Home Rehabilitation Products and Services Market | New Tech Developments and advancements to watch out for 2023
According to the TMR report, the global home rehabilitation products and services market is slated to expand at a CAGR of 8.50% from 2015 to 2023. The market was calculated at US$84.2 bn in 2014 and is expected to reach US$176.1 bn by the end of 2023.
APAC Demand for Home Rehabilitation Products and Services to Surge
North America took up the leading share in the held the largest share in the global home rehabilitation products and services market for 2014, driven by a large elderly population percentage suffering from chronic diseases and a growing number of available surgical procedures in a highly advanced healthcare industry. Over time, Asia Pacific will be showing a much higher growth rate in its demand for home rehabilitation products and services, owing to an increasing count of patients suffering from strokes, mobility-related conditions, neck and back pain-related conditions, and burn injuries.
Wheelchairs led the global home rehabilitation products and services market in 2014 based on products, owing to the rising incidence of disabilities and rising global aging population. Based on services, the market was dominated by the demand for physical therapy due to factors such as the increasing financial ability of the elderly to treat conditions such as osteoporosis, arthritis, and hip and joint surgeries and replacements.
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Increasing Geriatric Patient Count Propels Market Demand
“The global home rehabilitation products and services market is currently being driven by the growing prevalence of chronic diseases. The spike in chronic illness cases is directly proportional to the staggering rise in the geriatric population, as the baby boomer era comes to a close. This is creating a shift in core demographics for the healthcare industry and is expected to further fuel the need for home rehabilitation products and services over the coming years,” states a TMR analyst. As stated before by the U.S. Census Bureau, 76.4 mn baby boomers were present in the U.S. in 2014. This is a massive consumer base for the healthcare industry and is creating the need for several specializations in healthcare, especially in home healthcare areas.
The future of the global home rehabilitation products and services market is also likely to show a positive growth rate, owing to the advancements in the healthcare industry that are leading to a lower mortality rate among the elderly. Emerging economies are also expected to increase their demand for home rehabilitation products and services due to the swiftly expanding healthcare infrastructure in these regions and growing medical outreach towards remote areas.
High Costs Continue to Hamper Market Growth
The global home rehabilitation products and services market is highly unorganized, fragmented, and competitive, creating current market stagnation and paving way for future growth opportunities for existing players as well as new entrants. However high cost of the rehabilitation services, and lack of appropriate health insurance schemes in developing nations is anticipated to pull back the growth of home rehabilitation products and services market.
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