The Rehabilitation Equipment Market is expected to register a CAGR of 5.5% during the forecast period. This is attributing to the increasing incidence of chronic diseases, rising demand for rehabilitation therapies due to the increasing prevalence of non- communicable diseases, and favorable reimbursement initiatives. In addition, rising incidences of arthritis and Parkinson’s in the aging population and the growing number of trauma patients are also fueling the growth of the market. As per World Health Organization 2018, each year non-communicable diseases kill around 41 million people representing 71% of deaths globally. This will create the demand for the rest of the population who have non-communicable diseases to opt for rehabilitation centers to get it diagnosed and further promotes the growth of the overall market. Moreover, the high demand for assisted devices in handicapped populations and growing awareness about new product availability is also fueling the rehabilitation equipment market. Furthermore, favorable reimbursement policies will also create a huge demand for this equipment as the population is going to be more reliable on these equipment’s and also technological advancement associated with these products will also create a lucrative opportunity for the market to grow in forecasted period.
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Key Market Trends
Mobility Equipment in Rehabilitation Equipmen’ts is Estimated to Witness a Healthy Growth in Future.
Mobility Equipment is estimated to witness healthy growth in the future attributed to the growing geriatric population and handicapped population. The growing geriatric population around the world will boost the demand for walking assisted devices. As per Centers for Diseases Control and Prevention (CDC) around 17 million adult population in 2016 was unable to walk. In addition, according to World Population Prospects, the aging population is going to increase in future which was 962 million in 2017 to 2.1 billion by 2050. This population is highly prone to have several diseases that require personal mobility aid and that will further result in the adoption of mobility equipment. Moreover, due to the low price and simplicity associated with walking assist devices will also propel the segment growth.
North America is Expected to Hold a Significant Share in the Market and Expected to do Same in the Forecast Period
North America is expected to hold a significant market share in the global Rehabilitation Equipment Market due to presence of large base of geriatric population, rising prevalence of non-communicable diseases such as cardiovascular diseases, cancer, arthritis, diabetes and Parkinson, presence of a large number of major players, growing research and development expenditure, rising patient preference for assisted devices. The United States owns the largest share of Rehabilitation Equipment Market in the North America region Furthermore, increasing government initiative for safe patient handling and reimbursement programs such as Medicare also expected to fuel the Rehabilitation Equipment Market in this region.
The Rehabilitation Equipment Market is moderately competitive and consists of several major players. Some of the companies which are currently dominating the market are Medline Industries, Inc, Drive DeVilbiss Healthcare, Invacare Corporation, Ekso Bionics, Dynatronics Corporation, GF HEALTH PRODUCTS, Caremax Rehabilitation Equipment Co., Ltd., Hill-Rom Services Inc, and Hospital Equipment Mfg. Co.
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1.1 Study Assumptions
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Increasing Incidence of Chronic Diseases
4.2.2 Rising Demand for Rehabilitation Therapies