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The Physiotherapy & Rehabilitation Product and
Services Market is growing at a significant rate due surge in the prevalence of
conditions such as arthritis, chronic joint pains, osteoporosis, vertigo and
cancers owing to the growing global geriatric population. As a significant and frequent cause of
disability worldwide, stroke is one of the most alarming global health
challenges. The Global Burden of Disease Study predicts
that the demand for rehabilitation services will continue to climb in the
upcoming years due to a rise in non-communicable diseases (NCD), trauma cases,
global conflict, fast urbanization and motorization. As per Cushman and
Wakefield, Investors' demand for Rehabilitation clinics is rising due to high
yields of around 5%. As per the WHO, around 2.5 billion people require
Rehabilitation each year. Physiotherapy & Rehabilitation Products & Services Market size is projected to reach $287.56 billion by 2027 and is expected to grow at a CAGR of 6.2% during the forecast period 2022-2027
Physiotherapy is incredibly helpful in the treatment of a wide variety
of ailments, accidents and diseases. It aids in the management of symptoms as
well as the improvement of strength, endurance, function and movement in the
affected areas. According to the World Ageing 2020 summary, there are around
727 million people aged 65 and up in the world in 2020. In 2050, this number is
expected to reach 1.5 billion. The proportion of the global population aged 65
and up is predicted to rise from 9.3 percent in 2020 to 16 percent in 2050.
This population is highly prone to several diseases that require
physiotherapy products and services. Engaging older
patients to fully participate and stick to their rehabilitation or physical
activity program is a key difficulty for geriatric rehabilitation. For
instance, 45.3 percent of people aged 75 and older are functionally impaired and 22 percent of senior women and 15 percent of elderly men depend on carers
to complete basic self-care and mobility chores According
to estimates, 1 in 3 persons worldwide currently have a health condition that
could benefit from rehabilitation. It is anticipated that this demand will grow
in the upcoming years as population health and features change. There is a
sharp rise in the number of persons who experience impairment or functional
deterioration for noticeably longer periods of time as a result of the present
demographic and health transitions. Annually, 3.5 million young athletes suffer
injuries. Young athletes report suffering some kind of sport-related injury in
90% of cases.775,000 children and teenagers aged 14 and younger receive
emergency room care for sports-related injuries. Each year, 1.35 million young
people suffer severe sports-related injuries. By 2035, 1.5 million older
citizens would use physiotherapy services annually, which is more than twice as
many as did so in 2014 and more than four times as many as did so in 2001. In
contrast to the broader adult population, the number of seniors requesting
physiotherapy consultations is increasing twice as quickly as the number of
physiotherapists or by 7% annually. For instance, Total payments for all
people with Alzheimer's or other dementias will reach $355 billion in 2021. $239
billion or 67 percent, of the total health care and long-term care costs for
people with Alzheimer's or other dementias, are anticipated to be covered by
Medicare and Medicaid. The amount spent out of pocket is anticipated to reach
$76 billion. In 2050, it is anticipated that the total cost of health care,
long-term care and hospice services for people with Alzheimer's and other
dementias will reach more than $1.1 trillion. According to the CDC, congenital
disabilities affect 1 in 33 babies born in the United States each year. Common
congenital disabilities include limb defects, heart defects and spinal
defects. 96% of people with chronic medical conditions live with an illness
that is invisible. Another example is fibromyalgia, which is now the leading cause of chronic musculoskeletal pain. According to sources, this
hidden condition affects between 3 and 26 million Americans. Furthermore, the
market is predicted to rise owing to an increase in the number of research and
development efforts, placing a stronger emphasis on artificial intelligence and
machine learning.
North America holds a major share of
Physiotherapy & Rehabilitation Products and Services, the expansion of
physiotherapy and rehabilitation services over the course of the past ten years
is driven by various industry tailwinds, including the shift to value-based
care and the great socioeconomics in the U.S. populace. Expanded interest in
physical therapy administrations has caused the business to grow significantly.
The fact that 50 to 70 million adults in the U.S. suffer from sleep
disturbance. What's more alarming is that 25 million of those Americans have
OSA or obstructive sleep apnea. Currently, modified rehabilitation techniques
(exercise training programs) are used with OSAS patients. It has been observed
that medical technology has proven to be extremely beneficial. A wide range of
applications is being developed to make the lives of doctors and patients
easier. Virtual reality, artificial intelligence and machine learning are among
the most popular technologies in medical applications which are further
propelling the growth of the Physiotherapy & Rehabilitation Product and
Services Market.
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Physiotherapy & Rehabilitation Product and Services - Drivers
Growing Adoption of Telehealth Services to Fuel Product & Services Demand.
Health care services have had to adjust to
provide safe care delivery in light of the COVID-19 pandemic's global
expansion, restricting what some may consider being "nonessential"
rehabilitation care. The global COVID-19 pandemic has created barriers to
receiving rehabilitation therapy, which has sparked great interest within the
rehabilitation community globally in the promise and potential of
telerehabilitation. According to WHO report 2020, Among the countries reporting
service disruptions, globally 58% of countries are now using telehealth to
replace in-person consultations and in low-income countries, this figure is 42%.
According to the American Hospital Association (AHA), it is estimated that
around two-thirds of all hospital visits and outpatient care will be delivered
through a virtual setting post the pandemic. According to a report by McKinsey,
the use of telehealth services had increased by approximately 38 times during
the COVID-19 pandemic. As telemedicine becomes more popular around the world,
more patients are opting for telerehabilitation occupational therapy over
traditional therapy services and onsite health care. Medical science and
technology advancements, as well as global increases in life expectancy, are
changing the way health care services are delivered to an aging society, which
is driving the market for telehealth services.
Growth in Insurance Coverage in Emerging Economies to Drive Market Growth
Increase in the total population covered by
health insurance, especially in low & middle-income countries is projected
to increase the adoption of physiotherapy and rehabilitation products and
services during the forecast period as the availability of health insurance
significantly reduces the out-of-pocket expenditure of the end users. Over the
last two years, the Indian health insurance industry has undergone a sea
change. The perception of the category among customers, as well as the need for
a health insurance policy, has undergone significant change. Since Covid's
inception, health insurance premiums have been the primary driver of the
non-life insurance industry. Despite a lengthy nationwide lockdown, the health
segment grew significantly by 34.2 percent in year-to-date (TTD) July 2022,
compared to 9.9 percent in YTD July FY21. For instance, Americans with mental
illnesses make up 11.1% of the uninsured population. The indicator climbed by
0.3% from the previous year's dataset, marking the second consecutive year that
it has done so since the Affordable Care Act's adoption (ACA). By 2022, the
healthcare industry will be worth $10.059 trillion. Aging and growing
populations, higher rates of chronic health conditions and exponential but
costly advances in digital technologies will continue to drive up global
healthcare expenditures and it is expected that the health insurance sector will
witness growth on a large base.
R&D
Investment:
In June 2022, Enovis entered into a
Partnership with Kelvi™,
an innovator of digital hot and cold therapy products, to deliver
industry-leading heating and cooling therapies for rehabilitation, recovery and
performance enhancement to patients and athletes of all abilities. As part of Enovis, DJO, LLC has entered into
an agreement with Kelvi and will become the exclusive distributor in the
orthopedic market of Kelvi’s heating and cooling therapy products.
The Major Players in this Market Include
The major
companies in Physiotherapy & Rehabilitation Products and Services Market
include: U.S. Physical
Therapy Inc., Select Medical Corporation, ATI Physical Therapy, Inc., Upstream
Rehabilitation Inc., Impact Physio, Physio Asia, DJO, LLC, Dynatronics
Corporation, Ito Co. Ltd., and Enraf-Nonius B.V.
Over
the years, companies have mainly focused on offering cost-effective and
high-quality physiotherapy and rehabilitation products and services for various
applications. Rehabilitative medicine is one of the four pillars of healthcare
that the World Health Organization (WHO) suggests. It has been observed that
medical technology has proven to be extremely beneficial. A wide range of
applications is being developed to make the lives of doctors and patients
easier. In light of this, rehabilitative medicine has updated its software,
placing a stronger emphasis on artificial intelligence and machine learning. Future
plans call for the addition of a chatbot system that will address patients'
resistance to physiotherapy by employing cognitive therapy to comprehend their
psychological needs and promote quicker recovery. Chronic pain, musculoskeletal, neurological and cardiac issues, mental illness, balance issues and other disorders are the most
common disabilities. Each of these conditions is the major factor driving the
Physiotherapy &
Rehabilitation Products and Services Market during 2022-2027.
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