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Physiotherapy And Rehabilitation Products And Services Global Market Observe Highest Growth of $285.84 Billion with an Excellent CAGR of 7.1% by 2028 |
Physiotherapy And Rehabilitation Products And Services Market
According to The Business Research Company's, The physiotherapy and rehabilitation products and services market size has grown strongly in recent years. It will grow from $203.59 billion in 2023 to $217.18 billion in 2024 at a compound annual growth rate (CAGR) of 6.7%. The growth in the historic period can be attributed to aging population demographics, increasing awareness and acceptance of physiotherapy, the shift towards outpatient care and home-based rehabilitation, and regulatory and reimbursement policies.
The physiotherapy and rehabilitation products and services market size is expected to see strong growth in the next few years. It will grow to $285.84 billion in 2028 at a compound annual growth rate (CAGR) of 7.1%. The growth in the forecast period can be attributed to the rising incidence of chronic conditions, the shift towards outpatient care, increasing awareness and accessibility, and advancements in technology. Major trends in the forecast period include continued integration of technology such as virtual reality (VR), augmented reality (AR), artificial intelligence (AI), focus on preventive care and wellness, personalized treatment approaches, and innovations in assistive devices and robotics.
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Market Drivers and Trends:
The rising geriatric population is expected to propel the physiotherapy and rehabilitation products and services market going forward. The geriatric population refers to individuals over 65 and older and is characterized by specific health concerns and needs associated with aging. The rise in the geriatric population creates increased demand for physiotherapy and rehabilitation products and services, as older adults often require specialized aids and equipment to address age-related mobility issues and overall well-being, driving growth opportunities for companies catering to the aging demographic. For instance, in January 2024, according to the Population Reference Bureau, a US-based not-for-profit research organization focusing on people's health and well-being, the number of Americans aged 65 and older would surge from 58 million in 2022 to 82 million by 2050, marking a 47% increase. Moreover, the share of the population aged 65 and above is expected to rise from 17% to 23%. Therefore, the rising geriatric population is driving the growth of the physiotherapy and rehabilitation products and services market.
Major companies operating in the physiotherapy and rehabilitation products and services market are focused on developing new technologies, such as advanced virtual reality-based platforms, to maximize their revenues in the market. Virtual reality-based platforms are utilized in physiotherapy and rehabilitation products and services to provide immersive and interactive experiences for patients undergoing therapy. For instance, in November 2022, Penumbra Inc., a US-based medical device company, launched the REAL y-Series, a full-body, non-tethered immersive healthcare offering for rehabilitation. This technology utilizes upper and lower body sensors to track whole-body movement and progress in real-time, providing a hands-free, sensor-based virtual reality (VR) platform and allowing clinicians to customize exercises and activities to challenge, motivate, and engage patients. This innovative technology aims to address challenges in rehabilitation, such as patient motivation and engagement, by maximizing therapy benefits through higher engagement and intensity, potentially improving patient outcomes.
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Major Key Players of the Market:
Medline Industries Inc., Stryker Corporation, Select Medical Corporation, Icahn School of Medicine at Mount Sinai, ITO Co. Ltd., Enovis Corporation, Ottobock, DJO Global Inc., Upstream Rehabilitation Inc., Össur (OSSR.CO), Patterson Medical, ATI Physical Therapy Inc., U.S. Physical Therapy Inc., BSN Medical GmbH, Athletico Physical Therapy, Zynex Medical Inc., Performance Health, Zimmer MedizinSysteme GmbH, Dynatronics Corporation, Biodex Medical Systems Inc., MindMaze Healthcare, Enraf-Nonius B.V., EMS Physio Ltd., Tartan Group, Lifespan Physical Therapy Services
Physiotherapy And Rehabilitation Products And Services Market 2024 Key Insights:
• The physiotherapy and rehabilitation products and services market size is expected to see strong growth in the next few years. It will grow to $285.84 billion in 2028 at a compound annual growth rate (CAGR) of 7.1%.
• Geriatric Population Growth Driving Expansion Of Physiotherapy And Rehabilitation Products And Services Market
• Innovative Technologies Revolutionize Physiotherapy And Rehabilitation
• North America was the largest region in the physiotherapy and rehabilitation products and services market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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