Rehabilitation is a process of helping people achieve highest level of function, independence, and quality of life possible. It is care that can help people get back, keep, or improve abilities (such as mental, physical, and/or cognitive) that they need for daily life. Rehabilitation services help people return to daily life and live in a normal or near-normal way. The ultimate aim of rehabilitation is to provide the individual with opportunities for full and effective participation and inclusion in society. Rehabilitation equipment help 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.
The global rehabilitation equipment market is estimated to account for US$ 13,293.4 Mn in terms of value by the end of 2022.
Rising demand for rehabilitation therapies due to rising prevalence of chronic diseases, such as Alzheimer's, Parkinson's, and arthritis, is expected to boost growth of the global rehabilitation equipment market. For instance, in February 2020, Honda R&D Americas Inc. and Ohio State University received a grant from The Michael J. Fox Foundation (MJFF) to research the safety and potential positive impact that Honda's Walking Assist Device could have in helping people with Parkinson's disease. Rehabilitation is an essence of health care in preserving the remnant activities of people living with musculoskeletal and noncommunicable diseases.
Outbreak of COVID-19 is expected to provide significant growth opportunities for players in the global rehabilitation equipment market. For instance, in September 2020, Ministry of Social Justice and Empowerment, Government of India, announced the launch of the 24×7 toll-free mental health rehabilitation helpline (1800-599-0019) to provide the first line of counselling in response to the increasing mental health issues among people due to the COVID-19 pandemic. It will offer mental health rehabilitation services to Indian citizens.
High costs of rehabilitation equipment, lack of awareness, and unfavourable reimbursements are major factors expected to hinder growth of the global rehabilitation equipment market. For instance, there are several factors leading to the poor adoption of rehabilitation services such as high out-of-pocket expenses, lack of available rehabilitation services, lack of prioritization, plans, policies, and funding for rehabilitation, lack of trained rehabilitation professionals, long waiting times, and lack of resources. This in turn pose a negative impact on the market growth.
Global Rehabilitation Equipment Market - Impact of Coronavirus (Covid-19) Pandemic
The outbreak of COVID-19 has had a severe impact on the delivery of the healthcare routine worldwide. The pandemic has adversely affected the ability of both physicians and patients to adhere to treatment guidelines. However, rehabilitation has a positive effect on health outcomes of patients with severe COVID-19. For instance, in May 2020, SWORD Health announced the launch of a remote pulmonary rehabilitation program to meet urgent need for and a significant shortage of rehabilitation service or programs for COVID-19 patients. Moreover, in September 2020, Mayo Clinic launched the COVID-19 rehab program in the United States.
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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.
Among product type exercise equipment segment held dominant position in the global rehabilitation equipment market in 2021, accounting for 45.3% share in terms of value, increasing approval and launch of new products is expected to propel growth of the segment during the forecast period.
Major players operating in the global rehabilitation equipment market include Roma Medical Aids Ltd., Hill-Rom Services Inc., Dynatronics Corporation, Medline Industries, Inc., Ekso Bionics, Invacare Corporation, Drive DeVilbiss Healthcare, Hospital Equipment Mfg. Co., GF Health Products, and Caremax Rehabilitation Equipment Co. Ltd., among others.
In February 2021, Dynatronics Corporation announced that its subsidiary, Bird & Cronin LLC, renewed its purchasing agreement with Intalere for orthopedic soft goods and bracing.
In August 2019, Hillrom entered a definitive agreement to acquire Breathe Technologies Inc., a developer and manufacturer of a patented wearable, non-invasive ventilation technology, which supports improved patient mobility.
In March 2019, Hillrom Holdings Inc. entered a definitive agreement to acquire Voalte Inc., a pioneer and leader in real- time mobile healthcare communications.