The study involved four major activities in estimating the current size of the global rehab equipment market. Exhaustive secondary research was done to collect information on the market, its peer markets, and its parent market. The next step was to validate these findings, assumptions, and sizing values with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the complete market size.
According MarketsandMarkets Research – The Global Rehabilitation Equipment Market is projected to reach USD 16.6 billion by 2025 from USD 12.9 billion in 2020, at a CAGR of 5.2%.
The Key Factors Who will Drives the Market Growth?
– Increasing Incidence of Chronic Diseases
– Rising Geriatric Population
– Growth Potential in Emerging Countries
Recent Developments in Industry:
– In January 2020, Medline Industries, Inc. (US) acquired Médi-Sélect (Canada), a medical and dental supplies distributor, to expand its geographical presence and position in the Quebec market.
– In November 2019, GF Health Products, Inc. (US) launched the Lumex Clinical Care Recliner.
– In January 2018, GF Health Products, Inc. (US) acquired Intensa, Inc. (US) This acquisition allowed GF Heath Products to expand its existing product portfolio in medical/laboratory seating, casework, furniture, and equipment.
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Rehabilitation Equipment Market Segmentation in Detailed:
On the basis of application, segmented into strength, endurance, and pain reduction; physical rehabilitation and training; and occupational rehabilitation and training. The physical rehabilitation and training segment is projected to register the highest CAGR during the forecast period. The high growth of this segment can be attributed to the increasing incidence of sports injuries, degenerative joint disorders, and cerebrovascular diseases.
Based on product, segmented into therapy equipment, daily living aids, mobility equipment, exercise equipment, and body support devices. The therapy equipment segment accounted for the largest share of the market in 2019. This segment is also projected to register the highest growth rate during the forecast period. The growth of this segment is primarily attributed to the increasing incidence of various injuries and chronic conditions.
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Leading Key Players in the Worldwide Industry:
Prominent players in the Rehabilitation Equipment Market include Invacare Corporation (US), Medline Industries, Inc. (US), Hill-Rom Services Inc. (US), Dynatronics Corporation (US), Drive DeVilbiss Healthcare (US), DJO Global, Inc. (US), Carex Health Brands, Inc. (US), Roma Medical (UK), Caremax Rehabilitation Equipment Co., Ltd. (China), GF Health Products, Inc. (US), Etac AB (Sweden), Joerns Healthcare (US), Prism Medical UK (UK), EZ Way, Inc. (US), TecnoBody (Italy), Proxomed (Germany), Handicare (Sweden), Sunrise Medical (Germany), Enraf-Nonius (Netherlands), and Antano Group (Italy).
Geographical Regions Mapped in Report:
Europe accounted for the largest share of the Rehabilitation Equipment Market. Factors such as supportive government initiatives for safe patient handling, rising geriatric population, and the high burden of chronic conditions are driving the growth of the European market. On the other hand, the market in the Asia Pacific is projected to register the highest CAGR during the forecast period. This can be attributed to the growing prevalence of chronic conditions, increasing venture capital investments, availability of technologically advanced products, and strategic expansion of market players in this region.