PUBLISHER: The Business Research Company | PRODUCT CODE: 1484855
PUBLISHER: The Business Research Company | PRODUCT CODE: 1484855
Rehabilitation products encompass specialized tools and equipment tailored to aid individuals in reclaiming physical functionality and independence following injury, illness, or surgical procedures. These products include a diverse array of aids, from mobility devices to assistive technologies, all aimed at supporting various aspects of rehabilitation such as enhancing mobility, strength, coordination, and overall quality of life.
Key types of rehabilitation products include medical beds, mobility scooters, walkers, canes, patient lifts, slings, and others. Medical beds are designed with adjustable features and supportive surfaces to cater to patients with specific medical requirements in healthcare settings. These products find application across a range of scenarios including physical rehabilitation and training, pain reduction, and occupational rehabilitation and training. They are utilized by various healthcare professionals including physiotherapists, orthopedists, rehabilitation centers, occupational therapists, speech therapists, and others.
The rehabilitation products market research report is one of a series of new reports from The Business Research Company that provides rehabilitation products market statistics, including rehabilitation products industry global market size, regional shares, competitors with a rehabilitation products market share, detailed rehabilitation products market segments, market trends and opportunities, and any further data you may need to thrive in the rehabilitation products industry. This rehabilitation products market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The rehabilitation products market size has grown strongly in recent years. It will grow from $13.05 billion in 2023 to $13.92 billion in 2024 at a compound annual growth rate (CAGR) of 6.6%. The growth observed in the historic period can be attributed to several key factors. These include the increasing prevalence of chronic diseases and disabilities, the expanding aging population on a global scale, rising awareness regarding the significance of rehabilitation, the widening insurance coverage for rehabilitation services, and the upward trend in healthcare expenditure worldwide.
The rehabilitation products market size is expected to see strong growth in the next few years. It will grow to $18.12 billion in 2028 at a compound annual growth rate (CAGR) of 6.8%. The forecasted growth can be attributed to governmental initiatives and policy implementations, a pivot towards home-based rehabilitation services, an emphasis on early intervention and preventative healthcare measures, and the expansion of healthcare infrastructure within emerging markets. Major trends expected in the forecast period encompass the adoption of telerehabilitation solutions, integration of artificial intelligence (AI) and virtual reality (VR) technologies, a focus on mobility and accessibility enhancements, and the utilization of sustainable and environmentally-friendly solutions.
The swelling geriatric population is set to drive substantial growth within the rehabilitation products market. As individuals age, they often encounter specific health concerns and needs associated with aging, leading to a heightened demand for products that support their mobility, independence, and overall well-being. Rehabilitation products play a crucial role in addressing these needs, offering solutions such as walking aids and mobility scooters to assist older adults in navigating their surroundings safely and autonomously. With advancements in healthcare contributing to increased life expectancy and declining fertility rates, the geriatric population is projected to experience significant expansion in the coming decades. For instance, the Population Reference Bureau estimates a 47% increase in the number of Americans aged 65 and older by 2050. Consequently, the growing geriatric population is fueling the expansion of the rehabilitation products market.
Key players in the rehabilitation products market are focusing on innovation to meet the evolving needs of the aging population. One notable trend is the development of advanced virtual reality-based platforms designed to enhance therapy outcomes and patient engagement. These platforms provide immersive and interactive experiences for patients undergoing rehabilitation, leveraging technology to optimize therapy sessions and motivate individuals to actively participate in their recovery journey. For example, Penumbra Inc. introduced the REAL y-Series, a non-tethered immersive healthcare offering for rehabilitation that utilizes upper and lower body sensors to track full-body movement and progress in real-time. By customizing exercises and activities to challenge and engage patients, this technology aims to maximize therapy benefits and improve patient outcomes.
In March 2021, Bioventus Inc. acquired Bioness Inc. for $110 million, expanding its product portfolio and strengthening its expertise in neuromodulation and rehabilitation medical devices. This acquisition positions Bioventus to capitalize on the growing demand for premium rehabilitation solutions and peripheral nerve stimulation therapy, further enhancing its market presence in the field. By leveraging synergies between companies and integrating complementary product offerings, Bioventus aims to deliver innovative solutions that address the diverse needs of the aging population and healthcare providers alike.
Major companies operating in the rehabilitation products market are Medline Industries Inc., Stryker Corporation, Zimmer Biomet Holdings, Smith & Nephew plc, Ottobock SE & Co. KGaA, DJO Global Inc., Sunrise Medical Inc., Ossur (OSSR.Co), Drive DeVilbiss Healthcare (Medical Depot Inc.), Joerns Healthcare, Invacare Corporation IVC, Caremax Rehabilitation Equipment Co. Ltd., Etac AB, GF Health Products Inc., Prism Medical UK, Dynatronics Corporation, Biodex Medical Systems Inc., Carex Health Brands Inc., Roma Medical, Hocoma AG, Ekso Bionics, EZ Way Inc., Proxomed Medizintechnik, Hill-Rom Services Inc., Klinik Medifit
North America was the largest region in the rehabilitation products market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the rehabilitation products market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the rehabilitation products market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The rehabilitation products market consists of sales of prosthetics and orthotics, crutches, wheelchairs, exercise balls, resistance bands, and balance boards. Values in this market are 'factory gate' values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Rehabilitation Products Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on rehabilitation products market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for rehabilitation products ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The rehabilitation products market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.