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 are used by physical therapists and patients to assess, track progress, provide customized treatment plans and continuity of care. These solutions provide virtual and digital tools such as wearable sensors and devices, tele-rehabilitation platforms, electronic health records and practice management software. They help physical therapists monitor patients remotely, facilitate at-home exercises and educate patients. This enhances convenience, accessibility and outcomes of physical therapy. Key players offer a variety of solutions to address needs across orthopedic, sports and geriatric settings.
Market Dynamics:
Growing adoption of tele-rehabilitation solutions is expected to be a key driver for this market over the forecast period. Tele-rehabilitation involves using telecommunication and digital technologies to deliver physical therapy services remotely. It provides continuity of care, reduces travel needs and improves availability in rural areas. The COVID-19 pandemic has further accelerated the uptake of tele-rehabilitation as it allows for social distancing. Favorable government initiatives like favorable reimbursement for telehealth and focus on delivering cost-effective quality care will also support the growth of tele-rehabilitation and thereby physical therapy rehabilitation solutions. Furthermore, the rising geriatric population prone to mobility issues, growing prevalence of chronic conditions like musculoskeletal disorders and obesity and increasing healthcare expenditures are also expected to boost the demand for physical therapy rehabilitation solutions over the forecast period.
Segment Analysis
The global physical therapy rehabilitation solutions market is dominated by the musculoskeletal segment. This segment accounts for over 40% share of the total market owing to the rising incidence of conditions like arthritis, chronic back pain and osteoporosis. Within this segment, knee injuries sub-segment holds the largest share as knee problems are very common nowadays due to sedentary lifestyle and late onset of physical activities in young people.
PEST Analysis
Political: The governments across regions are taking initiatives to increase the adoption of physical therapy rehabilitation solutions by providing subsidies. For example, the US government provides tax benefits to healthcare facilities investing in digital rehabilitation technologies.
Economic: The economic growth has resulted in increasing healthcare expenditure. This is driving the demand for cost-effective physical therapy rehabilitation solutions from both patients and providers.
Social: Growing geriatric population and changing lifestyle leading to more sedentary habits are major social factors augmenting the need for physical therapy. Additionally, increased health awareness is also promoting its adoption.
Technological: Advanced technologies like virtual reality, artificial intelligence, 3D motion sensors and cloud-based platforms are being integrated into rehabilitation solutions. This is improving engagement of patients and therapeutic outcomes.
Key Takeaways
The Global Physical Therapy Rehabilitation Solutions Market Growth is expected to witness high, exhibiting CAGR of 7.7% over the forecast period of 2023 to 2030, due to increasing incidence of chronic diseases and mobility issues. The market size for 2023 is estimated to be US$ 28.86 Bn.
Regional analysis: North America dominates the market due to early technology adoption and supportive reimbursement policies. However, Asia Pacific is poised to exhibit the fastest growth on account of rising healthcare expenditure and growing geriatric population in China and India.
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. Key players are focusing on product launches and partnerships to strengthen their market presence and gain an edge over competitors. For instance, Smith+Nephew launched its CORTIXTM platform in 2021, which uses artificial intelligence for orthopedic rehabilitation.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
