Rehabilitation Products Market Analysis
Rehabilitation Products Market – Global Industry Insights, Trends, Outlook, and Opportunity Analysis, 2018-2026
Rehabilitation involves personalized healthcare used for to maintaining, improving, or restoring health conditions. In the conventional sense, rehabilitation assists a person achieve greater control of their own health after injury, surgery, or illness. It can also be described as the method of assisting an individual to realize the highest quality of life achievable. Rehabilitation essentially does not overturn or reverse the injury or changes brought about by trauma or disease, thought helps in restoring the individual’s optimal health and well-being.
The growth of rehabilitation products market is likely to increase in the near future due to the rising occurrences of chronic ailments, as the individuals suffering from these types of diseases require protracted care to regain their physical health and well-being of the body. Rehabilitation products are also extensively used for individuals suffering from disabilities such as drug abuse, amputation, and other similar health issues, which will further encourage the growth of the overall market. As per the Centre for Disease Control and Prevention, in 2012, around 117 million people were suffering from one or multiple chronic diseases such as cancer, type 2 diabetes, and obesity. In 2010, seven of the top ten causes of death were chronic diseases. Since the maintenance of health in chronic diseases requires rehabilitation products, hence, the global market for rehabilitation products is poised to rise at a considerable rate over the forecast period.
Rehabilitation Products Market Taxonomy
On the basis of product type, the global market is classified into:
On the basis of end user, the global market is classified into:
Arthritis and drug abuse are some of the major area where rehabilitation products are used extensively. According to the projections by the CDC, an estimated 78 million people in the U.S. are going to be affected by some form of arthritis by the year 2040. According to the survey conducted by Substance Abuse and Mental Health Services Administration’s (SAMHSA’s) National Survey on Drug Use and Health, around 23.5 million people aged 12 or older needed management of abuse problems in 2009. Among these 23.5 million, only 2.6 million received treatment at a rehabilitation facility. Government initiatives for increasing the treatment facilities would trigger a positive growth momentum to the rehabilitation products market in this region. Moreover, increasing awareness about treatment and success of using rehabilitation products will fuel growth of the market.
Increasing geriatric population and rise in surgical procedures offers a promising market opportunity for rehabilitation products market
Scientific advancements have led to the increase in life expectancy among the global population, thereby increasing the geriatric population base. This will propel the overall rehabilitation products market size. Geriatric patients usually develop such chronic medical conditions that need rehabilitation products for maintaining the health and well-being of their lives. Moreover, growing number of surgeries around the world along with rise in healthcare spends are likely to encourage the overall rehabilitation products. As stated by the National Center for Health Statistics, around 48 million surgical inpatient procedures were conducted in the U.S. alone, in 2009. Rehabilitation products are very essential for faster recovery as well as maintaining a proper health post-surgical procedure. This will give a positive push towards the overall growth of the market.
Some of the other drivers of the global rehabilitation products market are increasing disposable income leading to access to better healthcare and growing infrastructure in the healthcare industry, especially in highly populous emerging economies such as India and China. The general development pattern of the rehabilitation products industry is likely to be highly optimistic. This is applicable primarily to the developed economies, where the availability of modern medicines and advanced healthcare facilities are better when compared to developing countries. However, growth in healthcare facilities has been able to create a much wider patient base in the developing economies that can access and afford medical rehabilitation services. Therefore, the rehabilitation products market in the developing regions is expected to grow at a significant pace over the forecast period.
The rehabilitation products market is highly fragmented in nature. Many companies are investing heavily in their research and development activities to come up with different forms of rehabilitation products. Companies operating in the rehabilitation products industry in the current scenario are St Joseph's Care Group, Niva Medical Co., Physiotherapy Associates, La Nostra Famiglia, MHL Clinics, AliMed, US Physical Therapy, Select Medical, and RehabCare.
Market players are engaged in revamping their services and expanding their product portfolio to strengthen their position in the market. For instance, in September 2019, Restorative Therapies, Inc., developer manufacturer, marketer, and distributor of FDA cleared, class II medical devices for neurological rehabilitation and critical care early mobility, announced the launch of a new corporate branding and a new website. The branding is aimed at furthering the company’s goal of supporting positive therapeutic outcomes for patients in critical care, neurological rehabilitation and home settings.
Strategic expansions and acquisitions among key market players are driving growth of the rehabilitation products market. In November 2017, Novacare opened 7 rehabilitation centres across the U.S, becoming the largest provider of outpatient rehab care in the country.
Facility expansions by rehabs and mobility centres have resulted from growing demand for rehabilitation products. For instance, in August 2019, Penrith-based Cowper’s Mobility Centre relocated to a larger facility in order to provide a wider range of rehabilitation products following hospital discharge, and help people try the products first hand, and also get guidance regarding mobility issues.
Technological innovations and product launches by manufacturers are expected to facilitate growth of the market over the forecast period. In March 2019, Yamaha Motor Corp., USA, launched the NAVIGO joystick power system from the NAVISERIES for wheelchair riders. The product line is focused on supporting mobility needs of a wide range of wheelchair riders.