Global Rehabilitation Equipment Market Size to Reach USD 23.73 Billion in 2030 | Emergen Research
Rising prevalence of zoonotic diseases is a key factor driving the rehabilitation equipment market revenue growth
Vancouver, Aug. 29, 2023 (GLOBE NEWSWIRE) — The worldwide market for rehabilitation equipment attained a valuation of approximately $14.10 billion in 2021. Projections based on the latest analysis from Emergen Research suggest that the market is poised to exhibit a compound annual growth rate (CAGR) of 6.0% throughout the forecast period. This growth trajectory is primarily propelled by factors such as the escalating prevalence of chronic and neurodegenerative ailments, the growing demand for rehabilitation care within the healthcare sector, and favorable reimbursement protocols in developed nations.
Furthermore, the market’s revenue expansion is also influenced by the increasing focus on healthcare research and related activities. These cumulative dynamics highlight the robust growth potential of the rehabilitation equipment market.
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The escalation in the occurrence of chronic and neurodegenerative illnesses stands as a pivotal catalyst steering the augmentation of the market’s revenue. Among these conditions, Spinal Muscular Atrophy (SMA) takes prominence, being an autosomal recessive neuromuscular ailment characterized by progressive weakening and paralysis of the proximal muscles. The latest report indicates that SMA type I constitutes around 60% of total cases, with an estimated prevalence of 1 to 2 cases per 100,000 individuals and an incidence of 1 in 10,000 cases.
In this context, the role of rehabilitation gains significance as it plays a pivotal role in mitigating the incapacitating repercussions of prolonged medical conditions. Adding to this momentum is the escalating demand for healthcare-linked rehabilitation services, propelled by increased government initiatives and regulatory approvals for rehabilitation products. The mounting prevalence of chronic and neurodegenerative diseases significantly fuels the market’s revenue trajectory. SMA, with its progressive weakening and paralyzing effects on proximal muscles due to atrophy of alpha motor neurons in the spinal cord, further underscores the need for such interventions. As outlined in the report, SMA type I, responsible for a considerable 60% of cases, exhibits an estimated prevalence of 1 to 2 cases per 100,000 individuals, with an incidence rate of 1 in 10,000 cases. In light of these dynamics, the application of rehabilitation emerges as a crucial strategy for alleviating the debilitating consequences associated with enduring medical conditions.
The market’s potential for revenue growth might face impediments due to a lack of awareness surrounding the correct utilization of rehabilitation equipment. An illustrative example is the potential detrimental impact on the body’s functioning when post-stroke care and rehabilitation are not administered properly. Moreover, the substantial upkeep expenses associated with rehabilitation equipment represent an additional factor that could impede the market’s revenue expansion.
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Scope of Research
|Market size in 2021||USD 14.10 Billion|
|Revenue forecast to 2030||USD 23.73 Billion|
|Base year for estimation||2021|
|Quantitative units||Revenue in USD Billion and CAGR in % from 2022 to 2030|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
|Segments covered||Product type, application, end-use, and region|
|Regional scope||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa|
|Country scope||U.S., Canada, Mexico, Germany, France, U.K., Italy, Spain, Benelux, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, U.A.E., South Africa, Turkey, and Rest of MEA|
|Key companies profiled||Lusio Rehab, Baxter International Inc., Invacare Corporation., ANTANO GROUP, TecnoBody, Evosonics.Co., Ltd., Medline Industries, Inc., LINET, GF Health Products, Inc., and Ekso Bionics|
|Customization scope||10 hours of free customization and expert consultation|
Major Companies and Competitive Landscape
The global rehabilitation equipment market is fairly fragmented with many large and medium-sized players accounting for majority of market revenue. Major companies are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective rehabilitation equipment solutions. Some major players included in the global rehabilitation equipment market report are:
- Lusio Rehab
- Baxter International Inc.
- Invacare Corporation
- ANTANO GROUP
- Evosonics. Co., Ltd.
- Medline Industries, Inc.
- GF Health Products, Inc.
- Ekso Bionics
- On 21 February 2021, Lusio Rehab, which is the U.K.-based assistive technology startup, introduced LusioMATE, a wearable rehabilitation device that encourages patients to participate more actively in their physical therapy and rehab programs at Arab Health 2022. It can be applied in a variety of therapeutic contexts and fields, such as outpatient clinics, community-based or at-home rehabilitation, and acute in-patient cardiac rehabilitation.
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Some Key Highlights From the Report
- The daily living aids segment accounted for largest revenue share in 2021 due to increasing use of toilet and bathroom accessories and medical bed accessories for patients. These gadgets, which include adaptive cutlery, non-slip floor struts, and extensions for lamps and light switches, are all designed to make daily life much simpler. They aid in people maintaining their independence by making it simpler for them to complete their daily tasks and regain control over their environment. Use of bathing tools implements with extended handles, such as back washers, hair washers, and body washers is advantageous to users who might not be as flexible or mobile. These factors are driving revenue growth of the segment.
- The physiotherapy centers segment is expected to account for significantly rapid revenue CAGR during the forecast period. Physiotherapy centers frequently employ a variety of physiotherapy techniques, including manual physical therapy, the Graston Technique, the McKenzie Treatment, and active release technique. Physiotherapy enables patients to move and function normally by promoting growth and hastening the healing process. It promotes greater independence and the freedom to conduct daily activities wherever one chooses at home, at work, or even in one’s favorite hangout. It can improve cardio-respiratory health, strengthen muscles, reduce pain, and increase joint mobility.
- The market in North America accounted for largest revenue share in 2021 due to presence of leading companies, rising company partnerships and investments in rehabilitation. For instance, on 6 March 2022, a definitive merger agreement was announced between Bristol Myers Squibb and Turning Point Therapeutics, Inc., which is a clinical-stage highly precise oncology company with a pipeline of investigational drugs. Bristol Myers Squibb will purchase Turning Point Therapeutics for USD 76.00 per share. The board of directors of Bristol Myers Squibb and Turning Point Therapeutics unanimously approved the deal, and it is planned to close in the third quarter of 2022. Thus these leading company investments are driving revenue growth of the market in this region.
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Emergen Research has segmented the global rehabilitation equipment market on the basis of product type, application, end-use, and region:
- Product Type Outlook (Revenue, USD Billion; 2019-2030)
- Daily Living Aids
- Exercise equipment
- Body support devices
- Application Outlook (Revenue, USD Billion; 2019-2030)
- Occupational therapy
- End-Use Outlook (Revenue, USD Billion; 2019-2030)
- Rehab centers
- Physiotherapy centers
- Homecare settings
- Regional Outlook (Revenue, USD Billion; 2019-2030)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- Rest of MEA
- North America
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