A new report estimates the value of the global market for home rehabilitation products and services in 2023.
According to the report, “Home Rehabilitation Products and Services Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2015 – 2023,” published by Transparency Market Research, the market was valued at $84,233.8 million in 2014 and is estimated to reach a market worth $176,145.0 million in 2023, increasing at a CAGR of 8.5% from 2014 to 2020, per a news release from SBWire.
According to the release, the World Health Organization estimates that around 13% of the world’s population was obese in 2014 and the global prevalence of obesity expanded by more than double from 1980 to 2014. Thus, the rising number of people diagnosed with chronic conditions increases the uptake of various home care medical solutions such as rehabilitation devices, diabetes supplies, body support devices, and mobility assistive devices.
A rise in the number of individuals with disabilities, an expanding age group at higher risk of developing chronic conditions, and a Baby Boomer generation that is approaching the most susceptible age for cardiovascular diseases, chronic conditions, and stroke are expected to increase the demand for physical therapists and occupational therapists and subsequently, cardiac and physical rehabilitation equipment, the release continues.
The rising prevalence of chronic diseases, coupled with an aging population, support the growth of the home rehabilitation products and services market during the forecast period. Furthermore, the American Diabetes Association estimates that one in every three adults in the US will have diabetes by 2050. Increasing number of people diagnosed with such diseases drives the demand for home health care medical devices and services, which will in turn boost demand for rehabilitation equipment, the release explains.
Wheelchairs account for the largest share of the home rehabilitation products market and are expected to lead the position during the forecast period.
The rising incidence of mobility disabilities and the increasing geriatric population are the major factors driving the mobility assist devices market for home rehabilitation. By services, the market has been segmented into physical therapy services, occupational therapy services, speech therapy, respiratory therapy services, and other therapies (drug rehabilitation, balance therapy, aquatic therapy, etc).
Among these, physical therapy services accounted for the largest market, as these services are increasingly availed by the elderly for the treatment of conditions such as arthritis, hip and joint replacements, and osteoporosis. Moreover, physical therapy is provided only by, or under the direction and supervision of, a physical therapist/physiotherapist that includes evaluation, prognosis, examination/assessment, diagnosis, plan of care/intervention, and re-examination, the release continues.
Per the release, the key organizations studied and profiled in the report include AliMed Inc, Active Medical & Rehabilitation Services Pvt Ltd, DJO Global Inc, ergoline GmbH, Ekso Bionics Holdings Inc, Hocoma AG, Invacare Corporation, Medline Industries Inc, Prism Medical Ltd, Patterson Medical Holdings Inc, RehabCare, Stryker Corporation, and TecnoBody S.r.l. These players collaborate with rehabilitation agencies, clinics, and various other organizations through long-term agreements in order to provide innovative home rehabilitation devices and services.
[Source(s): SBWire, Digital Journal]