Global Home Rehabilitation Products and Services Market: Overview
Healthcare is of utmost importance for all but not every patient can visit physicians or therapy facilities, particularly when the illness is chronic and requires repeated maintenance. Consequently, the market for home rehabilitation products and services is flourishing, as they can adequately meet the healthcare requirements of the patients. While geriatrics are the primary targets, the home rehabilitation products and services is gaining further traction from the increasing prevalence of several long-term disorders such as diabetes and cardiovascular diseases. According to this business and commerce study, the demand in the global home rehabilitation products and services market will expand at a notable CAGR of 8.5% during the forecast period of 2015 to 2023. The analysts of the report have evaluated that the opportunities in the market for home rehabilitation products and services, across the world, constituted to a revenue of US$84.2 bn in 2014 and have estimated the valuation to swell up to US$176.1 bn by the end of 2023.
Escalating percentage of geriatrics in the world’s population, growing prevalence of chronic diseases, substantially incremented disposable income of urban populations in various emerging economies, and increasing number of individuals with disabilities are some of the key factors driving the demand in the global home rehabilitation products and services market. On the other hand, high cost of these products and rehabilitation services and the lack of proper health insurance policies in various emerging economies are obstructing the market from attaining its true potential.
Wheelchairs to Remain Most In-demand Product Segment Until 2023
On the basis of product type, this report segments the home rehabilitation products and services market into positioning devices, wheel chairs, body support devices, general aids, and others including walkers, crutches, canes, and arm and shoulder slings. In 2014, the segment of wheelchairs provided for the most prominent chunk of demand and is also expected to grow at the highest CAGR in the home rehabilitation products and services market until 2023. Increasing incidences of mobility disabilities and global rise in geriatric population are the major factors driving the wheelchairs market. In addition, this being the oldest product type that is available readily via various sales channels and the trust factor associated with it has been keeping the demand for the same in good stead, especially among geriatric users.
Physical Therapy Provides for Maximum Demand in terms of Services
On the basis of services, the home rehabilitation products and services market has been bifurcated into occupational therapy, physical therapy, respiratory therapy, speech therapy, and others including balance therapy, drug rehabilitation, and aquatic therapy. The physical therapy segment accounted for the dominant share of the market in terms of revenue in 2014, which can be attributed to escalating geriatric population percentage, increase in mobility-related injuries, postural dysfunction, and sports injuries. Over the course of the forecast period, the physical therapy segment is anticipated to grow at the highest CAGR and maintain its leading position.
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North America Continues to Provide for Maximum Demand
Geographically, the analysts of the report have highlighted North America as the most lucrative region, gaining most of the demand from the developed country of the U.S., which is also the third most populous country in the world. New technology is readily adopted by the citizens of this country and, with robust buying capabilities as well as strong prevalence of drug related therapies, the U.S. home rehabilitation products and services market is flourishing. The analysts picked out vastly populated Asia Pacific to turn into a profitable region towards the end of the forecast period.
RehabCare, Stryker Corporation, Patterson Medical Holdings, Inc., DJO Global, Inc., AliMed, Inc., Prism Medical Ltd., Ekso Bionics Holdings, Inc., Hocoma AG, TecnoBody S.r.l., Active Medical & Rehabilitation Services Pvt. Ltd., Medline Industries, Inc., and Invacare Corporation are some of the notable companies currently ahead of the curve in the global home rehabilitation products and services market.