The rehabilitation equipment market is projected to reach $14.91 billion by 2021 from $9.86 billion in 2016, at a CAGR of 8.6% during 2016-2021, according to a recently released market report.
The market for rehabilitation equipment is expanding due to the increasing incidence of disabilities resulting from non-communicable diseases, favorable healthcare reforms, and rapid growth in the geriatric population, coupled with the rising prevalence of chronic diseases. On the other hand, the high cost & maintenance expense of rehabilitation equipment are limiting the growth of the market to a certain extent, explains a media release from Research & Markets.
Based on type, the rehabilitation equipment market is segmented mobility equipment, body support devices, exercise equipment, and daily living aids. The mobility equipment segment is expected to grow at the highest CAGR during 2016-2021. The growth in this segment is attributed to the increasing number of elderly people suffering from orthopedic impairments, which is creating a demand for mobility equipment worldwide. Moreover, the increasing number of disabled people and growing awareness on safety measures in handling patients are driving the demand for mobility equipment.
North America is projected to be the fastest-growing region in the rehabilitation equipment market during the forecast period. High growth in this region can be attributed to factors such as growth in geriatric population and the subsequent increase in the prevalence of lifestyle diseases and the presence of favorable healthcare reforms, the release continues.
[Source(s): Research & Markets, Business Wire]