Global Physiotherapy Devices Market Set For Rapid Growth, To Reach Value Around USD 2749.4 Million By 2028
The physiotherapy equipment market is being propelled forward by the world’s rapidly ageing population and the consequent rise in the global prevalence of chronic diseases. Furthermore, the rising prevalence of sports injuries, degenerative joint problems, and cerebrovascular illness would boost market growth in the future years. However, market expansion would be hampered to some extent by a lack of competent employees and alternative therapies such as acupuncture.
The global physiotherapy equipment market is predicted to increase at a CAGR of 5.6 percent over the forecast period, from an estimated value of USD 16.6 billion in 2020 to USD 21.7 billion in 2025.
Impact of Covid-19 on the Physiotherapy Equipment Market
As a result of the present COVID-19 pandemic, a large number of people are attending healthcare facilities on a daily basis. As of June 25, 2020, WHO statistics showed 9.4 million confirmed COVID-19 cases and 482,730 deaths worldwide. As a result, hospital beds, healthcare workers, and basic medical equipment are in limited supply. This is pressuring hospitals and other care facilities to expand their staffing levels. As a result, physiotherapists and other
healthcare experts are being deployed in large numbers.
Governments all across the world have declared country-wide lockdowns and social distancing measures in response to the COVID-19 epidemic, in order to prevent health systems from collapsing. Medical procedures and elective surgeries have also been subjected to restrictions and bans by governments. The need for physiotherapy equipment has been limited by these restrictions. Physiotherapy equipment manufacturers are experiencing issues such as in-person product presentations, working at full capacity, and attending conferences that assist generate future sales prospects as a result of these constraints. Furthermore, the shutdown in Asia Pacific countries such as China and India has caused physiotherapy product production and distribution delays. All of these reasons are projected to have a negative impact on the physiotherapy equipment market’s growth. COVID-19 patients, on the other hand, should have physiotherapy for 3-4 weeks, according to the World Confederation for Physical Therapy (WCPT) recommendations, in order to recover quickly and improve their general health. As a result of the rising number of COVID-19 cases, the demand for physiotherapy equipment is predicted to rise in the next five years.
Market Trends in Physiotherapy Equipment
Driver: Increasing prevalence of chronic diseases due to a rapidly expanding senior population.
According to the Population Reference Bureau, the global geriatric population is rapidly increasing; by 2050, those aged 65 and up will account for 16 percent of the global population. In 1990, 31 million Americans were 65 or older; by 2020, that number is predicted to rise to 54 million, and by 2050, one in every five Americans would be over 65. Globally, the fast growing geriatric population has resulted in a significant increase in the incidence of chronic diseases.
Various chronic and disabling diseases are more common in the elderly. Strokes, dementia, and hip fractures all grow exponentially with age, according to the World Health Organization (WHO); these are prevalent diseases in those over 85. As a result, the physiotherapy equipment market will be driven by an ageing population that is disabled in some way.
Constraints: Uncertain physiotherapy reimbursement scenario
Changes in healthcare insurance policy and coverage have a significant impact on individuals’ out-of-pocket spending. This may result in service inconsistencies and have an impact on the quality of care delivered. Patients frequently pay out of pocket due to differences in coverage between and between federal and private payers. Until co-insurance kicks in, patients may be responsible for a co-pay, co-insurance, facility fees, and reaching a large deductible. Co-pays for therapy services can be as much as USD 75 per visit. Patients’ access to treatments may be limited as a result of these costs, leading in situations when patients do not receive therapy and some patients may be unable to return to work or engage in daily activities. Patients are often subjected to arbitrary annual visit limitations that do not correspond to the initial diagnosis or severity, resulting in a wide range of rehabilitation outcomes and consequences. As a result, most patients reach their insurance coverage limits for therapy, leaving out-of-pocket paying as the sole choice for those who wish to continue receiving services. As a result, inconsistencies in coverage will stymie the growth of the physiotherapy equipment industry as a whole.
Emerging markets provide opportunities.
Emerging markets for physiotherapy equipment include China, Japan, India, Brazil, and Australia. These markets are devoid of proper standards and government controls, yet they hold enormous potential for suppliers who are unable to fulfil US norms.
Because of the growing ageing population and the rising frequency of chronic diseases in China, the healthcare infrastructure is in desperate need of modernization. In 2013, China had 83.7 million people with disabilities, 65 million of whom needed assistance technology to survive. By 2025, China’s ageing population (those aged 60 and over) will account for 20% of the population. Japan, like many other countries, has one of the world’s fastest-growing elderly populations. By 2025, 36% of the Japanese population will have reached the age of 60. Because of its large ageing population, rising healthcare standards, and thriving home healthcare industry, India is a high-potential market for physiotherapy equipment. Furthermore, as competition in existing areas grows, physiotherapist manufacturers will be forced to focus on emerging regions.
Alternative medicines, such as acupuncture, pose a number of difficulties.
Because of its multiple benefits, such as high patient compliance and low cost, acupuncture is widely utilised and accepted throughout the medical profession as a legitimate alternative to physiotherapy. As part of physiotherapy management, many physiotherapists provide acupuncture as a therapeutic option. Acupuncture can be used to treat a range of ailments. It’s frequently used to treat acute and chronic injuries, back and neck pain, muscle and joint disorders, nerve discomfort, headaches and migraines, and sports injuries, among other things. Many patients prefer acupuncture to alternative physiotherapy methods because of its wide variety of advantages and inexpensive costs, which limits market growth to some extent.
During the forecast period, the electrotherapy equipment sector is expected to develop at the fastest CAGR.
Electrotherapy equipment, ultrasound equipment, exercise therapy equipment, cryotherapy equipment, combination therapy equipment, continuous passive motion therapy equipment, shockwave therapy equipment, laser therapy equipment, traction therapy equipment, magnetic and pressure therapy equipment, and other physiotherapy equipment make up the physiotherapy equipment market. The electrotherapy equipment market held the highest share of the physiotherapy equipment market in 2019. The expanding usage of neuromuscular electrical stimulation and therapeutic electrical stimulation in clinical settings for rehabilitaion can be attributed to the substantial share of this market.
In the year 2019, the musculoskeletal applications category held the greatest proportion of the physiotherapy equipment market.
Cardiovascular and pulmonary applications, musculoskeletal applications, neurological applications, paediatric applications, gynaecological applications, and other applications make up the physiotherapy equipment industry (includes sports and palliative care). The musculoskeletal applications segment of the physiotherapy equipment market accounted for the highest proportion of the market in 2019. The rising frequency of musculoskeletal problems, expansion in the geriatric population, and an increase in the number of accidents are all factors contributing to the musculoskeletal applications segment’s high share.
During the forecast period, the Asia Pacific region is expected to increase at the fastest rate.
The global physitherapy market is divided into four regions: North America, Europe, Asia Pacific, and Rest of the World (RoW). During the projected period, Asia Pacific is expected to grow at the fastest rate. The rising senior population, the growing number of private sector hospitals, advancements in primary healthcare facilities, and the propensity toward active lifestyles are all contributing to this region’s strong growth rate.