PUBLISHER: The Business Research Company | PRODUCT CODE: 1499921
PUBLISHER: The Business Research Company | PRODUCT CODE: 1499921
Rehabilitation equipment encompasses a diverse array of devices and instruments tailored to aid individuals in their recovery from physical injuries, disabilities, or surgical procedures. These resources are primarily utilized by healthcare professionals and rehabilitation specialists to facilitate patient recovery and enhance their overall well-being and quality of life.
The primary products within the realm of rehabilitation equipment include therapy devices, daily living aids, mobility equipment, exercise equipment, and body support devices. Therapy devices encompass a broad spectrum of tools and technologies engineered to assist individuals in recuperating from injuries, surgeries, or chronic conditions impacting their physical, mental, or emotional health. These devices serve various applications such as physiotherapy and occupational therapy and are utilized across a range of settings including hospitals, clinics, rehabilitation centers, home care environments, and physiotherapy facilities.
The rehabilitation equipment market research report is one of a series of new reports from The Business Research Company that provides rehabilitation equipment market statistics, including the rehabilitation equipment industry global market size, regional shares, competitors with a rehabilitation equipment market share, detailed rehabilitation equipment market segments, market trends and opportunities, and any further data you may need to thrive in the rehabilitation equipment industry. This rehabilitation equipment market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The rehabilitation equipment market size has grown strongly in recent years. It will grow from $16.27 billion in 2023 to $17.36 billion in 2024 at a compound annual growth rate (CAGR) of 6.7%. The growth observed in the historical period can be attributed to several factors, including the expansion of the aging population demographic, an increase in the incidence of disabilities, a rise in participation in sports activities, an uptick in chronic diseases, a surge in sports-related injuries, and an enhanced focus on preventive healthcare measures.
The rehabilitation equipment market size is expected to see strong growth in the next few years. It will grow to $22.84 billion in 2028 at a compound annual growth rate (CAGR) of 7.1%. The projected growth in the forecast period can be credited to several factors, including the increasing emphasis on personalized medicine, a rise in healthcare expenditure, the expansion of telemedicine services, and the growing prevalence of degenerative diseases. Significant trends anticipated in this period include the integration of artificial intelligence (AI) into rehabilitation practices, advancements in rehabilitation equipment, the development of smart rehabilitation devices, the incorporation of virtual reality (VR) and augmented reality (AR) technologies, and the introduction of remote monitoring solutions.
The increasing demand for home healthcare services is poised to drive the growth of the rehabilitation equipment market in the coming years. Home healthcare services encompass a range of medical and non-medical care delivered to individuals in their residences to address their healthcare needs. This demand surge is fueled by factors like aging populations, advancements in medical technology, and a transition towards value-based care models. Rehabilitation equipment plays a crucial role in home healthcare by expediting recovery, enhancing strength, flexibility, and balance, and promoting independence while ensuring patient safety through personalized monitoring and adjustments. For example, as reported by the Centers for Medicare and Medicaid Services (CMS) in March 2024, the number of Medicare Fee for Service (FFS) users utilizing home health care witnessed an 8.3% increase in 2021, reaching approximately 3 million users, with 11,474 Medicare-certified home health organizations nationwide. Hence, the escalating demand for home healthcare services is propelling the rehabilitation equipment market's growth.
Key players in the rehabilitation equipment market are concentrating on developing innovative technologies, such as VR-based rehabilitation platforms, to gain a competitive advantage. A VR-based rehabilitation platform is a digital system leveraging virtual reality technology to facilitate therapy and rehabilitation for individuals with physical or cognitive impairments. For instance, Penumbra Inc. introduced the REAL y-Series in November 2022, a comprehensive VR-based rehab platform catering to both upper and lower extremities, featuring a full-body avatar. This groundbreaking product aims to support patients in physical or occupational therapy by addressing their physical, cognitive, and mental well-being. By offering an immersive rehabilitation solution, it enhances patient engagement, motivation, and outcomes across a range of therapeutic needs, from core and balance training to cognitive stimulation and activities of daily living.
In December 2022, Ekso Bionics Holdings Inc., a US-based exoskeleton technology company, acquired Parker Hannifin Corporation for $10 million. This strategic move is designed to bolster Ekso Bionics' product portfolio for home use and strengthen its position in lower-extremity robotic products within the rehabilitation equipment market. The acquisition also facilitates key commercial and research partnerships, including collaborations with Vanderbilt University, and enables Ekso Bionics to expand its global presence in the rehabilitation equipment segment. Parker Hannifin Corporation, a US-based company specializing in rehabilitation devices like indego exoskeletons for individuals with spinal cord injuries, contributes significant expertise and assets to Ekso Bionics' growth strategy.
Major companies operating in the rehabilitation equipment market are Medtronic plc, Medline Industries Inc., Koninklijke Philips N.V., Stryker Corporation, Hill-Rom Holdings Inc., Arjo, DJO Global Inc., Sunrise Medical Limited, Invacare Corporation, Caremax Rehabilitation Equipment Co. Ltd., Etac AB, Permobil, LINET spol. s.r.o., Joerns Healthcare LLC, DeVilbiss Healthcare LLC, Hoveround Corporation, Winncare Group, Dynatronics Corporation, GF Health Products Inc., Roma Medical, Paragon Medical, Merits Health Products Co. Ltd., Ekso Bionics Holdings Inc., TecnoBody S.p.A., Lifeward Inc., Antano Group, Changzhou Qianjing Rehabilitation Corp. Limited, Besco Medical Co. Ltd., Vermeiren International, Ossenberg GmbH
North America was the largest region in the rehabilitation equipment market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the rehabilitation equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the rehabilitation equipment market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The rehabilitation equipment market consists of sales of mobility aids, orthotic devices, prosthetic devices, assistive devices, electrotherapy devices, continuous passive motion (CPM) machines, pain management equipment, heat and cold therapy devices, voice-controlled devices, and electrical muscle stimulation devices. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Rehabilitation Equipment Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on rehabilitation equipment market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for rehabilitation equipment? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The rehabilitation equipment market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.