Rehabilitation Equipment Market Worth $16.6 Billion by 2025
CHICAGO, March 9, 2020 /PRNewswire/ -- According to the new market research report "Rehabilitation Equipment Market by Product (Mobility, Cane, Crutches, Walker, Body Support, Lift, Beds, Sling, Exercise, Therapy, Reading, Writing), Application (Physical, OT, Strength) End User (Physiotherapy, Hospital, Clinic) - Global Forecast to 2025", published by MarketsandMarkets™, the Rehabilitation Equipment Market is projected to reach USD 16.6 billion by 2025 from USD 12.9 billion in 2020, at a CAGR of 5.2%.
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The growth in this market is primarily driven by the increasing incidence of chronic diseases and the rising geriatric population. In addition, emerging markets such as China and India are expected to offer significant growth opportunities for players in the Rehabilitation Equipment Market during the forecast period. However, a lack of awareness and access to rehabilitation services in emerging markets is expected to restrain market growth.
Therapy equipment segment is projected to grow at the highest CAGR during the forecast period.
Based on product, the market is segmented into therapy equipment, daily living aids, mobility equipment, exercise equipment, and body support devices. The therapy equipment segment is projected to register the highest growth rate during the forecast period. The growth of this segment is primarily attributed to the increasing incidence of various injuries and chronic conditions.
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Based on end user, the home care settings segment is projected to grow at the highest CAGR during the forecast period.
Based on end user, the market is segmented into hospitals and clinics, rehabilitation centers, physiotherapy centers, home care settings, and other end users. The home care settings segment is projected to grow at the highest CAGR during the forecast period. The growth of this end-user segment can be attributed to the increasing focus on reducing healthcare costs and government initiatives to promote home healthcare. In addition, healthcare spending for home services has grown significantly, reflecting an increase in the use of home-based services.
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Europe dominates the global Rehabilitation Equipment Market.
Based on region, the market is segmented into North America, Europe, Asia Pacific, and the Rest of the World (RoW). In 2019, Europe accounted for the largest market share. Factors such as supportive government initiatives for safe patient handling, rising geriatric population, and the high burden of chronic conditions are driving the growth of the European market.
The Rehabilitation Equipment Market is marked by the presence of several big and small players. Some of the prominent players offering rehabilitation equipment include Invacare Corporation (US), Medline Industries, Inc. (US), Hill-Rom Services Inc. (US), Dynatronics Corporation (US), Drive DeVilbiss Healthcare (US), DJO Global, Inc. (US), Carex Health Brands, Inc. (US), Roma Medical (UK), Caremax Rehabilitation Equipment Co., Ltd. (China), GF Health Products, Inc. (US), Etac AB (Sweden), Joerns Healthcare (US), Prism Medical UK (UK), EZ Way, Inc. (US), TecnoBody (Italy), Proxomed (Germany), Handicare (Sweden), Sunrise Medical (Germany), Enraf-Nonius (Netherlands), and Antano Group (Italy). These players adopted various growth strategies, such as product launches, expansions, acquisitions, partnerships, agreements, and collaborations, to further expand their presence in the global market.
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