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.
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.
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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