Increasing Incidence of Chronic Diseases and Growth Potential in Emerging Countries - Role of Rehabilitation Equipment
The growth in Rehabilitation Equipment Market is primarily driven by the increasing incidence of chronic diseases and the rising geriatric population. In addition, emerging markets such as China and India are expected to offer significant growth opportunities for players in the rehabilitation equipment market during the forecast period. However, a lack of awareness and access to rehabilitation services in emerging markets is expected to restrain market growth.
What the market looks like?
The Global "Rehabilitation Equipment Market" is projected to reach USD 16.6 billion by 2025 from USD 12.9 billion in 2020, at a CAGR of 5.2%.
Applications, segmented into strength, endurance, and pain reduction; physical rehabilitation and training; and occupational rehabilitation and training. The physical rehabilitation and training segment is projected to register the highest CAGR during the forecast period. The high growth of this segment can be attributed to the increasing incidence of sports injuries, degenerative joint disorders, and cerebrovascular diseases.
Role of Rehabilitation Equipment in Industry;
Segmented into therapy equipment, daily living aids, mobility equipment, exercise equipment, and body support devices. The therapy equipment segment accounted for the largest share of the market in 2019. This segment is also projected to register the highest growth rate during the forecast period. The growth of this segment is primarily attributed to the increasing incidence of various injuries and chronic conditions.
Recent Developments in Industry:
# In January 2020, Medline Industries, Inc. (US) acquired Médi-Sélect (Canada), a medical and dental supplies distributor, to expand its geographical presence and position in the Quebec market.
# In November 2019, GF Health Products, Inc. (US) launched the Lumex Clinical Care Recliner.
# In January 2018, GF Health Products, Inc. (US) acquired Intensa, Inc. (US) This acquisition allowed GF Heath Products to expand its existing product portfolio in medical/laboratory seating, casework, furniture, and equipment.
Geographical Growth Scenario:
"The Europe Region Accounted for the largest share of the market"
Factors such as supportive government initiatives for safe patient handling, rising geriatric population, and the high burden of chronic conditions are driving the growth of the European market. On the other hand, the market in the Asia Pacific is projected to register the highest CAGR during the forecast period. This can be attributed to the growing prevalence of chronic conditions, increasing venture capital investments, availability of technologically advanced products, and strategic expansion of market players in this region.
Factors Responsible For Driving the Growth of Rehabilitation Equipment Market;
- Increasing Incidence of Chronic Diseases
- Rising Geriatric Population
Who are the key players operating in the rehabilitation equipment market?
The rehabilitation equipment market is highly fragmented, with several big as well as emerging players competing in the market. Prominent players in this market include Invacare Corporation (US), Medline Industries, Inc. (US), Hill-Rom Services Inc. (US), Dynatronics Corporation (US), Drive DeVilbiss Healthcare (US), DJO Global, Inc. (US), Carex Health Brands, Inc. (US), Roma Medical (UK), Caremax Rehabilitation Equipment Co., Ltd. (China), GF Health Products, Inc. (US), Etac AB (Sweden), Joerns Healthcare (US), Prism Medical UK (UK), EZ Way, Inc. (US), TecnoBody (Italy), Proxomed (Germany), Handicare (Sweden), Sunrise Medical (Germany), Enraf-Nonius (Netherlands), and Antano Group (Italy).
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