The Physical Therapy Rehabilitation Solutions Market is estimated to be valued at US$ 28.86 Bn or Mn in 2023 and is expected to exhibit a CAGR of 7.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Physical therapy rehabilitation solutions include services and equipment used for physical rehabilitation of patients suffering from diseases, injuries or disabilities. The solutions comprise rehabilitation equipment such as continuous passive motion machines, ultrasound therapy machines, electric stimulation devices, heat therapy equipment, therapeutic exercise equipment and accessories. Physical therapy services include manual therapy, therapeutic activities, therapeutic exercise and rehabilitative programs. They are widely used for treatment of musculoskeletal, neurological and cardiopulmonary diseases or conditions such as arthritis, sports injuries, fractures, strokes and respiratory diseases.
Market Dynamics:
One of the key driver for growth of physical therapy rehabilitation solutions market is increasing prevalence of chronic diseases and disabilities leading to greater need for rehabilitation services. According to WHO, around 1.5 billion people are suffering from some form of disability globally and this number is growing rapidly due to increase in average lifespan, trends in population ageing and growing prevalence of non-communicable diseases like diabetes, stroke etc. Stroke alone accounted for around 13.7 million new cases and caused nearly 6 million deaths in 2016 globally.
Another driver is increasing demand for at-home rehabilitation services owing to rising healthcare costs and prolonged hospital stays. At-home therapy solutions offer greater convenience and comfort to patients at significantly lower costs compared to institutional settings. Availability of advanced wireless and digital solutions has enabled remote monitoring and delivery of rehabilitation programs at homes. For instance, virtual reality and gaming based rehabilitation solutions are gaining popularity among home users.
Segment Analysis
The global Global Physical Therapy Rehabilitation Solutions Market Size is dominated by the web/cloud based sub-segment. This sub-segment accounted for around 60% of the total market share in 2023 owing to the easy accessibility of web/cloud based physical therapy rehabilitation solutions from anywhere and at any time which has increased its adoption. These solutions also provide seamless storage and access to patients’ medical records and progress which help both physical therapists as well as patients.
PEST Analysis
Political: The governing bodies of various countries have defined favorable regulatory guidelines for physical therapy treatment procedures and medical reimbursement policies which is promoting the growth of physical therapy rehabilitation solutions market.
Economic: Rising disposable income and growing healthcare expenditure are positive factors fueling the demand for advanced physical therapy rehabilitation solutions globally.
Social: Growing prevalence of chronic diseases, obesity and sedentary lifestyle among population is increasing the number of patients opting for physical therapy treatments driving the need for management and monitoring solutions.
Technological: Integration of AI, VR/AR technologies in physical therapy rehabilitation solutions is enhancing virtual training experience, automated assessment of patient progress and customized treatment planning.
Key Takeaways
The global Physical Therapy Rehabilitation Solutions market is expected to witness high growth, exhibiting CAGR of 7.7% over the forecast period, due to increasing prevalence of chronic diseases such as arthritis, cardiovascular diseases. The North American region dominated the market with around 35% share in 2023 owing to fast adoption of new technologies and presence of major players in the region.
Regional analysis
The Asia Pacific physical therapy rehabilitation solutions market is projected to grow at the fastest rate during the forecast period majorly due to the increasing healthcare spending, rapid economic growth and rising medical tourism in developing nations like India and China.
Key players
Key players operating in the physical therapy rehabilitation solutions market are Reflexion Health, AC INTERNATIONAL EAST, Cerner Corporation, Kareo, Inc, TherapySync, eviCore healthcare, Meditab, Isalus, Smith+Nephew, CoRehab srl, Hinge Health, Inc, SWORD Health, Inc, MIRA Rehab Limited, Motekforce Link, and GESTURETEK HEALTH. Reflexion Health provides cloud-based rehabilitation and remote patient monitoring platform used by over 4,000 clinics.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
