting, and sitting with less effort.
The category comprises aids and technologies that enable sitting and standing in a secure and safe manner. The aids are essential for enabling people with impaired motor functioning and balance to sit and stand safety. Positioning equipment for instance is essential to ensure equal distribution of body pressure without affecting movement. Assistive furniture comprises aids and devices such as medical beds, riser reclining chairs, railings & bar, and door openers among others. The disabled and elderly assistive technologies in general and furniture in particular is being driven by rising elderly population, rising healthcare costs, and advances in technology. 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. More
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SOURCE Global Industry Analysts, Inc.