The rehabilitation equipment market was valued at US $ 3.684 billion in 2019 and is expected to grow at a CAGR of 4.05 % over the forecast period to reach a total market size of US $ 4.863 billion by 2026.
This rehabilitation equipment serves as a reusable guide, which enables patients to perform their normal daily activities. By serving this population in a more efficient and effective manner, enhances their quality of life, especially for the sick, aged, disabled, and injured who are looking for a greater level of independence and participation in society. The growth of this market is mainly due to new health care reforms, a large geriatric population, as well as chronic diseases such as diabetes, which contribute to the increase in noncommunicable diseases. A recent study by the Centres for Disease Control and Prevention (CDC) found that by 2020, 61 million Americans will be disabled to the point of being unable to travel outside the home. Additionally, According to the United Nations (UN) data of World Population Prospects for 2019, the world's population will double within 30 years, from 7.7 billion to 9.7 billion, and at the same time, the world will age more rapidly. The number of people over the age of 65 will rise from one in 11 in 2019 to one in six by 2050 (16%), up from one in 11 at the beginning of this year (9%). Furthermore, technological advancements, such as innovative designs of smart accessible devices, will boost the chances of this market growth in the future.
A walking assistive device is a device such as a cane, crutches, or walker that enables easy mobility in patients with a physical disability or the elderly. In addition to increasing the patient's base of support, these devices improve and maintain balance, increase activity, and reduce dependence on others. Journal of Physical Therapy Science research published in August 2020 found that physical therapy was not only associated with lower mortality rates, hospital stays, medication spending, and medical expenses, but also with increased educational attainment, reduced economic losses, and reduced risks of medical collapses. Further, as the population ages, they are more likely to develop several diseases that require mobility assistance, which will result in increased use of assistive devices.
In December 2019, Toyota Motor Corporation (Toyota) introduced the Welwalk WW-2000, a robot that offers rehabilitation support for people suffering from lower-limb paralysis caused by strokes or other causes. Wearable Walking Assistive Exoskeleton Robots are available from the Industrial Technology Research Institute. They have been designed specifically for patients with spinal cord injuries. With the assistance of the power assist, patients can regain the ability to stand, sit, walk on flat surfaces, go up and down stairs, and walk on slopes.
However, high prices for rehabilitation equipment, as well as their high maintenance costs, hinder the growth of the rehabilitation equipment market.
COVID-19 patients have an increased risk of long-term impairment and disability, and they will require rehabilitation throughout the course of the disease. Multiple players are battling for market share by providing rehabilitation equipment. As an example, Mayo Clinic will launch a rehabilitation program in the U.S. in September 2020. The remote pulmonary rehabilitation program was launched in May of 2020 by SWORD Health, a provider of digital therapy for COVID-19 patients, to allow them to receive rehabilitation programs in an urgent manner and to fill a substantial gap in rehabilitation programs.
Rehabilitation Equipment Market Scope:
|Market size value in 2019||US$3.684 billion|
|Market size value in 2026||US$4.863 billion|
|Growth Rate||CAGR of 4.05% from 2019 to 2026|
|Forecast Unit (Value)||USD Billion|
|Segments covered||Extremity, Application, End-Users, And Geography|
|Regions covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies covered||Arjo, Caremax Rehabilitation Equipment Co., Ltd., Compass Health Brands, DJO, LLC, Dynatronics Corporation, GF HEALTH PRODUCTS, INC., Invacare Corporation, Performance Health Holding, Inc., Sunrise Medical, Armedica Manufacturing Corporation|
|Customization scope||Free report customization with purchase|
Frequently Asked Questions (FAQs)
Q1. What will be the rehabilitation equipment market size by 2026?
A1. The rehabilitation equipment market is expected to reach a total market size of US$4.863 billion by 2026.
Q2. What is the size of global rehabilitation equipment market?
A2. Rehabilitation Equipment Market was valued at US$3.684 billion in 2019.
Q3. What are the growth prospects for the rehabilitation equipment market?
A3. The global rehabilitation equipment market is expected to grow at a CAGR of 4.05% during the forecast period.
Q4. How is the global rehabilitation equipment market segmented?
A4. The global rehabilitation equipment market has been segmented by extremity, application, end-user, and geography.
Q5. What factors are anticipated to drive the rehabilitation equipment market growth?
A5. The increasing number of disabilities that are derived from non-communicable diseases, favorable reforms in the healthcare sector, and an increasing geriatric population coupled with increasing incidences of chronic diseases are expected to boost the rehabilitation equipment market growth.
Caremax Rehabilitation Equipment Co., Ltd.
Compass Health Brands
GF HEALTH PRODUCTS, INC.
Performance Health Holding, Inc.
Armedica Manufacturing Corporation
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