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(Health-NewsWire.Net, September 02, 2022 ) Overview of This Study:
This research study involved the extensive use of both primary and secondary sources. Various factors affecting the industry were studied to identify the segmentation types, industry trends, key players, competitive landscape of different products provided by market players, key player strategies, and key market dynamics, such as drivers, restraints, opportunities, challenges, and industry trends.
Market Size Estimation
The total size of the physiotherapy equipment market was arrived at after data triangulation from four different approaches- revenue share analysis, segmental extrapolation, demand side analysis, and primary interviews. After the completion of each approach, the weighted average of these approaches was taken based on the level of assumptions used in each approach.
Projected Surge in Revenue Generation:
The global physiotherapy equipment market is projected to reach USD 24.5 billion by 2027 from USD 18.4 billion in 2022, at a CAGR of 6.0% during the forecast period.
Global Growth Driving Factors:
The growth of this market is primarily driven by the rapidly growing geriatric population; the subsequent increase in the global prevalence of chronic diseases; the growing incidence of sports injuries, degenerative joint disorders, and cerebrovascular disease; and the growing demand for rehabilitative care. However, an unstable reimbursement scenario for physiotherapy, the shortage of skilled personnel, and the presence of alternative therapies such as acupuncture are the major factors that are expected to restrain the growth of this market during the forecast period.
Data Triangulation
After arriving at the market size, the total market was divided into several segments and subsegments. To complete the overall market engineering process and arrive at the exact statistics for all segments and subsegments, data triangulation and market breakdown procedures were employed wherever applicable.
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Restraints: Unstable reimbursement scenario for physiotherapy
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. 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 cost significantly high for certain physiotherapy treatments. The associated costs can limit patients’ access to services, resulting in instances where patients do not get therapy. In contrast, some patients may be unable to resume work or engage in daily activities.
Patients are also subjected to arbitrary visit limits per year that do not fall under the initial diagnosis or severity criteria, 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 if individuals opt to continue receiving services. Thus, variabilities in coverage will hamper the growth of the overall physiotherapy equipment market.
Challenges: Alternative therapies such as Acupuncture
Acupuncture is widely used and accepted throughout the medical community as a viable alternative to physiotherapy owing to numerous benefits, such as high patient compliance and low cost. Many physiotherapists offer acupuncture as a treatment modality as part of physiotherapy management. Acupuncture may be suggested for a variety of conditions. It is often used as an adjunct in managing acute and chronic injuries, back and neck pain, muscle and joint problems, nerve pain, headaches and migraines, and sports injuries. Owing to its wide range of benefits and low costs, many patients opt for acupuncture over other physiotherapy options, which challenges the market growth to a certain extent.
Opportunities: Rising technological advancements
Players in the physiotherapy equipment market are increasingly focusing on technological advancements and developing new products to bring out advanced, easy-to-use devices. Advancements such as virtual reality, robotics, exoskeletons, implanted devices, and interactive video games are expected to provide market players with a wide range of opportunities. Interactive video games are increasingly being used in physical and rehabilitation centers to speed up the recovery of patients suffering from neurological disorders.
Cybertherapy is another technological advancement spurring market growth. In cybertherapy, patients use a wireless interface with their doctors. The use of eTherapy is also gaining wider acceptance as it is associated with a wide range of benefits for medical professionals and patients needing physiological treatments. Such technological advances will propel the demand for physiotherapy products in the forecast period.
“Europe to witness the highest growth rate during the forecast period.”
Europe accounted for the largest share of the global physiotherapy equipment market. The large share of this regional segment is attributed to a significant contribution from an economically stable and technologically advanced countries such as Germany, UK, and France. Additionally, increasing inclination for active lifestyles, rising geriatric population in Europe, increasing penetration of physiotherapy services, and favorable healthcare reforms are driving the market growth in Europe. The Asia Pacific market is projected to register the highest CAGR during the forecast period.
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Key Market Players:
The product and services in the physiotherapy equipment market is dominated by few globally established players such as Colfax Corp. (US), Zimmer MedizinSysteme GmbH (Germany), Zynex, Inc. (US), Performance Health (US), and ITO Co., Ltd. (Japan).
MarketsandMarkets™
Mr. Aashish Mehra
1-888-600-6441
raviraj.tak@marketsandmarkets.com
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