The physiotherapy equipment market is projected to reach USD 21.1 billion by 2024 from USD 15.1 billion in 2018, at a CAGR of 5.8%. The growth of this market is primarily driven by rapidly growing geriatric population and the subsequent increase in the global prevalence of chronic diseases, and growing incidence of sports injuries, degenerative joint disorders, and cerebrovascular disease.
The elderly are more susceptible to various chronic and debilitating diseases. According to the World Health Organization (WHO), the incidence of strokes, dementia, and hip fractures increase exponentially with age; these are common afflictions in people over 85 years of age. Thus, the aging population, afflicted by some form of disability, will drive the market.
Moreover, non-communicable diseases (such as heart diseases, cancer, and diabetes) account for about 87% of the disease burden in the aged population in low-, middle-, and high-income countries. The elderly will require three to five times the medical services needed by young adults, and will thus boost the demand for physiotherapy equipment.
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Players in the physiotherapy equipment market are increasingly focusing on technological advancements and developing new products to bring out advanced and easy-to-use devices. Advancements such as virtual reality, robotics, exoskeletons, implanted devices, and interactive video games are expected to provide a wide range of opportunities for market players.
Leading Market Players:
Major vendors in the physiotherapy equipment market include DJO Global (US), Performance Health (US), BTL Industries (US), and EMS Physio (UK).
Regional Market Growth Analysis:
The physiotherapy equipment market is predominantly divided into four major geographies, namely, North America, Europe, Asia Pacific, and the Rest of the World. Europe accounted for the largest share of this market, followed by North America. The major drivers for the growth of this market are the rising geriatric population, increasing inclination for active lifestyles, the penetration of physiotherapy services, and favorable healthcare reforms. However, an uncertain reimbursement scenario and the need for reforms in physiotherapy educational practices are hindering the growth of this market.
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Segmentation of Physiotherapy Market:
Cybertherapy is another technological advancement spurring market growth. In cybertherapy, patients use a wireless interface with their doctors. The use of eTherapy is also gaining wider acceptance as it is associated with a wide range of benefits for medical professionals and patients in need of physiological treatments. Such technological advances will propel the demand for physiotherapy products in the forecast period