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Home Rehabilitation Products and Services Market Growth is Propelled by the Increasing Geriatric Patient Count Worldwide
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Based on various product types, the home rehabilitation products and services market has been segmented into positioning devices, general aids, body support devices, wheel chairs, and others (walkers, canes, crutches, arm and shoulder slings, etc.). Wheelchairs accounted for the largest share, and is also expected to grow at the highest CAGR in the home rehabilitation products and services market in 2014. Increasing incidences of mobility disabilities and global rise in geriatric population, are the major factors driving the home rehabilitation market. In addition, being the oldest product type available in the market and the trust factor associated with it also led to its increased demand especially among geriatric users.
Based on services, the global home rehabilitation products and services market has been segmented into physical therapy, occupational therapy, speech therapy, respiratory therapy, and others (drug rehabilitation, balance therapy, aquatic therapy, etc.). Physical therapy segment accounted for the largest share of the home rehabilitation products and services market in terms of revenue in 2014. Increase in mobility-related injuries, growing geriatric population, neck and back pain, postural dysfunction, and sports injuries are the major factors attributed to the leading position of the segment. The physical therapy segment is also expected to grow at the highest CAGR during the forecast period due to rise in geriatric population, as older individuals are more vulnerable to strokes, heart attacks, mobility-related injuries, and other chronic and debilitating conditions that require physical therapy for rehabilitation.
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Geographically, North America accounted for the largest share of the global home rehabilitation products and services market in 2014. Factors attributed to the dominant position of North America in home rehabilitation products and services market were growing prevalence of chronic diseases, geriatric population, increasing number of surgical procedures, and increased access to health care, rising incidence of respiratory infections, availability of various reimbursement policies from public and private health insurance firms, and rising hospital cost.
However, Asia Pacific is anticipated to witness the highest growth during the forecast period. Fastest growth rate in this region is anticipated to emerge due to high prevalence of mobility related injuries, burn injuries, strokes, and neck and back pain, presence of large base of geriatric population, and improving healthcare infrastructure. According to the latest report published by the National Crime Records Bureau (NCRB), with over 130,000 deaths per year, India has currently has the worst road accident rate in Asia Pacific. Hence, rising rate of road accidents per year in Asian countries is also projected to increase the demand of home rehabilitation products and services market.
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The global home rehabilitation products and services market is fragmented due to the presence of numerous established as well as emerging players. The prominent companies operating in the home rehabilitation products and services market includes Stryker Corporation, AliMed, Inc., DJO Global, Inc., RehabCare, Ekso Bionics Holdings, Inc., Prism Medical Ltd., Hocoma AG, Patterson Medical Holdings, Inc., TecnoBody S.r.l., Medline Industries, Inc., ergoline GmbH, Active Medical & Rehabilitation Services Pvt. Ltd., and Invacare Corporation.
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