Rehabilitation Equipment Market Revenue to Cross USD 31 Bn by 2026: Global Market Insights, Inc.
Major rehabilitation equipment market players include OMRON Corporation, LifeWatch AG, Honeywell International, Inc., Philips, Halma plc, Bioness, Inc., St. Jude Medical, Inc., DJO Global and MicroPort Scientific Corporation.
SELBYVILLE, Del., January 7, 2021 (Newswire.com) - According to the latest report “Rehabilitation Equipment Market by Product (Cardiopulmonary Rehabilitation Equipment, Musculoskeletal Rehabilitation Equipment, Neurological Rehabilitation Equipment), Regional Outlook, Price Trends, Competitive Market Share & Forecast 2026”, by Global Market Insights, Inc., the market valuation of rehabilitation equipment will cross $31.2 billion by 2026.
Growing incidences of musculoskeletal disorders will stimulate the demand for rehabilitation equipment. Musculoskeletal disorders are one of the major causes of disability worldwide. An increasing number of people suffering with amputation, tendon tears, back pain, osteoporosis, arthritis and repetitive stress injuries such as sprains, strains and joint dislocations is augmenting the adoption of rehabilitation therapy. As a result, healthcare providers are engaged in providing musculoskeletal rehabilitation programs such as vocational rehabilitation and occupational rehabilitation programs to address the patients requiring musculoskeletal rehabilitation. Therefore, the demand for rehabilitation equipment in order to allow hospital and home rehabilitation is significantly increasing.
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The growing geriatric population coupled with the rising prevalence of chronic diseases will uplift the rehabilitation equipment market growth. According to the Centers for Disease Control and Prevention (CDC), approximately 85% of the geriatric population suffers with at least one chronic health condition. Chronic conditions in elderly patients are associated with a functional impairment such as vision, hearing and physical impairment that results in an increased need for medical care, including, physical rehabilitation. As a result, the geriatric population is highly recommended to undergo rehabilitation therapy, thereby leading to an increased demand for rehabilitation equipment. Additionally, according to a published report, one in every three adults worldwide suffers with multiple chronic conditions (MCC). Rising incidences of chronic disorders such as obesity, cardiovascular disorders (CVD) and chronic obstructive pulmonary disease (COPD) worldwide is stimulating the demand for rehabilitation equipment.
the cardiopulmonary rehabilitation equipment market valued at more than USD 2.5 billion in 2019, owing to the increasing prevalence of cardiac and pulmonary disorders due to acceptance of unhealthy lifestyles. Cardiorespiratory abnormalities are associated with shortness of breath that limits exercise capacity in patients with chronic obstructive pulmonary disease (COPD) and with congestive heart failure (CHF). Thus, these patients are in constant need of cardiopulmonary rehabilitation therapy. Patients suffering with cardiovascular disorders and high blood pressure require continuous monitoring. Thus, these patients are recommended to undergo cardiopulmonary rehabilitation therapy, thereby increasing the demand for rehabilitation equipment. Moreover, the American Association of Cardiovascular and Pulmonary Rehabilitation (AACVPR) provides certified cardiopulmonary rehabilitation services that are leading to an increased demand for cardiopulmonary rehabilitation equipment.
The musculoskeletal segment in the rehabilitation equipment market exceeded USD 13.1 billion in 2019 led by its growing incidences of musculoskeletal disorders and sports injuries. Therefore, there is an increased demand for electrotherapy equipment and devices for musculoskeletal rehabilitation therapy. The growing number of accidents worldwide along with rising awareness about the importance of an active and healthy physique are some additional factors fueling the adoption of musculoskeletal rehabilitation therapy.
Brazil dominated the Latin American rehabilitation equipment market and accounted for over USD 424 million in 2019, propelled by improving healthcare infrastructure and rising healthcare expenditure. Patients in Brazil can seek physical therapy treatment without a physician referral in private physical therapy clinics. The Brazilian population is increasingly adopting rehabilitation therapy, thereby boosting the demand for rehabilitation equipment. According to the World Bank, public and private healthcare expenses in Brazil were 9.1% of total GDP, in 2018. In addition, the country is taking steps to remove inconvenient regulations for approval of clinical trials. As a result, there is an increase in demand and supply of rehabilitation products in Brazil. Companies are also forming joint ventures with Brazilian industries for packaging and assembling of rehabilitation equipment. Brazilian health insurance companies are responsible for paying 90% of the costs related to home care treatment, thereby impacting the acceptance of home rehabilitation therapy. Furthermore, in Brazil, the payment for healthcare, including physical therapy is funded by the government in the country.
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Some of the major players operating in the rehabilitation equipment market are OMRON Corporation, LifeWatch AG, Honeywell International, Inc., Philips, Halma plc, Bioness, Inc., St. Jude Medical, Inc., DJO Global and MicroPort Scientific Corporation among others. The major market leaders are consistently focusing on developing new rehabilitation products to expand their customer base. These notable companies are also focusing on expanding geographical presence and are consistently focusing on making investments.
Table of Contents (ToC) of the report:
Chapter 3 Rehabilitation Equipment Market Insights
3.1 Industry segmentation
3.2 Industry landscape, 2015 – 2026
3.3 Industry impact forces
3.3.1 Growth drivers
3.3.2 Industry pitfalls & challenges
3.4 Growth potential analysis
3.4.1 By product
3.5 COVID-19 impact analysis
3.6 Medical care
3.7 Porter’s analysis
3.8 Competitive landscape, 2019
3.8.1 Company matrix analysis
3.9 PESTEL analysis
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
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