Rehabilitation Equipment Market Analysis & Forecast 2032

Rehabilitation is defined as a set of interventions designed to optimize functioning and reduce disability in people with health conditions in interaction with their environment. Rehabilitation is care that can help people get back, keep, or improve abilities (such as mental, physical, and/or cognitive, which they may have lost due to an injury and/or disease, or as a side effect from a medical treatment) that they need for daily life. Rehabilitation equipment are used to facilitate the process of recovery from an injury, disease, or illness to a normal condition by therapy and counselling. These equipment help people return to daily life and live a normal life. Thus, there is an increasing demand for rehabilitation equipment worldwide.

Market Statistics:

The global rehabilitation equipment market was valued at US$ 12,541.0 Mn in 2021 and is forecast to reach a value of US$ 18,950.6 Mn by 2028 at a CAGR of 6.1% between 2022 and 2028.

North America held dominant position in the global rehabilitation equipment market in 2020, accounting for 34.1% share in terms of volume, followed by Europe and Asia Pacific, respectively.

Figure 1. Global Rehabilitation Equipment Market Share (%), by Region, 2022

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Recent Developments:

In November 2020, Invacare Corporation launched AVIVA FX - MPS Maxx Multi-Position Power Standing System wheelchair, available through Motion Concepts, a division of Invacare.

In March 2020, Allied Motion Technologies Inc. acquired Dynamic Controls Group, a wholly owned subsidiary of Invacare Corporation, a designer and manufacturer of equipment for the medical mobility and rehabilitation markets.

Market Drivers:

1. Growing incidences of musculoskeletal and noncommunicable diseases is expected to propel growth of the global rehabilitation equipment market during the forecast period. For instance, the need for rehabilitation worldwide is predicted to increase due to changes in the health and characteristics of the population. According to the World Health Organization (WHO), around 2.4 billion people around the world are currently living with the health condition that benefits from rehabilitation. This in turn is expected to increase demand for rehabilitation equipment, rehabilitation is an essence of health care in preserving the remnant activities of people living with musculoskeletal and noncommunicable diseases.
2. Increasing demand for rehabilitation care worldwide is expected to boost the growth of the global rehabilitation equipment market over the forecast period. Rehabilitation can reduce the impact of a broad range of health conditions and also complement other health interventions (such as medical and surgical interventions), helping to achieve the best outcome possible. For instance, in February 2021, Rehabs Near Me announced the launch of a 24*7 service to assist people in the United States looking for rehab centres. A 24*7 service is launched to provide a broad range of rehab services to people in the U.S.

Figure 2. Global Rehabilitation Equipment Market Share (%), by Product Type, 2022

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Market Restraints:

1. Lack of awareness and access to rehabilitation services is expected to hinder growth of the global rehabilitation equipment market. For instance, lack of awareness among people and lack of accessibility pose a negative impact on the growth of the market. For instance, although the demand for rehabilitation services is growing across the globe, access to rehabilitation is based more on eligibility than demand alone.
2. Unfavourable reimbursements is expected to hamper the growth of the global rehabilitation equipment market. For instance, though rehabilitation programs significantly reduce mortality & morbidity and improve work & quality of life for people with chronic diseases, rehabilitation programs are under-utilised. This in turn also pose a negative impact on the market growth.

Market Opportunities:

1. High demand for rehabilitation equipment is expected to offer lucrative growth opportunities for players in the global rehabilitation equipment market. For instance, February 2021, Fujitsu announced the launch of AI-powered physical rehabilitation solution in Japan, the ‘FUJITSU Healthcare Solution HOPE ROMREC’, offering medical institutions like hospitals and clinics a powerful new tool for rehabilitation and orthopedic therapies. The solution leverages a new AI technology to automatically measure the range of motion of the shoulder and elbow joints from videos of patients' rehabilitation sessions.
2. Rising awareness initiatives regarding rehabilitation therapies is expected to offer lucrative growth opportunities for players in the global rehabilitation equipment market. For instance, in November 2021, Philips Foundation, with its mission to provide access to the quality healthcare for disadvantaged communities through innovation, and social service agency Singapore Heart Foundation announced a partnership to address the lack of patient participation in rehabilitation programs and adherence to medication.

Market Trends/Key Takeaways:

1. Rising prevalence of chronic diseases is expected to drive growth of the global rehabilitation equipment market. For instance, according to the WHO, rehabilitation helps minimize or slow down the disabling effects of chronic health conditions, such as cardiovascular disease, cancer, and diabetes by equipping people with self-management strategies and the assistive products they require, or by addressing pain or other complications.
2. Growing geriatric population around the world is expected to augment growth of the global rehabilitation equipment market. For instance, the risk of being affected by the chronic disease is increasing dramatically in the United States due to the rising geriatric population, as per the National Institute of Environmental Health Sciences.

Competitive Landscape:

1. Medline Industries, Inc
2. Drive DeVilbiss Healthcare
3. Invacare Corporation
4. Ekso Bionics
5. Dynatronics Corporation
6. GF HEALTH PRODUCTS
7. Caremax Rehabilitation Equipment Co. Ltd
8. Hill-Rom Services Inc
9. Hospital Equipment Mfg. Co.
10. Roma Medical Aids Ltd.