The global reachers market is anticipated to be worth US$ 3.62 Billionin terms of revenue in 2022. The market is projected to expand at a CAGR of 6.6% to reach a market size of US$ 6.87 Billion by 2032.
Market is growing owing to the following factors:
Expansion of the senior citizen population
Growth of the markets for medical devices
Countries with many pregnant women may see a significant increase in the demand
Attributes
Details
Reachers Market CAGR
6.6%
Reachers Market (2022)
US$ 3.62 Billion
Reachers Market (2032)
US$ 6.87 Billion
A billion dollar medical equipment industry is lurking under the shadow of the healthcare industry which is evolving very fast. Several big international players are infusing massive funds into research and development to change the entire landscape of the medical tools and equipment industry.
Reachers are mostly made of aluminum and comes as an aid for people who have problem in bending or stretching. They are available in a gamut of designs and they are portable and can be carried along. They are extremely helpful for adult citizens and also for patients who are suffering with any kind of knee or back problem. Even they come to the rescue of pregnant women, as it bars them from bending or stretching.
The global reachers market is massive and it is mopping up a massive revenue from the global market every passing year. The reachers market feeds on the global healthcare ecosystem which is significantly with passing time.
The exuberant growth of the healthcare industry is also accosting the development of the medical equipment industry and thus it is also expanding the global reachers market. United States is one of the major manufacturers and exporters of medical tools and it supplies its medial apparatus to countries like Germany, Japan, Australia, Mexico and man more.
The country spends massive sum of money on the development of new medical devices an amount is close to 7.3 billion. This is a big push for the entire reachers market. Apart from U.S. the local market of China and India are steadily rising. The export and the import markets are thriving in these regions of Asia.
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North American Market’s Dominance
North America now accounts for a sizable portion of the market, and this share is expected to grow in line with the market throughout the forecasted period.
Due to factors such as a growing elderly population, advanced healthcare systems, innovative solutions put forth by industry leaders, and the presence of private organizations providing a wide range of services to assist those who are physically impaired, North America is forecasted to account for a sizable chunk of the global reachersmarket.
An estimated 58.5 million American adults, or 24 percent of the population, have arthritis, making it a major contributor to work disability, as reported by the Centers for Disease Control and Prevention (CDC) in November 2021. Demand forreachers is being propelled by the high prevalence of arthritis in the USA.
The expansion of the market in North America is expected to be spurred on by increased efforts by major market players to develop novel products, as well as approvals from the Food and Drug Administration (FDA) in the United States. For instance, Samsung Electronics plans to submit their wearable assistive robot, the "GEMS Hip," for FDA clearance in May 2022. The GEMS Hip acts as an exoskeleton for persons with mobility issues, and it employs an active assist algorithm to enhance gait and muscle movement.
Supportive Government Initiatives to Further Drive the Demand for Reachers
Centers run by the government and commercial groups provide patients with the opportunity to try out various pieces of equipment and receive expert guidance on how to choose the most effective and efficient tools for their impairment. Patients with long-term conditions or impairments do not have to pay value-added tax on mobility aids.
To help their physically challenged citizens acquire such devices, both the United States and the United Kingdom give unique incentives. Some of the many non-profits helping people with disabilities find solutions to their problems are Charity search, the Disabled Information and Advice Lines (DIAL) network, Rica, and Shop mobility. Priority Assistive Products List is a document released by the World Health Organization (WHO) to describe reimbursement procedures and aid on areas linked to purchasing assistive mobility equipment to ensure that people in need have fair and equal access to these products.
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Reachers market: Drivers
The reachers market is clinging on to the growth of the elderly population. They are also reaping their profits from the surge in the healthcare device markets. Apart from this, the reachers market can witness a considerable hike in the countries which are over populated with expecting women.
According to statistics countries in the African region has highest birth rates. Nigeria is topping the chart with 46.12 percent followed by Mali at 45 percent and a slew of other African countries. As per the report published by UN (United Nations), the elderly population of the world will reach its cusp within the coming few years. This will again beef up the prospects for the reachers market.
Reachers market: Restraints
Though the development of the reachers market is dependent upon several catalysts but there are multiple blockades which are blocking the advancement of this industry globally. One of the biggest restraint for this industry is the awareness about this tool in the developing markets like India and China, Mexico, Brazil or any other developing nation where the public healthcare system is maimed by foul healthcare strategies.
The government’s apathy towards the research and development of the medical device industry which is spread in these Asian, African or Lain American countries. Developing markets, low public awareness levels, local traders, cheap cloning of several medical tools and devices like reachers are is barricading the headway of the reachers market in these locations of the world.
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Reachers market: Key Regions
As discussed earlier the medical device and reachers manufacturers are mostly located in the U.S. and U.K. and they are exporting heavily to the third world nations of the world. They are catering their services to the countries like Japan, China, India, and spreading their operations in these markets massively.
The local manufacturers of China and India are also rising the chart with their developing healthcare market. The neighbouring countries like Sri Lanka and Bangladesh and Bhutan are some of the prospective clients of the reachers market based in this parts of the world.
Reachers market: Key Players
The medical device manufacturing industry is growing at an approximate rate of 9 percent and it has earned a revenue of close to 10 billion. U.S. is also dominating a considerable amount of the international market. Companies like DeVilbliss health care in U.S. and Nova from L.A., and much more are presently exporting high-end reachers to the international markets.
The research report presents a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to market segments such as geographies, types and applications.
The report covers exhaustive analysis on
Market Segments
Market Dynamics
Market Size
Supply & Demand
Current Trends/Issues/Challenges
Competition & Companies involved
Technology
Value Chain
Regional analysis includes
North America (U.S., Canada)
Latin America (Mexico. Brazil)
Western Europe (Germany, Italy, France, U.K, Spain)
Eastern Europe (Poland, Russia)
Asia Pacific (China, India, ASEAN, Australia & New Zealand)
Japan
Middle East and Africa (GCC, S. Africa, N. Africa)
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
