The global telerehabilitation systems market is evaluated at US$1,809.225 million for the year 2019 and is projected to grow at a CAGR of 48.30% to reach a market size of US$28,538.629 million by the year 2026.
The telerehabilitation system is for patients who live far from actual centers of rehabilitation. It also decreases the regular visits of patients to hospitals and rehabilitation facilities, since, after discharge, doctors are likely to follow up with clients. This also reduces the cost of transportation and saves patients’ and doctors’ time, thus providing customers with real-time recovery services in their homes. Telerehabilitation form of service has been introduced by numerous healthcare organizations and hospitals to expand their business. It helps individuals control the monitoring of their medical needs and procedures by encouraging personalized treatment. This technology can equip consumers with a wide range of diagnosis and care options using remote control technology, robotic and virtual reality systems, and synchronized online content collaboration.
Furthermore, various technological advancements have been made in virtual rehabilitation (VR) and telerehabilitation systems. These include technologies such as high-end and low-end systems, embedded ambient VR technologies to monitor real-world activity, and turn-key VR systems with clinical validity and reliability. Moreover, manufacturers are also focused on VR applications with a personalized medicine approach. Therefore, technological advancements in rehabilitation systems are expected to drive the growth of the virtual rehabilitation and telerehabilitation system market.
Technological advancements in the use of Information, Communication & Technology have moved ahead of the rehabilitation services over the telecommunication network or the internet. This uses the technology to deliver real-time rehabilitation services to the clients at their homes. Telerehabilitation service provides benefits to those living far away from the actual rehabilitation centers. It also reduces the frequent visits to hospitals and rehabilitation centers as physicians can follow-up with the clients after discharge. It also reduces the transportation cost and saves time for both patient and physician. Various healthcare organizations and hospitals are starting this type of service for growing their business. It permits the individuals to have control over the supervision of their medical requirements and interventions by facilitating personalized care, choice, and personal control. With the help of this technology, a large number of assessment and treatment alternatives can be provided to the clients using remote monitoring technology, robotic and virtual reality systems, with the synchronized collaboration of online material.
GLOBAL Telerehabilitation systems market, US$ million, 2020 to 2026
Source: Knowledge Sourcing Intelligence Analysis
Telerehabilitation also offers the potential benefit of collaborating the family members and friends for effective rehabilitation treatment. Thus, overall improving the healthcare benefit for the patient. With the integration of telehealth measures, healthcare costs will also be reduced. The rapid progress of technology provided an opportunity for health professionals to adapt to these changes and deliver healthcare in a new and remote fashion way.
The advent of COVID-19 had a positive impact on the global telerehabilitation systems market. The immense widespread of the disease has been a significant reason for the increase in the demand for telerehabilitation systems at a global level. This is because telerehabilitation services are the best option to maintain social distancing while continuing therapy. Face-to-face therapy still presents many risks to the therapist and patient. Telerehabilitation also represents an innovative approach to increase access to rehabilitation services for patients who live in remote locations where therapists are scarce or absent. Moreover, the impact of COVID-19-related innovations in terms of telerehabilitation help serve those living in rural and remote areas, and now also in urban locations. The current crisis has highlighted a lack of access to health care for people living in underserved communities, particularly those living with the effects of strokes. One can imagine that people discharged home post-stroke have been hit hardest by the lockdown. Telerehabilitation has an important role to play in this area.
The segmentation of the global telerehabilitation systems market has been done into service type, the technology used, and geography. By service type, the classification of the market has been done into assessment and therapy. By technology used, the classification of the market has been done into textual-based technology, E-mail Programs, Audio Based Technology, Videoconferencing, and others. Furthermore, based on geography, the global market has been distributed as North America, South America, Europe, the Middle East and Africa, and the Asia Pacific.
Rising developments by key players to cope up with the increasing demand has triggered the expansion in the portfolio of the offerings which in turn is expected to drive the market during the forecast period
The growth of the telerehabilitation systems market is fuelled by the increasing investment being done in the sector by key market players. For instance, in March 2019, Neuro Rehab VR, a U.S.-based company, and The University of North Texas Health Science Center partnered with the University of Texas at Arlington Research Institute (UTARI). The University of Texas at Arlington Research Institute is developing flexible soft robotic gloves that will aid in rehabilitating stroke patients through virtual reality gaming. Combining this glove with the virtual reality gaming to be developed by Neuro Rehab VR will enable stroke patients to engage in rehabilitation activities for regaining their hand function. Thus, the development of such innovative products is expected to drive market growth over the forecast period. Furthermore, acquisitions by key players to enhance the at-home telerehabilitation capability are contributing to virtual rehabilitation and telerehabilitation system market growth. For instance, in October 2016, Zimmer Biomet Holdings Inc. acquired RespondWell, a telerehabilitation platform from RespondWell LLC. Zimmer Biomet integrated the novel platform into its Zimmer Biomet Signature Solutions to further enhance patient compliance with physical therapy.
Increasing initiatives is expected a tailwind to the growth of the market during the forecast period
Initiatives in this direction by numerous non-governmental and non-profit organizations are also boosting the sector. The high cost of the process, lack of qualified people, and poor quality of communication in several developing and underdeveloped regions across the globe hamper the global market. However, improving adaptive technology in these regions is expected to improve the demand for telerehabilitation.
Global Telerehabilitation systems market share, by geography
Source: Knowledge Sourcing Intelligence Analysis
The players in the global telerehabilitation systems market are implementing various growth strategies to gain a competitive advantage over their competitors in this market. Major market players in the market have been covered along with their relative competitive strategies and the report also mentions recent deals and investments of different market players over the last few years. The company profiles section details the business overview, financial performance (public companies) for the past few years, key products and services being offered along with the recent deals and investments of these important players in the market.