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Rehabilitation Equipment Global Market Analysis, Trends, Growth, Research And Forecast 2033
Rehabilitation Equipment Global Market Analysis
According to The Business Research Company's, The rehabilitation equipment market size has grown strongly in recent years. It will grow from $16.27 billion in 2023 to $17.36 billion in 2024 at a compound annual growth rate (CAGR) of 6.7%. The growth in the historic period can be attributed to growth in the aging population, rise in the incidences of disabilities, growth in the participation in sports activities, rise in chronic diseases, increased sports injuries, and increased focus on preventive healthcare.
The rehabilitation equipment market size is expected to see strong growth in the next few years. It will grow to $22.84 billion in 2028 at a compound annual growth rate (CAGR) of 7.1%. The growth in the forecast period can be attributed to the growing emphasis on personalized medicine, rising healthcare expenditure, the rise of telemedicine, and the increasing prevalence of degenerative diseases. Major trends in the forecast period include integration of artificial intelligence (AI), innovations in rehabilitation equipment, smart rehabilitation devices, integration of virtual reality (VR) and augmented reality (AR), and remote monitoring solutions.
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Market Drivers and Trends:
Rising demand for home healthcare services is expected to propel the growth of the rehabilitation equipment market going forward. Home healthcare services refer to a variety of medical and non-medical care provided to individuals in their own homes to address their healthcare needs. The demand for home healthcare services is rising due to several factors, such as aging populations, advancements in medical technology, and a shift towards value-based care. Rehabilitation equipment in home healthcare accelerates recovery and enhances strength, flexibility, and balance while promoting independence and ensuring patient safety through personalized monitoring and adjustments. For instance, in March 2024, according to the Centers for Medicare and Medicaid Services (CMS), a US-based federal agency, the number of Medicare Fee for Service (FFS) users utilizing home health care increased by 8.3% in 2021 to approximately 3 million, with 11,474 Medicare-certified home health organizations located across the country. Therefore, the rising demand for home healthcare services is driving the rehabilitation equipment market.
Major companies operating in the rehabilitation equipment market are focused on developing innovative technologies, such as VR-based rehabilitation platforms, to gain a competitive edge in the market. A VR-based rehabilitation platform is a digital system that utilizes virtual reality technology to facilitate rehabilitation and therapy for individuals with physical or cognitive impairments. For instance, in November 2022, Penumbra Inc., a US-based healthcare company, launched the REAL y-Series, a new full-body VR-based rehab platform for both upper and lower extremities, complete with a full-body avatar. This innovative product is designed to support patients in physical or occupational therapy by improving their physical, cognitive, and mental well-being. This immersive rehabilitation solution aims to enhance patient engagement, motivation, and outcomes by providing a comprehensive approach to therapy that addresses a wide range of needs, from core and balance training to cognitive stimulation and activities of daily living.
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Major Key Players of the Market:
Medtronic plc, Medline Industries Inc., Koninklijke Philips N.V., Stryker Corporation, Hill-Rom Holdings Inc., Arjo, DJO Global Inc., Sunrise Medical Limited, Invacare Corporation, Caremax Rehabilitation Equipment Co. Ltd., Etac AB, Permobil, LINET spol. s.r.o., Joerns Healthcare LLC, DeVilbiss Healthcare LLC, Hoveround Corporation, Winncare Group, Dynatronics Corporation, GF Health Products Inc., Roma Medical, Paragon Medical, Merits Health Products Co. Ltd., Ekso Bionics Holdings Inc., TecnoBody S.p.A., Lifeward Inc., Antano Group, Changzhou Qianjing Rehabilitation Corp. Limited, Besco Medical Co. Ltd., Vermeiren International, Ossenberg GmbH
Rehabilitation Equipment Market 2024 Key Insights:
• The rehabilitation equipment market size is expected to see strong growth in the next few years. It will grow to $22.84 billion in 2028 at a compound annual growth rate (CAGR) of 7.1%.
• Rising Demand For Home Healthcare Services Drives Growth In The Rehabilitation Equipment Market
• Advancing Rehabilitation Through Immersive Virtual Reality-Based Therapy Product
• North America was the largest region in the rehabilitation equipment market in 2023
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