Global Telerehabilitation Services Market, By Service Type (Audio, Video, and Both), By Application (Cardiovascular Physical Therapy, Orthopedic Physical Therapy, Neurological Physical Therapy, Pressure Ulcers, Cognitive Rehabilitation, Vocational Rehabilitation, and Others), By End User (Hospitals, Rehabilitation Centers, Homecare Settings, and Others (Long Term care Centers, Specialty Clinics, etc.)), By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa), is estimated to be valued at US$ 357.5 Mn in 2020 and is expected to exhibit a CAGR of 15.0% during the forecast period (2020-2027), as highlighted in a new report published by Coherent Market Insights.
The low price of physical therapy and telerehabilitation solutions is expected to drive the global telerehabilitation services market growth. For instance, West Health, an organization that works with nonprofit hospitals, healthcare organizations, universities and foundations across the U.S. with the goal of lowering the cost of healthcare and accelerating the research and development of new, more effective ways of delivering care for seniors suffering from various orthopedic & neurological conditions
Global Telerehabilitation Services Market – Impact of Coronavirus (COVID-19) Pandemic
The pre-COVID market had gained significant traction due to increasing demand for rehabilitation services for orthopedic indications across the globe. Key players were conducting their operations smoothly and were focused on implementing growth strategies in this market. For instance, EverCommerce is engaged in inorganic activities such as acquisition and collaboration to expand its product portfolio and strengthen position in the global market. EverCommerce acquired AllMeds, Inc. and iSALUS, LLC in 2018 and 2019, respectively. Post-acquisition, EverCommerce integrated both the companies’ product portfolio i.e. practice management, EHR, medical billing, telehealth, and chronic care management under one organization. This will allow all the patients, across the U.S., to access all the applications under single software, thus increasing the quality of treatment provided to the patients. Similarly, in 2017, Express Scripts Holding Company acquired eviCore Healthcare for US$ 3.6 billion. The companies united together to provide better healthcare plans and affordable and quality healthcare treatment to the U.S. population. The pre-Covid situation of telerehabilitation services market for key players was favorable and companies were focused on gaining significant share in the market
Browse 44 Market Data Tables and 36 Figures spread through 185 Pages and in-depth TOC on “Global Telerehabilitation Services Market ”- Forecast to 2027, Global Telerehabilitation Services Market , By Service Type (Audio, Video, and Both), By Application (Cardiovascular Physical Therapy, Orthopedic Physical Therapy, Neurological Physical Therapy, Pressure Ulcers, Cognitive Rehabilitation, Vocational Rehabilitation, and Others), By End User (Hospitals, Rehabilitation Centers, Homecare Settings, and Others (Long Term care Centers, Specialty Clinics, etc.)), By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)
Moreover, development of novel systems for providing rehabilitation services are also expected to aid in growth of the global telerehabilitation services market over the forecast period. For instance, In January 2019, MbientLab, a company building the next generation of sensors and tools for the healthcare industry, launched MIOTherapy (MIO), a wearable technology for physical and occupational therapists. This platform integrates the effectiveness of traditional physical therapy with smart sensors, therapeutic exercises, games, and 3D visualization technology to personalize and improve outpatient rehabilitation and accelerate recovery.
Key Takeaways of the Global Telerehabilitation Services Market:
- The global telerehabilitation services market is expected to exhibit a CAGR of 15.0% during the forecast period due to the launches and approvals of novel virtual rehabilitation and telerehabilitation solutions, this is expected to boost growth of the market. For instance, in April 2020, ATI Physical Therapy, is a nationally-recognized rehabilitation provider launched an online or virtual physical therapy service. This telehealth solution is a personalized and tailored online option for patients that brings in the physical therapy treatment to home.
- Among Service Type, Video segment is estimated to hold a dominant position in the global telerehabilitation services market over the forecast period. Rising research and development activities for the development of interactive design of patient-oriented video games for rehabilitation is expected to drive the segment growth over the forecast period. For instance, Kinect is Microsoft's motion sensor add-on for the Xbox 360 gaming console. The Kinect system identifies individual players through face recognition and voice recognition. It is used for the rehabilitation purpose in patients suffering from neurological disorders.
- On the basis of application, Orthopedic Physical Therapy segment is accounted for the largest market share in the global telerehabilitation services market over the forecast period. Moreover, rising incidence of osteoarthritis among the population is expected to boost demand for orthopedic physical therapy and thereby driving growth of the segment. For instance, according to an article published in Elsevier in January 2020, osteoarthritis (OA) is a highly prevalent rheumatic musculoskeletal disorder, that affected 303 million people globally in the year 2017.
- Major players operating in the Global Telerehabilitation Services Market are MTI America, UnaliWear Inc., Virtual Physical Therapists, Conversa Health, Rehab Management Pty Ltd, MindStreet Inc., MedRisk, NeoRehab, Global Outreach TeleRehabilitation Services, Inc., and Empatha