Global Physiotherapy Equipment Market: Overview
Physiotherapy, also known as physical therapy, is a type of treatment provided by physiotherapists (PTs) to develop and restore proper functioning of the body. The body’s movement and functioning is adversely affected by age, injury, disease, and environmental factors. PTs use a variety of physical therapy tools and equipment to improve patient health and aid speedy recovery from medical conditions. Moreover, by examining patient’s medical history and physical examination results, PTs develops management plan for prevention and treatment of body pain or discomfort and for patient rehabilitation.
This report provides in-depth analysis and estimation of the physiotherapy equipment market for the period 2017–2022, considering 2016 as the base year for calculation. Data pertaining to current market dynamics, including market drivers, restraints, trends, and recent developments, has been provided in the report. The physiotherapy equipment market is categorized on the basis of product, application, end user, and geography.
Global Physiotherapy Equipment Market: Key Research Aspects
Market information such as market drivers, restraints, market size, and growth was obtained through secondary research on company websites and annual reports, government websites, journals, magazines, and news articles. Information gap was filled in through certain assumptions and estimations, which were validated through primary research. The information was assimilated in the form of final report. Numbers may not add up due to rounding off. Assumptions: The analysts of the PMR report have considered the top-down approach to calculate the market for physiotherapy equipment. We have calculated the value of the total market from annual revenue of major companies operating in this sector and then given a percentage split to the total market. We have forecast market size and growth based on usage of physical therapy equipment. Under geographic segmentation, markets are based on regional capacity and application of physiotherapy equipment.
Global Physiotherapy Equipment Market: Segmentation
Based on product, the market is segmented into equipment and accessories. The equipment segment is further sub-segmented into hydrotherapy, cryotherapy, continuous passive motion (CPM), electric stimulation, heat therapy, therapeutic exercises, ultrasound, and others. Accessories include orthoses and other assistive devices such as wheel-chairs and crutches. Based on application, the report covers musculoskeletal, neurology, cardiovascular and pulmonary, pediatric, and others. Based on end user, the report comprises hospitals, clinics, and others. On the basis of geography, the report identifies and analyzes the market size and predictions for North America, Europe, Asia, and Rest of the World (RoW). Country-wise, the report takes stock of the potential of demand that can be expected out of U.S., France, Germany, Italy, the U.K., China, India, Japan, South Africa, Mexico, and Brazil during the forecast period of the study. Market segmentation includes demand for individual end-users in all the regions and countries.
The report also includes Porter’s Five Forces Analysis to detect the threat of new entrants, bargaining power of suppliers, rivalry among the competitors, and bargaining power of the buyers. The report has detected that there are low concentration of suppliers and chances of forward integration are medium. Capital requirement is medium among the new players, who are expected to abide by the regulatory requirements and build a brand identity to make a mark in this market.
Aging Population a Boon for Global Physiotherapy Equipment Market
A recent report by the United Nations has projected that by 2050 there will be more than 2.1 billion geriatrics; people aged over 60 years, in the world, which would be more than double of approximately 962 million geriatrics as of 2017. The UN has highlighted that the percentage of geriatrics in the world’s population is growing faster than all younger age groups. While this escalation in geriatric population is a result of increased life expectancy and improved healthcare infrastructure across various countries, it also is providing traction to the physiotherapy equipment market, as elderly people are highly prone to mobility disorders. According to this business intelligence study, the demand in the global physiotherapy equipment market will increment at a notable CAGR of 6.9% during the forecast period of 2017 to 2022. In terms of revenue, there will be opportunities worth US$23,750.9 mn by the end of 2022.
Besides rapid rise of geriatric population, the global physiotherapy equipment market is also driven by a number of other factors such as favorable healthcare reforms in various emerging economies, rising number of baby-boomers who are approaching retirement age, growing prevalence of cardiovascular and neurological diseases, and high employment rate. On the other hand, shortage of skilled professions to operate the specialized equipment, lack of standardized reimbursement scenario for physiotherapy, emergence of alternative services such as acupuncture, and high maintenance cost are a few restraints curtailing the prosperity of the physiotherapy equipment market. Nevertheless, the vendors operating in the physiotherapy equipment market are expected to gain new opportunities in vastly populated emerging economies of India and China as well as recent technological advancements such as exoskeletons, virtual reality, robotics, interactive video games, and implanted devices.
On the basis of product type, the physiotherapy equipment market has been segmented into equipment, accessories, and others. The equipment segment has been further bifurcated into hydrotherapy, continuous passive motion, electric stimulation, heat therapy, cryotherapy, ultrasound, and therapeutic exercises. Moreover, the accessories segment has been sub-segmented into orthoses and others. As of 2017, the equipment sub-segments collaboratively provided for a revenue of US$11,183.7 mn, although the accessories are expected to gain newer demands at a slightly stronger CAGR.
Musculoskeletal to Emerge as a Key Application Segment
End user classification of the physiotherapy equipment market has been done into hospitals, clinics, and others. By the end of 2022, the hospitals segment is projected to provide for a demand worth of US$16,449.7 mn. Owing to the significant cost of these tools, most of the patients prefer to visit multispecialty hospitals or specialized clinics for the procedures. Based on application, the physiotherapy equipment market has been divided into musculoskeletal, cardiovascular and pulmonary, neurology, and pediatrics. Among these, the musculoskeletal segment is most profitable in terms of value, promising to offer opportunities worth US$9,126.1 mn by the end of 2022. The segments of neurology and cardiovascular and pulmonary are also poised for impressive growth over the course of the forecast period.
North America and Europe Highly Profitable Regional Markets
Geographically, North America has been identified as most lucrative region, followed by Europe. These two regions have better healthcare infrastructure than the rest of the world and most of the pioneering companies hail from constituting countries. However, Asia Pacific has also been highlighted as a region with proliferating demand, which is a reflection of vast populations residing in the emerging economies of China and India. By the end of 2022, the North America physiotherapy equipment market is estimated to be worth US$1,387.7 mn.
These key market players have been profiled on the basis of attributes such as company overview, recent developments, growth strategies, sustainability, and financial overview.