Rehabilitation Equipment Market Size to Reach USD 23.73 Billion in 2030 | Emergen Research

VANCOUVER, BC, Jan. 30, 2023 /PRNewswire/ -- The rehabilitation equipment market size reached USD 14.10 Billion in 2021 and is expected to register a CAGR of 6.0% during the forecast period, according to latest analysis by Emergen Research. Growing cases of chronic and neurodegenerative disorders, rising adoption of rehabilitation care associated with healthcare, and favorable reimbursement strategies among developed countries are the key factors driving market revenue growth. Additionally, growing research and activities in healthcare is also supporting the revenue growth of this market.

Growing cases of chronic and neurodegenerative disorders are one of the driving factors contributing significantly to the growth of the market. More than 55 million individuals globally suffer from dementia, with nearly 10 million new cases diagnosed each year. Dementia is caused by a number of diseases and injuries that affect the brain either directly or indirectly. Alzheimer's disease is the most prevalent type of dementia, accounting for 60-70% of cases. Dementia is now the seventh most common cause of death among all diseases and one of the leading causes of disability and dependency among the elderly. 

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Furthermore, manufacturers are expected to benefit from favorable reimbursement policy initiatives in large markets in the United States. Medicare reimbursements allow individuals to rely on adaptive equipment for rehabilitation. Hospital beds, wheelchairs, and other durable healthcare apparatus used for rehabilitation are covered by Medicare. Furthermore, in order to support the Global Cooperation on Assistive Technology (GATE), the WHO established the Priority Assistive Products List (APL) to enhance the quality of affordable yields. Such initiatives are expected to increase manufacturing opportunities.

Drivers:

Rising demand for rehabilitation centers related to healthcare is rapidly increasing the growth of rehabilitation market due to growing initiatives by government agencies and regulatory approvals by federal organizations for rehabilitation products. For instance, on 23 April 2021, the US Food and Drug Administration approved the marketing of a new device for use in stroke rehabilitation patients aged 18 and up to enable muscle re-education and maintain or increase the range of motion. The new technology is a brain-computer interface (BCI) device that helps stroke survivors with upper extremity—or hand, wrist, and arm—disabilities in rehabilitation.

Restraints:

There are some issues and difficulties facing the rehabilitation equipment industry. One of the significant challenges hindering the growth of this industry is lack of knowledge regarding the proper use of rehabilitation equipment and high cost of treatment. Depending on the kind of injury or surgery a person had, physical therapy may last a few weeks. As the patient recently left the hospital and had an injury, physical therapy can be very expensive. It has long been difficult to find many of the larger equipment and tools needed for physical therapy. Patients who need intensive therapy but may be too expensive or difficult to find continue to be at a disadvantage as some therapists are unable to find them.

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Growth Projections:

The rehabilitation equipment market is expected to register a CAGR of 6.0% over the forecast period and revenue is projected to increase from USD 14.10 Billion in 2021 to USD 23.73 Billion in 2030. Increasing spending in emerging markets is expected to support revenue growth of the market.

Current Trends and Innovations:

The rehabilitation equipment industry is undergoing gradual changes during the forecast period. Emergence of the most recent technology has contributed to the development of cutting-edge medical equipment, such as robots and anti-gravity treadmills. Rehabilitation robots help therapists by providing patients recovering from strokes, traumatic brain injuries, or neurological impairments with activities. Patients can complete up to ten times more repetitions with robotic assistance than they would in a typical one-hour session. These advancements allow patients to walk easily and independently, which helps with their recovery.

Strategic Initiatives:

Major companies included in the market report are Lusio Rehab., Baxter., Invacare Corporation., ANTANO GROUP, TecnoBody, EVOSONICS.CO., Ltd., Medline Industries, Inc., LINET., GF Health Products, Inc., Ekso Bionics.

• On 21 February 2021, the UK-based assistive technology startup Lusio Rehab is expected to introduce LusioMATE, a wearable rehabilitation equipment that encourages patients to participate more actively in their physical therapy and rehab programs. 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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Scope of Research

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Emergen Research has segmented 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
• Others
• Application Outlook (Revenue, USD Billion; 2019-2030)
• Physiotherapy
• Occupational therapy
• Others
• End-Use Outlook (Revenue, USD Billion; 2019-2030)
• Hospitals
• Rehab centers
• Physiotherapy centers
• Homecare settings
• Regional Outlook (Revenue, USD Billion, 2019 - 2030)
• North America
• U.S.
• Canada
• Europe
• Germany
• U.K.
• France
• Italy
• Spain
• Rest of Europe
• Asia Pacific
• China
• Japan
• South Korea
• India
• Australia
• Rest of APAC
• Latin America
• Brazil
• Mexico
• Rest of LATAM
• Middle East & Africa
• UAE
• Saudi Arabia
• Africa
• Rest of Middle East

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