With the growing income of people worldwide, patients are willing to pay more for healthcare and the revenue generated by hospitals is also increasing rapidly. As a result, various healthcare facilities are increasing their spending to enhance the quality of services and their equipment. This 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 competitive in the market. They are strengthening product portfolios by launching novel products with advanced features through product development and acquisitions and mergers.
In addition, the companies are concentrating on developing a strong distribution channel and supplier chain to expand their presence in the emerging and untapped markets. In May 2017, Oakworks announced the introduction of STUDIO, a table-designing solution that provides clients with complete flexibility when designing products. The company also completed its collaboration with FAMED Medical Solutions to introduce novel iNSPIRITMedical Solutions.
According to a report published by Future Market Insights (FMI), the global gynaecological examination chairs market is expected to witness a compound annual growth rate (CAGR) of 6.9% from 2018 to 2028. The market was worth $408.4m in 2017 and is projected to rise to a valuation of $852.3m by the end of 2028.
Advances in technology to have a positive impact on the market
The healthcare industry worldwide is increasing rapidly. 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 remotes will be beneficial in adjusting the required height. These advanced features provide efficiency in an examination.
Gynaecologists worldwide 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.
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 US 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 the US Food and Drug Administration (FDA). The products have to meet the standard of sterilisation and environment protection regulation.
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