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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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.
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.
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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.