Physiotherapy Equipment Market expand at a CAGR of 7.2% between 2020 & 2030
According to FMI, the global physiotherapy equipment market is set to expand at a CAGR of 7.2% during 2020-2030. Rising geriatric population, combined with heightened levels of physical inactivity among the younger population is inducing several orthopedic and muscular disorders. Over 1 billion people worldwide lead extremely sedentary lifestyles according to the WHO.
The increasing levels of physical inactivity is leading to various problems such as frozen joints, muscle degeneration, sprains and strains have compounded, necessitating the need for physiotherapy. Additionally, rising incidences of road and sports accidents is acting as a catalyst for increasing the number of physiotherapy procedures.
Based on these trends, manufacturers are concentrating on introducing technologically advanced products and introducing them into the market at highly competitive prices. Additionally, specific nature of injuries is prompting them to dole out specific products. Majority of the players are scrambling to acquire a footing across emerging economies.
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Physiotherapy Equipment Market Study- Key Findings
- Ultrasound physiotherapy equipment shall tower over others, attributed to rising demand for non-invasive surgeries
- Musculoskeletal devices shall pivot the market in terms of application throughout 2020-2030
- North American market accounts for over 2/5th of the revenue
- East & South Asia remain lucrative, jointly capturing nearly 1/4th of the revenue share
“Prevalence of co-morbidities amongst the geriatric population has made physiotherapy a top priority for them, prompting vendors to introduce technologically sophisticated equipment in order to provide the elderly major relief from the pain induced by various physical ailments,” infers the FMI analyst.
COVID-19’s Impact on the Physiotherapy Equipment Market
The COVID-19 pandemic has ushered in an era of major uncertainty. As the global economy hurtles towards a major recession, the physiotherapy equipment market will experience significant shortfalls. As the pandemic intensifies, elective surgical procedures are being postponed, thus reducing demand for physiotherapy equipment in hospitals.
Moreover, residential visits by physiotherapists have reduced in the wake of maintaining social distancing. Since they utilize such equipment during these sessions, the decline in these visits has ushered in sluggishness in demand. On the supply side, unavailability of raw materials has halted production.
A recovery is expected in the initial quarters of 2021, when the infection curves flatten. Many countries such as Australia & New Zealand are already exhibiting decline in infection rates, thus heightening growth prospects and keeping the market afloat.
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The global physiotherapy equipment market is characterized by the presence of several prominent players who are concentrating on introducing new products and acquisitions to carve a firm footing.
In June 2020, DJO Global introduced the DonJoy X-ROM Post-Op Knee Brace, incorporating an improvised user-friendly fastener which is easy to adjust and easy to apply. In 2019, the company launched the first fully sterile surgeon-controlled leg and retractor holder for Anterior Approach Hip Arthroplasty.
In 2017, U.S Physical Therapy Inc. successfully acquired a Houston-based local physical therapy practice at a purchase price of US$ 11.4 million, with the practice’s clinical owners retaining 30% of the stake. The acquisition was announced in 2016.
More Insights on the Physiotherapy Equipment Market
A recent market study published by FMI on the Physiotherapy Equipment market includes the global industry analysis of 2015-2019 & opportunity assessment for 2020-2030, and delivers a comprehensive assessment of the most important market dynamics. The report has been segmented on the basis of equipment type, application, end-user and region.
Based on equipment type, the market is segmented into cryotherapy, hydrotherapy, electrotherapy, continuous passive motion units, multi-exercise therapy unit, heat therapy, ultrasound physiotherapy and others. On the basis of application, the segments include neurological, musculoskeletal, cardiovascular & pulmonary and others. In terms of end-user, the market is divided into hospitals, rehabilitation centers and homecare settings. Regionally, the market is divided into North America, Latin America, Europe, Middle East & Africa (MEA), East Asia, South Asia and Oceania
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