Market Research Report
Global Physiotherapy Equipment Market - 2019-2026
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|Global Physiotherapy Equipment Market - 2019-2026|
|Published: February 2, 2020||Content info:||
Physiotherapy Equipment Market Overview
The global physiotherapy equipment market was worth the US $XX billion in 2018 and is expected to reach US $XX billion by 2026, at a CAGR of XX% during the forecast period.
Physiotherapy is a method which is used to treat physically challenged people and patients with injuries and chronic disorders such as arthritis, stroke, and cerebral palsy using various procedures and equipment to relieve physical disorders. It evolved from a simple massage to a variety of complex treatments. Factors such as healthcare reforms, increasing quality of care in developing regions, growing chronic disorders, and an increase in demand for rehabilitation after surgeries, chemotherapy, and radiation is expected to boost the global market at a high pace over the forecast period (2019-2026).
Global Physiotherapy Equipment Market - Market Dynamics
The growing prevalence of chronic disorders such as Parkinson disease, arthritis, stroke, and others among the people is one of the major factors that is driving the market growth. According to Arthritis Foundation, from 2013- 2015, about 54.4 million adults in the U.S. had doctor-diagnosed arthritis, and by 2040 it is projected to increase by 49% to 78.4 million. Thus, growing chronic disorders is expected to propel the market growth. Additionally, the rapidly growing geriatric population coupled with increasing cases of road accidents and injuries, are expected to boost the global physiotherapy market growth. According to a WHO report, around 524 million people were above 65 years in 2010, and the number is expected to reach 1.5 billion by 2050.
The physiotherapists are widely employing a massive range of physiotherapy equipment. Thus, technological advancements and innovations by major companies are also expected to increase product demand, thereby propelling market growth. In December 2018, the STORZ MEDICAL AG received CE approval for NEUROLITH for the treatment of neurological diseases.
However, the emergence of alternative services such as acupuncture and high maintenance cost are the few main reasons hampering the global physiotherapy equipment market growth.
Global Physiotherapy Equipment Market - Segment Analysis
Based on application, the global physiotherapy equipment market is broadly segmented as musculoskeletal, neurological, pediatric, gynecological applications, and other applications. Among all these musculoskeletal applications segments accounted for the largest share in 2018 and is expected to grow at a significant rate over the forecast period (2019-2026) in the physiotherapy equipment market, followed by the neurological applications segment. The large share of the musculoskeletal applications segment is due to the rising incidence of musculoskeletal disorders, along with growth in the geriatric population, and the increasing number of accidents. According to WHO, between 20%-33% of people across the globe live with a painful musculoskeletal condition.
Global Physiotherapy Equipment Market - Geographical Analysis
The global physiotherapy equipment market is segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa. North America region accounts for major market share in 2018 in the global physiotherapy market. It is owing to the increase in the cases of neurological disorders, and cardiac rehabilation procedures are the factors that contribute to market growth. According to American Heart Association (AHA), cardiovascular disease, accounts for 1 in 3 deaths in the US. However, cardiac rehabilitation (CR) reduces the risk of a cardiac arrests. Increasing burden of musculoskeletal disorders and orthopedic surgeries significantly contribute to the growth of physiotherapy equipment market in the region. According to American Academy of Orthopaedic Surgeons, an estimated 126.6 million Americans (one in two adults) are affected by a musculoskeletal condition in the US.
During the forecast period, the Asia Pacific is projected to witness the fastest growth, owing to constantly improving healthcare infrastructure, and rising patient awareness levels. The other factor that attributes the market growth is the favorable initiatives that are taken by the government are the main factors driving the market in this region. Additionally growing incidences of orthopedic surgeries is propelling the market. India, the world's second most populous country, has an aging population, where more than 200 million patients suffer from orthopedics-related conditions.
Global Physiotherapy Equipment Market - Competitive Analysis
Significant players of the physiotherapy equipment market are US Physical Therapy, Inc., Enraf-Nonius, Kindred Healthcare, Inc., BTL Industries, Concentra Operating Corporation, EMS Physio Ltd., Select Medical, Dynatronics and others. Majority of these prominent players are adopting few organic and inorganic strategies such as product launches, collaboration, and product agreements, and other key developments to enhance their product portfolio in the physiotherapy equipment market. For instance -