New Report Examines the Growth of Restorative Therapies Market Forecast to 2025
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As surgical and accident cases are on the rise, demand for restorative techniques and products is increasing. This is likely to drive the market in the next few years. Some of the important factors driving this market are the rise in demand amongst geriatric population for long-term pain management, side-effects of pain medications, development of novel pain management techniques and devices, conventional reimbursement scenario and policies for spinal cord stimulation (SCS) devices in developed countries, and accuracy and efficacy of restorative devices and techniques to treat acute and chronic pain. Additionally, with the increasing number of cases of neurological, infectious and cardiovascular diseases, cancer, drug abuse, and disabilities; demand for restorative therapies and products is projected to increase, augmenting the restorative therapies market in the near future.
Efforts for upgrade of health care infrastructure across several developing and developed countries have also been propelling the market. On the other hand, high prices have resulted in slow adoption of restorative devices. Lack of awareness about benefits of these devices would also restrain the global restorative therapies market during the forecast period. However, increasing demand for rehabilitation and restorative therapy products for women’s health, rise in health consciousness, and awareness campaigns worldwide may create high growth opportunities for the market in the next few years. The important business strategy adopted by some of the market players is technological upgrade of products and therapies.
The global restorative therapies market can be segmented on the basis of product, mode of purchase, end-user, and geographical region. On the basis of product, the market can be divided into spine, neuromodulation, surgical technologies, and neurovascular technologies. Both neurological technologies and surgical technologies segments are expected to hold a high share of the market and expand rapidly in the next few years, due to technological advancements. On the basis of mode of purchase, the market can be segmented into prescription-based devices and over–the-counter (OTC) devices. The OTC devices segment is expected to expand rapidly in the near future, due to availability of new FDA-approved devices. On the basis of end-user, the global restorative therapies market can be segmented into hospitals, diagnostic centers, academic & research institutes, and others.
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Based on geographical region, the global restorative therapies market has been broadly segmented into North America, Europe, Latin America, Asia Pacific, and Middle East & Africa. North America dominates the global market, followed by Europe and Asia Pacific. Government initiatives and investments, extensive adoption of new technologies, presence of key players in the market are some of the factors responsible for growth of above mentioned markets. Additionally, major opportunities are coming in frame specifically in Middle East & Africa and Latin America, due to expansion by small- and large-sized players in this region, to complete the unmet needs of the patients. The growing popularity of medical tourism and activities in developing countries such as India, China, and Brazil have been promoting the adoption of restorative therapies and products in these countries.
Some of the key players operating in the global restorative therapies market are Medtronic, Boston Scientific Corporation, Johnson & Johnson, Zimmer Biomet Holdings, and Stryker Corporation.
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