The Global "Physiotherapy Equipment Market" is expected to grow at a CAGR of 5% during the forecast period (2022-2029).
Physiotherapy is a method that is used to treat physically challenged people and patients with injuries and chronic disorders such as arthritis, stroke, and cerebral palsy using various procedures and equipment to relieve physical disorders. It evolved from a simple message to a variety of complex treatments.
The global physiotherapy equipment market growth is driven by as healthcare reforms, increasing quality of care in developing regions, growing chronic disorders, and an increase in demand for rehabilitation after surgeries, chemotherapy, and radiation is expected to boost the global market at a high pace.
The rapidly growing geriatric population is driving the market growth in the forecast period
According to the Population Reference Bureau, globally, the geriatric population is growing at a rapid pace; by 2050, the number of people aged 65 years and above will constitute 16% of the global population. In 1990, 31 million Americans were 65 years of age or older; by 2020, the elderly population in the country is estimated to increase to 54 million persons, and by 2050, one in five Americans is expected to be over 65 years. This rapidly increasing geriatric population results in a considerable increase in the incidence of chronic diseases worldwide.
The elderly are more susceptible to various chronic and debilitating diseases. According to the World Health Organization (WHO), the incidence of strokes, dementia, and hip fractures increases exponentially with age; these are common afflictions in people over 85 years of age. Thus, the aging population, afflicted by some form of disability, will drive the physiotherapy equipment market.
As per the 2020 updates of WHO, ischemic heart disease was responsible for 16% of the world’s total deaths. Since 2000, the most significant increase in fatalities has been for ischemic heart disease, rising by more than 2 million to 8.9 million deaths in 2019. In 2019, the International Osteoporosis Foundation also suggested that by the end of 2025, there may be a 33.9 million population in Europe with osteoporosis, an increase of 23% from 26.5 million in 2010. The study also suggested that more than 50% of all osteoporotic hip fractures may occur in Asia by 2050. Thus, the increasing prevalence of orthopedic diseases increases the demand for rehabilitation services. Moreover, neurological disorders contribute significantly to the global morbidity and mortality rate, worldwide, with stroke being a leading cause of death.
The unstable reimbursement scenario for physiotherapy will hamper the growth of the market in the forecast period
However, changes in healthcare insurance policies and coverage substantially influence out-of-pocket costs for patients. This may lead to variabilities in services and impact the quality of care provided. The variability in coverage between and within federal and private payers often leaves patients paying out of pocket. Patients may be responsible for a co-pay, co-insurance, facility fees, and meeting a high deductible until co-insurance begins. Co-pays can reach as high as USD 75 per visit for therapy services. These costs can limit patients’ access to services, resulting in instances where patients do not get therapy while some patients may not be able to resume work or engage in daily activities.
Patients are also subjected to arbitrary visit limits per year that do not fall under the criteria of initial diagnosis or severity, thereby leading to variabilities in rehabilitation progress and complications. As a result, most patients surpass their limits in terms of receiving therapy under insurance benefits, and out-of-pocket payment is the only option left if individuals opt to continue receiving services. Thus, variabilities in coverage will hamper the growth of the overall physiotherapy equipment market.
The COVID-19 pandemic has caused major destruction in the delivery of the healthcare routine across the world. Furthermore, COVID-19 has posed limitations for many patients to access standard health services, such as visits to healthcare professionals, medications, diagnosis, and attendance at cardiac rehabilitation. It has adversely impacted the ability of patients and practitioners to adhere to treatment guidelines. Moreover, the number of surgeries has come down during the lockdown, decreasing the post-surgery rehab physiotherapy, which has impacted the market growth. On the other hand, as per the recommendations by the World Confederation for Physical Therapy (WCPT), COVID-19 patients are recommended to undergo physiotherapy for 3-4 weeks for the early recovery and improvement of their overall health. Thus, the demand for physiotherapy equipment is expected to increase in the forecast period.
The musculoskeletal segment is expected to grow at the fastest CAGR during the forecast period (2022-2029)
The musculoskeletal segment was estimated to be the most profitable segment, and it is expected to retain its position during the forecast period. An increase in the prevalence of musculoskeletal disorders, due to the rising geriatric population and lifestyle diseases, are primary drivers of the segment.
As per the WHO estimates, in 2021, approximately 1.71 billion people have musculoskeletal conditions, worldwide. Among musculoskeletal disorders, low back pain causes the highest-burden, with a prevalence of 568 million people. Furthermore, common musculoskeletal disorders, like lower back pain, are the most common reasons for patients visiting physiotherapists, which is expected to drive the market growth.
North America region holds the largest market share of the global physiotherapy equipment market
The North American region accounts for a major market share in the global physiotherapy market. It is owing to the increase in the cases of neurological disorders, and cardiac rehabilitation procedures are the factors that contribute to market growth. According to American Heart Association (AHA), cardiovascular disease accounts for 1 in 3 deaths in the US. However, cardiac rehabilitation (CR) reduces the risk of cardiac arrest. The increasing burden of musculoskeletal disorders and orthopedic surgeries significantly contributes to the growth of the physiotherapy equipment market in the region. According to the American Academy of Orthopaedic Surgeons, an estimated 126.6 million Americans (one in two adults) are affected by a musculoskeletal condition in the US.
The United States accounts for the major market share in the North American physiotherapy market and is also expected to continue with a similar trend, during the forecast period. The demographics of the region favor a sustained growth in the number of patients seeking or requiring rehabilitation services. An increasing number of people, who engage in fitness regimens and sports, coupled with the rising number of patients with cardiovascular, neurological and orthopedic, and MSD conditions have driven the market for physiotherapy equipment in the country. Furthermore, musculoskeletal conditions are also one of the most disabling and expensive conditions in the United States. Spine and back-related disorders hold a significant share of musculoskeletal problems. As per a 2017 survey conducted in the United States by the National Centre for Health Statistics, pain from any muscle, joint, or bone was reported by 52.1% among people aged 18 years and older, and lower back pain was the most common, affecting 28.6% of the people. Thus, these factors are driving the growth of the market in the forecast period.
The physiotherapy equipment market is a moderately competitive presence of local as well as global companies. Some of the key players which are contributing to the growth of the market include BTL Industries, DJO Global Inc., Dynatronics Corporation, EMS Physio, Enraf-Nonius BV, Life Care Systems, Patterson Medical, Zynex Medical Inc., HMS Medical Systems, SEERS Medical Ltd among others. The major players are adopting several growth strategies such as product launches, acquisitions, and collaborations, which are contributing to the growth of the physiotherapy equipment market globally. For instance, in April 2021, the National Office of Thermalism and Hydrotherapy (ONTH) announced the launch of the 1st mobile application for hydrotherapy Tunisia Wellness.
EMS PHYSIO LTD is located in WANTAGE, United Kingdom and is part of the medical equipment and supplies manufacturing industry. The company is engaged in the manufacture and distribution of electro-medical equipment.
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