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Press Release: Physiotherapy Equipment Market to Reach US$ 33,034.3 Million by 2027
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
Physiotherapy, also known as physical therapy, is a treatment used to develop and restore proper functioning of the body. The body’s movement and functioning is adversely affected by age, injury, disease, and environmental factors. Physiotherapy includes a variety of physical therapy tools and equipment to improve patient health and aid speedy recovery from medical conditions.
Statistics:
The global physiotherapy equipment market is estimated to account for US$ 20,706.3 Mn in terms of value in 2020 and is expected to reach US$ 33,034.3 Mn by the end of 2027.
Global Physiotherapy Equipment Market: Drivers
Increasing prevalence of cardiovascular diseases is expected to propel growth of the global physiotherapy equipment market over the forecast period. For instance, according to the American Heart Association's Heart and Stroke Statistics 2019 Update, around 48% of all adults in the U.S. suffered from some type of cardiovascular disease in 2016.
Moreover, increasing geriatric population is also expected to aid in growth of the market. For instance, according to the U.S. Census Bureau, the U.S. geriatric population is expected to reach 77 million by 2034.
Statistics:
Equipment held dominant position in the global physiotherapy equipment market in 2019, accounting for 65.6% share in terms of value, followed by Accessories, respectively.
Figure 1. Global Physiotherapy Equipment Market Share (%), by Value, by Product, 2019
Global Physiotherapy Equipment Market: Restraints
Inadequate reimbursement policies are expected to hinder growth of the global physiotherapy equipment market. Reimbursement policies for physiotherapy equipment vary across the world. For instance, in the U.S., Medicare and Medicaid are key insurance programs which are managed by the Centers for Medicare &Medicaid Services– an organization that covers health-related services in the country. However, Medicare does not reimburse physiotherapy, speech therapy, occupational therapy, chiropractic services, and eye therapy.
| Report Coverage | Details | ||
|---|---|---|---|
| Base Year: | 2019 | Market Size in 2020: | US$ 20,706.3 Mn |
| Historical Data for: | 2016 to 2019 | Forecast Period: | 2020 to 2027 |
| Forecast Period 2020 to 2027 CAGR: | 6.9% | 2027 Value Projection: | US$ 33,034.3 Mn |
| Geographies covered: |
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| Segments covered: |
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| Companies covered: |
Enraf-Nonius B.V., DJO Global, EMS Physio Ltd., Dynatronics Corporation, A. Algeo Limited, BTL Industries, Inc., HMS Medical Systems, Whitehall Manufacturing, Patterson Companies, Inc., and Isokinetics, Inc. |
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| Growth Drivers: |
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| Restraints & Challenges: |
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Moreover, poor adherence to treatment is also expected to aid in growth of the global physiotherapy equipment market.
The global physiotherapy equipment market was valued at US$ 19,387.9 Mn in 2019 and is forecast to reach a value of US$ 33,034.3 Mn by 2027 at a CAGR of 6.9% between 2020 and 2027.
Figure 2. Global Physiotherapy Equipment Market Value (US$ Mn), and Y-o-Y Growth (%), 2019-2027
Market Trends/Key Takeaways
High prevalence of obesity is expected to propel growth of the global physiotherapy equipment market over the forecast period. For instance, the study, ‘Rising incidence of obesity in Saudi residents. A threatening challenge for the surgeons’, published in the International Journal of Health Sciences, in January 2018, reported obesity in 42% of the study population with low physical activity levels and unhealthy dietary habits.
Moreover, increasing funding in physiotherapy is also expected to aid in growth of the market. For instance, in September 2020, EU-based startup for rehabilitation platform Raccoon.World recently raised an additional US$ 738k from private investment fund Quarter Partners in the second phase of its seed funding round, bringing the round’s total to US$ 1063k.
Global Physiotherapy Equipment Market: Competitive Landscape
Major players operating in the global physiotherapy equipment market include, Enraf-Nonius B.V., DJO Global, EMS Physio Ltd., Dynatronics Corporation, A. Algeo Limited, BTL Industries, Inc., HMS Medical Systems, Whitehall Manufacturing, Patterson Companies, Inc., and Isokinetics, Inc.
Global Physiotherapy Equipment Market: Key Developments
Major players operating in the global physiotherapy equipment market are focused on adopting partnership and collaboration strategies to enhance their market share. For instance, in December 2018, Algeos partnered with Voxelcare, a software and hardware engineering company, to exclusively distribute Voxelcare products in the U.K and Ireland.
Major players operating in the global physiotherapy equipment market are also focused on adopting various strategies to enhance their market share. For instance, in July 2019, Dynatronics Corporation announced it has outfitted The Speed Factory, the US Speedskating training facility at the Utah Olympic Oval.
Similarly, in January 2019, Dynatronics Corporation attended the American Physical Therapy Association (APTA) Combined Sections Meeting held in Washington DC.
Physiotherapy is used to treat conditions like injuries, fractures, joint disorders, and arthritis. Recently, with the development of technology, many types of physiotherapy equipment have been introduced in the market. Physiotherapy equipment has application in cardiovascular, neurological, and musculoskeletal disease. Growing incidence of cardiovascular and neurological disorders is expected to drive growth of the physiotherapy equipment market. Physiotherapy includes electrotherapy, hydrotherapy, exercise therapy, and cryotherapy.
Restraints of the Global Physiotherapy Equipment Market
Major factors hampering the growth of the physiotherapy equipment market during the forecast period constitutes of inadequate reimbursement policies.
Key features of the study:
Detailed Segmentation
“*” marked represents similar segmentation in other categories in the respective section.
*Browse 34 market data tables and 24 figures on “Physiotherapy Equipment Market – Global forecast to 2027.
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