Physiotherapy is one of the most popular lines of treatment today. Body pain, discomfort, post-surgical consequences, and pain due to aging and chronic diseases can be efficiently and effectively addressed by using physical therapy. However, physiotherapists use a certain set of tools and equipment for providing physiotherapy for rehabilitation and restoration of proper body functioning. The global market for physiotherapy equipment is a multibillion dollar market that is currently witnessing moderate growth. Persistence Market Research recently published a report on the global physiotherapy equipment market that indicates steady yet promising growth prospects for the market over a seven-year forecast period, 2015-2022.
The global physiotherapy equipment market report by PMR first features the market overview that includes market definition, forecast period, annual growth rates, revenues, and estimated market size for the forecast period. This section offers a brief idea about the market condition. The next section of the report comprises key factors associated with the growth of the market, directly or indirectly. The drivers section covers all the important positive factors that are likely to favor the market growth, whereas the restraints section includes all the critical negative factors that will pose a challenge to the market growth during the forecast period. This part of the report also throws light on some influential market trends and upcoming opportunities.
For facilitated understanding of the market dynamics, the report fragments the global physiotherapy equipment market into various segments and sub-segments, based on the type of product, application, and end-user. The next part of the report features regional segmentation along with an extensive data about each of the regional market, including North America, Europe, Asia, and rest of the world. In its last part, the report provides exhaustive dashboard analysis of the key players operating in the global market.
To deduce the global physiotherapy equipment market size, the report considers various aspects based on secondary research. Furthermore, key data points such as region-wise split and market split by product type, application, and end-user; and qualitative inputs from primary respondents have been incorporated to arrive at appropriate market estimates. The forecast presented in the report assesses the total revenue generated and expected revenue contribution in the global physiotherapy equipment market.
The report begins with sizing the market in terms of value and volume for the base year, which forms the basis for forecasting how the market is anticipated to take shape in the near future. Given the characteristics of the market, gathered data is triangulated via different analysis based on supply side and demand side drivers and other key dynamics of the global physiotherapy equipment market. To develop the market forecast, Persistence Market Research has also conducted a factor analysis to understand the impact of various forces/factors on the target market. The report provides forecasts not only in terms of CAGR but also presents a detailed analysis based on key parameters such as Year-on-Year (Y-o-Y) growth to understand market predictability and to identify the right opportunities.
Another key feature of this report is an analysis of the global physiotherapy equipment market and the corresponding revenue forecast in terms of absolute dollar opportunity, usually overlooked while forecasting the market. However, absolute dollar opportunity is critical in assessing the level of opportunity that a provider can look to achieve, as well as to identify potential resources from a sales perspective in the global physiotherapy equipment market. Further, to understand key segments in terms of their growth and overall global physiotherapy equipment market performance, Persistence Market Research has developed a market attractiveness index to help providers identify existing market opportunities in the global physiotherapy equipment market.
Physical therapy, popularly known as physiotherapy, involves the usage of a wide range of tools and equipment, which help in the treatment for body pain, discomfort, and post-surgical consequences. The past decade has seen immense growth for the physiotherapy sector, which in turn has been driving the market for physiotherapy equipment on a global level. Currently, the global physiotherapy equipment market is steadily growing and will reach a value of around US$ 23.7 Bn by 2022 end, up from the value recorded in 2015 i.e. US$ 15 Bn. The market is anticipated to expand at a moderate yet promising CAGR of 6.8% during the forecast period, 2015-2022.
Key Market Dynamics
Physiotherapy is widely recommended for development and restoration of normal body functioning of a body, which will continue to fuel the demand for physiotherapy equipment. Rising incidences of accidental injuries, sports injuries, and chronic diseases that hamper proper body functioning and movements, is another key factor expected to drive the demand. An increasing number of neurological disorders are also anticipated to raise a decent demand for physiotherapy equipment. There are several health conditions resulting in loss of ordinary body functioning solely due to aging. This will play a major role in escalating the demand for physiotherapy equipment, owing to increasing geriatric population. Moreover, increasing number of surgeries prompt at efficient patient rehabilitation post-surgery. Physiotherapists employ a wide range of tools and equipment in order to rehabilitate and restore patients’ body functioning. This will continue to sustain the demand over the next few years. In addition, growing awareness about long-term therapeutic impact of physiotherapy on a body will widen the market penetration during the forecast period.
However, lack of sufficient reimbursement policies for physiotherapy especially in developing countries, will be a longstanding challenge to rapid growth of the physiotherapy equipment market.
The global market for physiotherapy equipment is segmented on the basis of product, application, and end-user. The product segment is further bifurcated into equipment and accessories. By equipment, the market includes various sub-segments, such as hydrotherapy, cryotherapy, continuous passive motion (CPM), electric stimulation, heat therapy, therapeutic exercises, ultrasound, and others. Based on accessories, there are two sub-segments viz. orthoses and others (crutches and wheelchairs). On the basis of application, the market is fragmented into musculoskeletal, neurology, cardiovascular and pulmonary, pediatrics, and others sub-segments, whereas by end user, the market is classified as hospitals, clinics, and others. Although the equipment segment continues to dominate, the accessories segment is anticipated to witness a higher CAGR during the forecast period. By equipment, hydrotherapy will gain more traction, whereas musculoskeletal segment will hold the highest market share in terms of application. Based on end-user, hospitals will continue to represent the largest and fastest growing segment. Ultrasound and electric stimulation are projected to witness significant growth through to 2022.
On the basis of geographical analysis, the global market for physiotherapy equipment can be segmented into four key regional markets - North America (the U.S., and Canada), Europe (Germany, France, and the U.K.), Asia (China, India, and Japan), and rest of the world or RoW (Brazil and Australia). Attributed to rising prevalence of CVDs and neurological disorders, North America will continue to dominate the market for physiotherapy equipment. Favorable government initiatives is another important driver expected to accelerate the market growth in this region. Up from US$ 6.0 Bn attained in 2015, the North American market will reach US$ 9.59 Bn by the end of 2022, expanding at a CAGR of 6.9%. The European market is however primarily driven by increasing incidences of musculoskeletal disorders. Asia is likely to be the fastest growing market due to rising geriatric population and substantial percentage of neurological diseases in China and Japan.
Key Market Players
Some of the key companies participating in the global physiotherapy equipment market are EMS Physio Ltd., HMS Medical Systems, Whitehall Manufacturing, DJO Global, Isokinetics, Inc., Dynatronics Corporation, Enraf-Nonius B.V, Patterson Companies, Inc., BTL Industries, Inc., and A. Algeo Limited.
Some of the major players in physiotherapy equipment market:
These key market players have been profiled on the basis of attributes such as company overview, recent developments, growth strategies, sustainability, and financial overview.