In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022. Purchasing power in the country is expected to fell nearly by 2.5%.
On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.
The consistent rise of several emerging economies and continued prosperity of a number of developed countries have led to major expansion of urban population across the world, and as a result – sedentary lifestyle is sinking in. Orthopedic disorders are now more prevalent than ever before and cervical problems are mounting. The primary reasons behind market revenue growth are an increasing prevalence due to neck and back pain and growing research and development activities pertaining to spine and neck injuries.
According to Research Nester, the global cervical pillows market is projected to reach a CAGR of 4.6% in terms of value during the forecast period i.e. 2017–2027. The market size is expected to be at US$ 1436.2 Million by 2027. Escalating percentage of geriatrics in the world’s population is another driver of this market.
With increasing awareness about cervical issues and a growing lifestyle associated stress levels in the urban population, the demand for cervical pillows are also increasing. Sleeping with a cervical pillow helps improve the posture while one sleeps. They also improve the quality of sleep by relieving and supporting tense muscles in the neck and shoulders, increasing blood flow to the head.
On the basis of regional platform, cervical pillows market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
Revenue from the North America cervical pillows market is expected to expand at a CAGR of 4.5% in terms of value over the forecast period.
North America and Europe are amongst the most lucrative market for cervical pillows. The Asia-Pacific region promises the maximum growth potential in the coming decade. Countries like China, India and South Korea are poised to exhibit a robust growth in the cervical pillows market due to rising disposal income and increased healthcare spending in these countries.
Get more information on this report: Download Sample PDF
Our-in depth analysis of the global cervical pillows market includes the following segments:
Global cervical pillows market is further classified on the basis of region as follows:
Factors that drive the market progression comprise of consumer awareness about the benefits of cervical pillows, escalating incidences of spondylitis, neck and upper back strains, stiffness, arthritis, trauma based whiplash etc.
Due to today’s fast paced life, cervical problem is one of the most common health related issue that people face during the present times. The causes of cervical pain are degenerative disc disease, neck strain or injury, a herniated disc or a pinched nerve. Some of the common cervical disorders are spinal stenosis, disc herniation, spondylitis, etc. which translate into neck pain. Cervical pillows do the job of maintaining the neck’s natural arch while sleeping. Cervical pillows come in various sizes, shapes and materials, depending upon the unique body shape and size of different consumers.
As of 2010, neck pain or cervical pain affected about 5% of the global population and over 30 million Americans have been reported to suffer from pain associated with the neck or back related ailments. With rising disposable income and increasing healthcare spending, especially in the developing countries, the cervical pillows market is poised to exhibit a sustained growth in the forecast period.
Lack of awareness about cervical pain and affordability issues, especially in the developing countries, can be considered as market restrains as well as growing number of local traders can upsurge market competition.