Publishing: May 2021 | Report Code: LS11090 | Available Format: PDF
Rehab equipment are re-usable equipment which aid patients in their daily chores. It is one of the effective ways to treat a patient recovering from long-term injury or illness. It accelerates the recovery process of the patient. Over the last decade, there has been a considerable growth in the global rehab equipment market due to advancement in technology and government reforms such as long-term care insurance, 2000 in Japan. It is expected to grow further during the forecast period (2017-2023) due to the entry of various private and government insurance players in the market. These players will provide reimbursement plans for the rehab equipment that will make these equipment more affordable.
The categorization of global rehab equipment market is done on the basis of type, applications, end users. The various types of global rehab equipment are daily living aids, body support devices, mobility equipment and exercise equipment. The daily living aids equipment such as medical beds, bathroom and toilet assist devices and reading, writing and computing aids have been used more by the end users as compared to other segments due to increase in non-communicable diseases like cardiovascular diseases and cancer. Worldwide, 8.8 million people died from cancer in 2015, which is 1 in 6 of all global deaths as per the reports by WHO.
Physiotherapy and occupational therapy are the two applications of rehab equipment based on which global rehab equipment market is divided. Physiotherapy is garnering major revenue in this segment due to increase in the need of physiotherapy among elderly population and disabled patient. About 15% of the world population lives in some form of disability, as reported by WHO in its report disability in 2017.
Hospitals & Clinics, rehabilitation centres, home care settings and physiotherapy centres are its end users. Due to increase investment on hospital infrastructure and high-quality treatment in hospitals, hospitals are the main contributor towards the growth of the global rehab equipment market. Also, the other reasons for the growth of the global rehab equipment market are rise in non-communicable diseases, increase in sports injuries and rising chronic diseases.
Growth Drivers and Restraints
Companies are focusing on the technological advancements which is causing rapid growth of the market. The key factors which drive the growth of the global rehab equipment markets are positive government healthcare reforms, aging population and rise in chronic diseases, increase in disabilities due to non-communicable diseases, rise in disabled population and increasing sports injuries.
However, the cost of these equipments are high as well as the maintenance expenses too, are considerably high, which is restraining the global rehab equipment market. But such restraints are overcome by the insurance care provided by the government and private players.
Opportunity and Trends
Due to introduction of the long-term care insurance system in the industry, interest in rehab equipment of the users has increased which later became a trend in the market. This trend further drives the market for the improvement in function and design of the equipment which will be of great importance for the aged and physically challenged population.
The key trend in the global rehab equipment market is physiotherapy due to aging population, increase in disabilities and usage of daily living aids for the proper and comfortable treatment of the patients.
The mobility equipment segment holds great opportunities for the market players where many key competitors are launching new products to increase competition in the market such as Invacare Corporation launched Kite (electric wheelchair) and TDX2 (low rider power) wheelchair in October 2016.
Globally, North America is leading the market followed by Europe. The reasons for the dominance of North America over the market are aging population, presence of large players, subsequent increase in lifestyle disease and government support through different initiatives which is beneficial for the patients.
The competition is quite high as various competitors are focusing on different technological advancements in different segments.
In February 2016, Invacare Corporation upgraded and modified its rehab equipment such as Küschall Champion SK, folding wheelchair and LiNX power wheelchairs and programmed them wirelessly via Bluetooth. Invacare Corporation is a major player in the market.
In May 2016, GMS Rehabilitation launched a new product ‘The Genny’ which is a self-balancing wheel chair which was included in the Australian Register of Therapeutic Goods and is approved for use by person just like an Electric Wheelchair.
In August 2 2016, Compass Health Brands acquired the ProBasics brand from Invacare. ProBasics is a line of durable medical equipment (DME) which was an Invacare brand for home medical equipment providers that seeks quality DME products at a price supportable to the reimbursement environment.
Other key players in global rehab equipment market are Medline Industries, Inc., Dynatronics Corporation, GMS Rehabilitation, Drive DeVilbiss Healthcare, Changzhou Qian Jing Rehabilitation Co., Ltd., Compass Health Brands, Roma Medical, Caremax Rehabilitation Equipment Co. Ltd., GF Health Products, Inc., and Hospital Equipment Manufacturing Company.
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